Looking for instant funding payday loans to help with your expenses? Consider instant online loans as an alternative to payday loans. Unlike payday loans, instant online loans provide a better solution for your financial needs and give you enough time to pay back the loan without all the stress.
Individuals with a low credit score prefer to get payday loans as these same day funding loans are approved quickly, and the cash is instantly provided.
However, with an instant funding payday loan you are required to repay the amount by your next payday, which is usually two to four weeks. The strict repayment term is often exploited by the lenders who specifically target individuals living from paycheck to paycheck. If you cannot repay the amount on time, you run the risk of getting into the cycle of debt.
For example, say you borrow $2,000 and must pay it back within 2 weeks. For most people this isn’t realistic. You should look for alternatives to payday loans.
Before taking out a payday loan, let’s look at the similarities and differences between the payday loans and online loans and understand why online loans are a better alternative.
What Are Payday Loans?
Payday loans are small and unsecured short-term loans that give you instant access to cash. Regardless of your credit score, the lenders approve the loan depending on how much you earn.
As these loans are approved against your salary, they are also called cash advance loans or check advance loans.
Similarities between a Payday Loan and an Instant Online Loan
- Unsecured loan
You are not required to provide collateral to receive cash.
- Fast approvals
You get fast approvals with both loan types. However, you get access to cash only after your documents are verified.
- Easy process:
With payday loans, you just need to walk into the store with your paystub, a signed, post-dated check, and a photo ID. With online loans, you can apply for a loan online and complete the entire process in a few minutes from anywhere. You do not need to visit the store in person.
- Bad credit score:
You can be approved for both loan types, even if your credit score is low.
Differences between a Payday Loan and an Instant Loan
- Loan amount:
- You can get only a few hundred dollars with a payday loan. Usually, the loan amount is less than $1,000.
- You can get more than a few thousand dollars with online loans.
- Repayment term:
- You need to pay back the amount almost immediately, usually by your next payday (2-4 weeks). The lender decides the loan terms, amount, other fees, costs, and various factors.
- You can select your repayment terms. The interest rates and other fees and costs are based on your loan term, amount, and other factors.
- Flexible payment:
- You need to repay the loan in full at one time on or before the due date. There is no flexibility with payday loans.
- You can choose to either pay back the loan in installments or in full, whatever is best for you.
- Monthly expenses:
- You may find it hard to cover your monthly expenses when your loan repayment is due. Most borrowers either refinance their payday loan at even higher rates or may risk falling into the vicious cycle of debt.
- You can contact the lender to make minimum payments when you are struggling with your monthly expenses.
Based on these points, it is better to get an instant online loan for your emergency cash needs. Apply for a same-day funded loan from Advance Financial to help with all your unexpected cash needs.
Advance Financial Same Day Loans for Life’s Unexpected Expenses
Get an Advance Financial Online Loans to help with any unplanned expenses. We offer unsecured online loans up to $4,000, depending on the state where you live, with same day funding so you can make your payments on time.
Use the money for anything you need. No questions asked. Advance Financial is ready to help 24/7/365.
Our same day loans can help with the following expenses:
- Car Repairs
- Home Repairs
- Unexpected Medical Expenses
- Utilities and more
Contact us today for an instant loan online.
What Do I Need to Apply for an Online Loan
Applying online is a simple process with paperless approval using our simple online loan application. To qualify for our instant loans, we need your:
- Proof of income
- Photo ID
- If you are planning to receive funds electronically, you will need an open/active bank account.
Why Should You Choose Advance Financial?
We know that many online lenders can provide instant loans. However, in terms of reputation and reliability, Advance Financial is one of the best lenders in the country.
Here are some reasons why you should choose Advance Financial for an online loan:
- The majority of our customers are satisfied with the loan experience.
- We are transparent with our loan offerings, loan terms, and interest rates. Our professional staff explains all the loan details before you take the loan.
- We do not charge any hidden fees or prepayment penalties.
- We are direct lenders. So, the interest rates are comparable when compared to indirect lenders.
Here are just a few more reasons:
- Non-collateral loan
- Quick approvals
- Fast funding
- Simple loan processing
- Flexible repayment option and much more