The first thing that you think of is getting a quick personal loan from your bank. You try to request for a loan but find that you cannot get the money as soon as you need; you have to wait for two weeks. Or maybe you do not qualify for the loan because of a low credit rating.
You are likely to feel stuck. At the back of your mind, you could be thinking of getting a payday loan but you are reluctant to do so since you do not know who to trust when it comes to online payday loans. “Are they even legitimate?” You could be asking yourself. But that is why we are here.
We help you take care of your financial emergencies by connecting you with one of the lenders in our network. These are partners who are legitimate and your financial information is safe and secure with them.
What are their interest rates?
All our direct lenders are regulated by the Financial Conduct Authority. However, due to the level of risk involved and the efficiency, payday loans tend to have a higher interest rate compared to traditional loan lenders. Always make sure that you carefully go through the loan terms and conditions given by the lender to be sure that you can afford to repay the loan and the given interest rate and in the stipulated period of time.
What are the advantages of getting a payday loan?
Compared to traditional banking loans, quick loans have so many advantages as they are created to suit the user at their time of need.
- Fast and convenient. Within a few minutes of submitting your request, our lenders will always get back to you within a short period of time and you can have your money in the bank or in your mobile money as soon as a day.
- No collateral needed. Due to the quick paperwork, most of our direct lenders do not require any form of security. They only need to verify that you are employed and have an active bank account.
- Easy to access. In our network, we have a couple of lenders who are quick to respond to your request.
- Simple and easy loan request process. Our loan request process is quite simplified. All you need to do is fill the online loan request form, which will require you to give your basic details and contact information, source of income and general expenditure. These details help the online lenders to determine your credit limit.
- Credit checks. All the lenders in our network will do some background checks on your credit history. However, even with a bad credit history or no credit history, they can still give you some cash depending on your situation. Just because your credit history is bad, you are not completely left out.
- Flexible repayment terms. Depending on the lender and the amount requested, you could be required to pay up the cash immediately on your next payday or a few months later, to a maximum of three months.
Online quick loans are a great way to take care of an emergency situation. However, they are not a long-term solution to your finances. You should not get a quick personal loan to cater for your car loan or home mortgage or to consolidate your debts, else you find yourself entangled in a web of short-term loans.
Disadvantages of a quick loan
- Compared to other lending systems, the online payday loans have a higher interest rate, which means they are more expensive to maintain.
- Short repayment period. Most of the direct lenders that we connect you with require you to pay up the loan within one to three months.
- They can only be used to cater for emergencies but not to cater for long-term financial issues.
How can I access a short term loans
Today, quick loans are available on the web and even on the phone. To get a quick online personal loan, you simply need to follow the prompt on our website inviting you to place a loan request. It will redirect you to an online form that you fill in with your details as accurately as you possibly can.
Once you have submitted your loan request form, we will connect you with direct lenders in our network who are able to provide you with the funds that you need. They will go through your loan request and will get back to you letting you know whether you have been approved and if so, the exact loan amount they are ready to give you. If your loan request was successful, you could get the money as soon as the next day.