Personal Loans Online with the Best Finance Solutions

Where Do I Look For? Advice and Proven Ethics

A proven online lending network. Our partner lenders offer a straightforward application processes so you can conveniently borrow money online. If approved, your loan amount is deposited into your bank account.

Traditional Banks and credit unions. If familiarity is important to you, you can consider getting a loan through the credit union or bank you already have a relationship with. The application process may be expedited if you have an existing account with the institution. Keep in mind that banks and credit unions tend to have stricter eligibility criteria than other lenders.

Why Choose OnlineCash4Payday.com?

Fast and secure process

One of the largest nationwide partner networks in the country providing loans no matter what your credit situation looks like.

Fast funding: Approved applications usually fund as fast as the next business day.

Over a decade online: Our nationwide network has grown to over 100+ nationwide lenders who are in the business to lend much needed capital to everyday people today.

Are these loan types available Online?

The short answer is yes and are available through numerous lenders. Whether you are applying for a loan online or in a brick-and-mortar store, lenders will require the same basic information. In order to apply, lenders will require the following key pieces of data:

Application Checklist:

The application process differs between lenders, but they’ll generally ask for the following:

• Proof of your identity, like a government-issued ID, US passport or military ID
• Your Social Security number and date of birth
• Pay stubs, tax returns and other income details
• Banking details for disbursing your funds and elective automatic repayments

This list is by no means exhaustive, and lenders may require other pieces of information as well. Lenders may also require proof of income or other substantiating pieces of information.

What lenders look for in an applicant?

Lenders take on unsecured risk when they lend large amounts of money for signature loans online. That’s why they require applicants to meet certain eligibility criteria. Our nationwide partner lender network lends on good and bad credit, however banks would prefer everyone have great credit. Here are some common qualifications lenders look for:

Good credit/Avg Credit/Fair Credit/Poor Credit. Most lenders rely on credit scores when choosing borrowers to approve and even calculate specific loan terms.

You pay your bills on time. You may have had a slip up or two on your credit report, but essentially pay your bills.

Low debt-to-income ratio. You can calculate your DTI by dividing your monthly debt payments by your monthly income. Lenders put a heavy score on this number, just as much as your credit score and normally don’t accept anyone with a DTI above 50%. A good DTI is anything below 36%, though as we mention before, under 20% is ideal.

Employment. Most lenders require you to be steadily employed. Some lenders have minimum income requirements as well that can include wages, alimony, pensions or any other form of funds coming in on a regular basis.

US citizen or permanent resident. If you’re a US citizen or permanent resident, you’re able to apply for this type of private loan. Temporary residents are only eligible to apply with certain lenders and may need to build up a credit history. They may also need a US citizen to cosign the loan. You may be able to get one as a non-US resident if you have full-time employment and a US Social Security number.

18 or older. Since the age of majority varies by state, the minimum age for lenders varies as well and is usually between 18 and 21.

How much does this popular financing option cost?

There are typically 3 main factors that contribute to your loans cost: Principle, Interest rates, and fees.

Interest rate. This is what our partner lender will charge you to borrow money and is usually a percentage of the loan amount. Your loan can come with either variable or fixed interest rates. Variable interest rates can change on you. They start out typically lower, but can increase over the life of your loan. Fixed interest rates are the way to go. They might start off higher, but stay the same throughout the course of the loan. Good credit typically gets lower rates, whereas bad credit approvals come with higher interest rates.

Fees. There are a few fees that can add to the cost of your loan. It’s common to see origination fees up to 5% of the loan amount. Watch out for prepayment penalties if you plan to pay your loan off early. Lenders may also charge for late or missed payments and unsuccessful or failed payments.

Principle.  Of course what you borrow, must be paid back. This is the bulk of your payment.

Your annual percentage rate (APR) is an expression of your interest rate and fees as a percentage. Your APR can give you an idea of how much your loan is going to cost. APR doesn’t include late fees, non sufficient funds fees (NSF) or prepayment penalties.

Rates by credit score

This premier lending option includes APR’s which typically range from 4% all the way up to 36% or maybe higher, which is the legal limit for APR’s in just about all states that allow them. Interest rates can be reduced and sometimes be lower, but doesn’t happen often. In fact, when lenders advertise the lowest rates for their lending products, most people don’t get the lowest advertised rate, even if they have excellent credit. Why is this you say? Because big print advertises, and small print takes it away. Always read the lenders terms and conditions before finalizing. Here’s what rate you might expect from our Nationwide partner network based on your credit score.

So who gets the best rate? People with long and perfect credit histories, seasoned credit bureaus, high salaries, and almost no debt. Sometimes even those people can’t qualify for the lowest rates unless they apply to borrow over a certain limit. Keep in mind, you don’t need perfect credit in order to qualify for a personal loan to fit your needs and your budget. Our 100+ nationwide partner lending network lends to people from all walks of life. There are a lot of factors that go into determining ones interest rate besides credit. Length of employment, salary or wage, residence, time, etc. Apply today and see what your eligible for.

What can this explicit loan be used for?

A borrower can use the proceeds for anything they choose. “What can’t a fixed rate unsecured loan be used for?” The answer is anything you want. Borrowers may use this type of loan for home or auto repairs, bill or credit consolidation, to make large purchases, college tuition, wedding, or to even take a vacation. For borrowers that have a great deal of credit card debt, for example, this financial tool may provide a significant cost savings and may also offer a quicker path towards being debt-free.

What do Lenders Take Into Consideration?

Lenders will typically look at a potential borrower’s credit score, credit history, and debt-to-income ratios. Lenders may also require employment information including a current employer and possibly past employers. Although some lenders may have rather stringent acceptance criteria, there are other lenders who offer guaranteed approvals as well. These loans may have other requirements, however, and may also be more limited in terms of the amount of financing available.

Is Collateral Required?

Many lenders do not require any collateral at all. Funding criteria is typically made based on the borrower’s credit worthiness. Some lenders may require some form of collateral, however, especially if the borrower has less-than-stellar credit. Collateral requirements will vary from lender-to-lender and can be quite expansive for high-risk borrowers.

What Types of Collateral may be Acceptable?

The form of collateral can vary from lender-to-lender as well as the loan type and amount. Some lenders will accept free-and-clear auto or boat titles, while others may even accept a pledge of personal property such as electronics, sports equipment, collectibles and more. Our nationwide partner lending network does not typically require any collateral to be put up.

Are Options Available for Those With Poor Credit?

Bad credit situational approvals are available. Lending requirements can vary by lender, but there are lenders that specialize in these types of loans. High-risk borrowers may have to pay higher interest rates and fees, however, and the costs associated with any loan should be carefully considered. For those with very poor credit, funding without a credit check may also be available. Lenders may require more information and be prepared for more scrutiny when emailing or faxing over the documents needed. However, if you are tidy with your paystubs, references, etc, even folks with poor credit get approved through our secure lending network.

How to apply

Budget accordingly and find out how much you need to borrow

The first thing you need to do once you decide to apply for a loan is determine exactly how much money you want to borrow. Whether you have good credit or bad credit, you need to apply to see what you can get approved for. Borrowing too little or too much could leave you either unable to cover your costs or with extra money that increases how much you pay in interest.

Apply

Applying for a signature loan through our partner network is typically a quick and straightforward process that goes something like this:

• Private details. Start with our secure form with information you may know., how much you need, employment information, and personal details. Then gather the necessary information such as proof of identity (passport, driver’s license, or ID), proof of address (utility bills or lease), and proof of income (W-2s, pay stubs or bank statements).
• Loan application. This is where our partner lender will communicate with you regarding loan amounts and terms, specify what you want the loan for and accept your payments. Many banks and lenders have applications online, so you avoid the hassle of having to go to a branch and fill out paperwork.
• Loan agreement. If you’re approved, digitally sign the loan documentation and agree to all the terms.

Receive your funds

Many lenders require that you have a checking account to receive your money via direct deposit, but that’s not always the only option. Some lenders may be able to send you a check in the mail.

Spend your money

Once you receive your funds, you are free to spend it on what you want. Make sure to stick with your plan of action. Getting off track or splurging can lead to inappropriate spending and cause issues with initial items getting paid.

Make payments on time.

It’s important to make your payments on time so you don’t end up paying extra in fees. Be sure to verify how you will be required to make payments. Can you pay by phone with a credit card or account number? Is there an automatic payment option?

How is this type of loan repaid?

Unsecured loans are paid back through regular monthly payments known as fixed installment payments. These installments are the same amount every month until the loan is paid off. Because the payments remain the same throughout the term of the loan, borrowers can determine before they take out the loan whether they can afford it or not. Regular payments may be made by check, electronic transfer or other means. This type of payment schedule allows the borrow to plan out the future and build credit.

What if I Can’t pay Back the Loan?

If you are having any trouble at all making your monthly payments or expect to have difficulties, the best thing to do is to contact the lender right away. Lenders are oftentimes ready and willing to work with you to keep your account in good standing. Sometimes, the lender may even be able to change the loan terms in order to ease the financial burden. The worst thing you can do is to try to avoid the lender. The lender will begin calling if a payment is not made, and if they do not here from you, may initiate more aggressive collection procedures. At the end of the day, call them and work terms out. If they have to track you down, the situation can get messy with collection calls and court garnishments.

Are Personal Loans Reported to the Major Credit Bureaus?

Yes. Lenders will almost always report to the major credit bureaus with this type of loan product. Because of this, it is imperative to make your scheduled payments on-time. Making your regular payments on-time can help you build a positive credit history and allow future financing made easier and even less costly. On the other hand, if payments are not made on-time or if the loan goes to collection, it can have a very negative effect on your credit. Delinquencies may also add to the cost of the loan, as various fees or penalties may be applied.

Can this type of loan be Paid off Early? Any Penalties?

It is important to verify that your loan does not carry any prepayment penalties. Most do not and normally banks are okay with getting all of their money back earlier than the term end. Many lenders do not charge any prepayment penalties and your loan documents should spell out your ability to pay the loan off early. Extra payments may be scheduled with the lender, or you may be able to simply send in extra funds to put toward your principle balance when you have extra cash available.

Paying off a personally financed loan

So you’ve been approved from our Nationwide partner network and the money is in your bank account. You’re done, right? Not quite. Now you have to pay it back.

Set up autopay:

Many lenders — especially online lenders — require you to set up auto-pay with your bank account. Others might give a discount on interest if you set it up.

Auto-pay is a great way for you to make sure you don’t miss any payments, but don’t think you can just forget about your loan. If your account doesn’t have enough money to cover your payment, you could be slapped with an NSF fee.

Stay in touch:

In fact, it’s a good idea to stay in touch with your lender, especially if you run into any trouble making repayments. Many lenders are willing to renegotiate your loan if you have an unexpected financial problem. You won’t know until you ask. The fastest way to get in touch is usually by phone. Some lenders also have a live chat option, but those are generally better for finding basic information.

Paying it off early

All lenders have interest that accumulates during your loan term, but some require you to pay most of your interest in the first few months. With the first type of loan, check if your lender does prepayment fees. If not, you can save on interest by paying off your loan early.

Paying off your loan early has other benefits: It can get you out of debt faster and improve your debt-to-income ratio

If you’re considering prepaying your entire loan, look for your payoff amount — not your balance. Your payoff amount includes interest and fees and you can typically find it on your online account. Don’t have an online account? Call your lender.

Tips for paying off your loan early

Make half of your monthly repayment amount every two weeks. That is, not twice a month. It’ll feel like you’re paying roughly the same amount but you can save on interest and shave a few months off of your loan term.

Round up your repayments. Rounding up your payments to the nearest $25-50 is ideal, but even the nearest $10 could help you repay your loan months — or even years early.

Make one large payment during your loan term. Making one large payment toward your loan’s principle can help you save a lot on interest during the course of your loan.

Don’t skip payments. Not only will you likely have to pay a late penalty, your interest will continue to accumulate at a faster rate.

Refinance. If your credit score has improved over the course of your loan term — or you experienced other positive changes in your financial situation — you might be able to qualify for another loan with more favorable terms, which you can use to repay your original loan. Lower interest almost always means savings when the term length stays the same — or gets shorter.

The best financial product is what works for you

The best private loan is the loan that comes with the best terms and is a good fit for your situation. It is important to compare lenders in order to try to get the best interest rate and lowest fees possible. Loans should also come from a reputable company that has a track record of doing good business. The better options are of shorter duration, as the loans can get increasingly expensive as they get longer.

What makes shopping for the best option competitive?

There are a few key features you’ll want to consider when comparing loans. To find the best deal, ask yourself these questions:

Does it have a competitive interest rate?

Look at the rate itself, but also consider whether it’s fixed or variable — variable interest rates are subject to change. Most folks find our partner network very competitive and funding happens fast. You don’t need to get the best rate, just a competitive one.

What are the fees?

Most lender will charge application, origination, prepayment, late or NSF fees. All information from our partner network is disclosed up-front to you after submitting our secure form with all required information.

How long will I have to pay it back?

Aim for a loan term that gives you monthly repayments you can afford without being too long. Otherwise, you could wind up paying a lot in interest in the long run. However, you can always pay the loan off faster. Don’t pick a length of term with a payment you cannot afford. If need be, take out the longer term and atleast make the required payment every month. If you have a good month or come up on a cash windfall, then pay more at that time.

Unsecured lending Pro’s and Con’s

Pro’s:

Can be used for any purpose

May be available regardless of credit

May assist in building a positive credit history

Can be paid off early

Regular monthly payments

Convenient application process and rapid approvals/funding

Con’s:

May require collateral

Delinquencies can be costly and have a negative credit impact

Fees and interest may be costly

May have low limits on financing amounts

What are Some Ways to Save Money?

Personal loans can be expensive when interest and fees are factored in. There are numerous ways, however, that a borrower can save money. The first way is to shop around and compare lenders, looking for the best deals on rates and fees. Another major way to save money is to pay the loan off early. There are many ways to do this, and even just paying a little bit extra each month to be put towards principal can end up saving a significant amount in interest charges. Never borrow more money than is necessary, and try to avoid paying late as extra fees may be assessed.

Is this type of loan better than a credit card advance or a payday loan?

These three types of financing are very different, and the answer may depend on several factors including the amount of financing needed, the potential length of time the funds are needed, and the interest rates. A typical credit card cash advance will have a significantly higher interest rate compared to purchases, and these rates may average around 26%. If the borrower only needs a small amount of cash for a short period of time, a credit card cash advance might make sense. The same applies to a payday loan. Expensive, but usually for only a very short amount of time (2 weeks). For any larger purchases or if it will take some time to pay the funds back, a personal loan may be a better option.

Are these loan types safe?

These types of loans are generally considered to be safe. Reputable lenders will do their part to secure your information, protect your privacy, and do not simply give out cash to borrowers. Funds are typically paid via electronic transfer or by check. Obviously, you will want to do your own due diligence on any lenders you may be considering doing business with. You can check for online reviews for the lender, or even check with the Better Business Bureau or state regulatory agencies to see if there have been any issues.

The Bottom Line

A personal loan may be a useful tool for making larger purchases or if a significant or unexpected expense pops up. That being said, if used responsibly they can provide not only the necessary financing but can also help the borrower establish a positive credit history. With reasonable rates and manageable monthly payments, this type of financing may be superior to many other alternatives such as credit cards or payday loans.

References:

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NerdWallet.com, March 31, 2017

https://www.lendingtree.com/glossary/personal-loan/. Accessed on 3 December 2018
LendingTree.com

https://www.lendingclub.com/loans/resource-center/what-is-a-personal-loan/. Accessed on 8 December 2018.
LendingClub.com

https://www.wellsfargo.com/personal-credit/personal-loan/. Accessed on 7 December 2018
WellsFargo.com

https://www.citizensbank.com/personal-loans/overview.aspx. Accessed on 9 December 2018
CitizensBank.com

https://www.marcus.com/us/en/resources/personal-loans-101. Accessed on 1 December 2018
Marcus.com

https://www.americanexpress.com/us/personal-loans/. Accessed on 6 December 2018
AmericanExpress.com