payday loans onlineWith many Americans working paycheck to paycheck, the money simply isn’t there when a crisis arises. Payday loans can help you take care of bills, unexpected financial circumstances, or anything else you need money for until your next paycheck arrives. Most payday loan lenders charge a considerably higher interest rate than you would find at, say, your local bank, but there are advantages to taking this route. You typically need little or no collateral, bad credit isn’t a significant issue, and you get the money fast. For many people, this is enough to make payday loans a winning combination.

Payday Loans Online

It wasn’t long ago that you had to actually go somewhere to find same day payday loans. Today, you can find payday loan lenders from the comfort of your computer chair. Some of these lenders will require that you fax in documents proving your employment, providing collateral information, and so on, while others provide faxless that streamline the whole process and allow you to do everything online.

Common Requirements

Every payday loan establishment will have their own set of criteria for loaning money, but there are some common requirements you’ll find at many companies. These include a picture ID, your most recent pay stub, a utility bill proving your residency, and sometimes a postdated check. Some companies require some proof of collateral if the loan is over a certain dollar amount.

Interest Rates

For all of their benefits, there are reasons to use payday loans as a last resort. Chief among these reasons: the interest rates. The average payday loan charges more than 400% APR, a staggering amount that makes missing a payment a very poor financial decision indeed. If you desperately need money in a hurry, payday loans online can be a godsend, but taking them out on a regular basis can be a bad habit to get into.