Financial crises can come right out of the blue. 46% of Americans can’t get the $400 cash together for an emergency expense, and each year 12 million of us turn to a payday loan for help. The payday loan buys you time, avoiding penalties, loss of wages and damage to your reputation.
Since 1996, First Financial Online has connected lenders and borrowers in one of the largest lender marketplaces in the United States. We are not the direct lender. Instead, we create the marketplace where borrowers can seek lenders that specialize in payday loans for those with:
• Fair, poor and bad credit
• Low amounts to pay off
• Government jobs
• A window of just a few days or a week before payoff
• Veteran, military, teaching, police or firefighting roles
• Multiple income streams
• More criteria!
Specialization just speeds up each lender’s process and enables them to make unique deals. If you fit their ideal type, they will jump at the chance to lend to you. After all, they’ve probably arranged thousands of similar deals in the past.
“When I had to bail my sister out of county jail, I figured the hassle of finding the funds would take me a week. First Financial Online hooked me up with a lender and I got her out the very next day.”
Marcia Brode, Henderson, Nevada
Confronting unexpected expenses can be stressful. Often, the creditor, landlord, court, bail bondsman, doctor or professional demands payment up front, immediately. A payday loan relieves this pressure, buying you time to collect the monies needed from extra work shifts or with help from family and friends.
Which brings us to our warnings about payday loans: make sure to only borrow the amount you are confident you can pay off. If you extend the loan past its original due day, you will pay fees and more interest, spiraling your costs. Always have a plan ready when you sign for a payday loan. Your plan should include other ways to get the money needed to pay off the payday loan. If the money was to help a family member, you can join forces to take care of the emergency. Don’t try to shoulder family financial burdens alone. If the obligation of paying off the loan rests on your shoulders alone, you’ll have to find extra shifts with a side-gig, sale of the sports equipment you never use or another means.
Payday loans are different from other loans in that borrowers pay off balances on the next payday. It’s a one-time, full-amount pay-off, as opposed to a loan paid back in “installments,” or small portions over a longer period of time, say a year or more. The personal loan, on the other hand, is more of an “installment” loan. The payday loan may require full payment within two weeks or even a few days. Still, they are valuable because they allow the borrower to reach out to other sources of financing after tackling the immediate need for funds. The borrower can even pick up more work before the payday loan is due, ensuring he or she can meet the payday loan payoff.
The First Financial Online online payday loan has several advantages over the loan from your bank or the corner “fast cash” shop.
Probably the greatest advantage the online payday loan provides is its simplicity and timeliness. You can fill out the required information online from the comfort of home in under five minutes. You can take photos of pay stubs, bank statements and pension statements and append them to your application. This process should take less than five minutes. Once a lender makes you an offer, they will step you through what you need to deliver to them. Typically, this includes:
• Proof of $800 or more per month in income (from wages, benefits, alimony or a combination of these)
• Proof that you are 18 years old or over
• Proof of a bank checking account
• Lender-specific qualifications
Knowing how critical speed is to you, online lenders work fast to get you approved. They typical have 24/7 customer service representatives to answer all questions and get your request moving through quickly. Many promise to have the funds in your account the very next day, so make sure to keep checking your bank balances after you’ve been approved. When creditors, landlords and others threaten penalties and other charges, you can promise them the funds in 24 hours.
Another advantage of the payday loan is that, unlike with new credit card or personal loan applications, the credit bureaus are none the wiser to your payday loan. Most payday lenders do not check with the credit bureaus to examine your credit-worthiness. Instead, they rely simply on your pay stubs and other income for repayment. Still, some lenders in the First Financial Online marketplace will check your credit score. This inquiry does impact your credit. When evaluating a lender’s offer, you can ask whether they will be checking the credit bureaus (Experian, TransUnion, Equifax) or not. If not, you know your credit history will remain the same even after you sign up for a payday loan offer. If you want to explain that you do not want any impact to your credit score, they will understand.
“I couldn’t believe how fast I went from filling out a form and attaching scans to getting my money. Less than 2 days!”
Ed Weisse, Rochester, NY
Payday loans are meant to be paid off in full on the date you initially negotiate with your lender. As mentioned above, this time period is typically less than two weeks and sometimes only a few days. Those who pay off their loan on time and in keeping with the original agreement find they maintain or improve their credit scores.
However, some borrowers find they must postpone their payday loan payoff. In this situation, borrowers can contact the lender to re-negotiate the terms of their loan. Keep in mind, however, that this typically results in additional fees, which when added to the loan can burden the borrower.
Consumer borrowing situations are as varied as their music tastes. Trustworthiness comes in many varieties. That’s why payday loans come in many forms. Knowing the varieties of payday loans will help you determine which payday loan is the best for you.
Online – As an online lender marketplace, of course First Financial Online wants to impress you with the flexibility, convenience and savings finding a payday loan online affords! You can rest assured that the U.S. Treasury Department insists online lenders and financial services have the same 256-bit “banking-level” security that traditional, bricks-and-mortar banks offer. Don’t forget that, today, traditional banks, too, do the bulk of their business online. Both online and traditional banks offer the strongest security the U.S. Treasury Department allows.
Fair, Poor and Bad Credit Payday Loans– When the housing and stock markets crashed in the first decade of the 2000s, it wasn’t the bankers that got punished. It was the homeowners and working class. Many still haven’t recovered. A survey by Country Financial found that because of the Great Recession, just 39% of Americans feel they can retire on time (age 65). More than 20% plan to delay retirement by five years, if they can retire at all. Specialized lenders understand these challenges; they work to get money to those needing emergency cash fast and safely.
No-Fax Payday Loans – When emergencies strike, the last thing you need to be doing is filling out endless forms, finding stubs and faxing them from your local postal service. Instead, the lenders in First Financial Online’s network have kept the application to a minimum of questions and document requests. The private and quick process may involve filling out online forms and scanning or taking photos of paystubs and statements and then attaching those to email. Requirements vary by lender, but the online lenders want to make the process as simple and easy as possible.
Military Payday Loans – Even those in the military get hit with unexpected financial challenges. When the government can’t come through for you, trust First Financial Online to connect you with lenders that specialize in loans for those who serve our country. When applying, make sure to let the lender know your military status so they can provide special consideration.
24-Hour Payday Loans – It’s only the online lenders with their sophisticated software and automated systems that can approve the fastest loans. As long as the few documents and information pieces have been uploaded, funds CAN arrive in your bank account in as little as 24 hours.
Don’t let greedy, unethical lenders make your financial situation even worse. We shudder at advertisements promising: “One-hour payday loans!” and “No application needed!” These services are just scam artists. Be clear-eyed: scam websites can look very professional. It’s neither hard nor expensive to set up a website that looks completely legitimate.
First Financial Online connects you to lenders fast enough to stay safe. You will get your money after you’ve filled out the short request form and qualified. That process takes just minutes! Often, the money arrives in your account in as soon as 24 hours. When you use First Financial Online’s free marketplace, you should have an offer before you can answer a simple email.
With reports of hackers invading databases of huge corporations, it’s smart to make sure you’re dealing with only the most legitimate companies. Unfortunately, hackers lure unsuspecting consumers to sites where they have to power to install malware on your computer. They also aim to steal your passwords and sensitive information like social security numbers.
These clues will keep you from falling victim to sophisticated web scammers. The legitimate online payday loan website has:
• The image of a lock in the top of your browser near the address bar. The lock icon will show you that the site you’re visiting is secure and encrypts all information uploaded to it with that 256-bit, “banking-level” security mentioned above.
• “https” starts the website address. Sites that are built securely from the beginning have the “s” at the end of the http, which means it’s being hosted on a secure server. Any site that asks to collect personal, sensitive information must have that “s.” Otherwise, you must be suspicious.
• Unsafe information transfer warnings – Sometimes websites are built with both secure and unsecure pages. When your surfing from page to page, you may land on an insecure page. At that point, the legitimate site will unleash a pop-up window saying, “this page is unsecure.” Legitimate sites also only collect information on their most secure pages.
• Clickable security logos – It’s easy to copy a “trust” icon from Google images and paste it to a site. Trust companies include “eVerify,” “McAfee Secure” and “VeriSign.” You’ll find Illegitimate sites don’t bother to link these images to trust verifier. Companies pay big money to be affiliated with these trust verifiers. Whenever you see one of these icons, make sure to click on it to assess the legitimacy of the website.
These days when everything from interviews to buying shoelaces is conducted online, all consumers must know how to tell an honest website from a scammer. Getting sensitive information hacked can result in identity theft, credit cards charges and worse. Don’t let too-good-to-be-true messages about payday loans turn you into victim.
The request form is the easy part, taking just minutes from the comfort of your home. It’s just as safe as arranging a loan through your neighborhood bank. After all, they’ll send your information over the internet, too.
Lenders review all applications coming in through First Financial Online and pick and choose which work best for them. Once you have an offer, the lender will direct you to their site where you can review your specific terms and conditions. This correspondence will come through your email.
If the terms and rates don’t fit your needs, you can apply again, pulling up a different offer. You can apply as often as you like. Make sure you understand all the terms in your offer, including all finance charges, due dates and fees. Know, too, whether you have a pre-payment penalty and whether the lender reports your application/inquiry to the credit bureaus TransUnion, Equifax and Experian. Always take responsibility when you borrow money. Be prepared to pay the entire amount on or before you next paycheck. That’s what the payday loan is all about!
With the terms in front of you, jot down any questions you may have. Search the lender’s site for the customer service representative phone number, chat or email. Ask all questions. Knowing all answers, even the most absurd, is their job.
Twenty years ago, a fax machine sat in every office. Borrowers had to get their paper documents together in a file, find a convenient fax and then make sure the transmission always went through. Those little confirmation papers couldn’t always be trusted. Today, computers get documents across the country for free. . . not for $2 per page!
The term “faxless payday loans” simply means that you apply completely online and upload photos or scans of your documents rather than depending on the fax. Really, the days of even saying “faxless payday loans” are numbered. Most consumers understand that the stand-alone fax has gone the way of the dinosaur.
As an internet financial service, First Financial Online is dedicated to providing the most cutting edge technology to keep your application and funds transfer easy and hassle-free. Our interfaces are user-friendly. We leave the complex programming to our engineers and task them with doing all the calculations they need to keep it simple for the user. Today, you can access our lender marketplace for free. Millions have connected with a diverse group of lenders 100% online. Of course, First Financial Online does not broker loans, nor do we lend the funds ourselves. We have created a centralized marketplace where lenders can find a steady stream of customers and borrowers can kick back and let the lenders vie for their business.
It’s exciting that the internet has helped create the “faxless payday loan.” This way, consumers get the cash they need without having to leave home, wait in line and endure an uncomfortable discussion with a banker or a clerk.
Basically, after the loan is signed, the lender has confidence that they’ll get their money back because they reserve your next paycheck. You and the lender agree that, when the payment is due (on payday), the lender has the power to automatically debit your checking account for the amount owed. Most employees today have their paychecks deposited directly to their checking account. With this iron-clad reassurance, the lender doesn’t need to check your credit score. Your next paycheck is their collateral and the bank where your checking account resides knows it.
Those concerned about online payday loans should know that many states have passed laws and regulations regarding this unique loan instrument. The state of New York has made them illegal, whether arranged in person, by phone or over the internet. The rest of America permits online payday loans as long as lender and borrower comply to each state’s laws regarding them.
Reputable payday loan lenders—the only lenders in the First Financial Online network—follow the laws. They are charged with telling you all terms of any loan offer in writing and refraining from charging burdensome interest rates. This information should help you understand how payday loans work so you can get the money you need safely.
If banks and credit unions refuse your application, know that you still have options . . . possibly even better than what they offer.
“I jumped on a great deal using a cash advance, then paid it off without a credit bureau ever knowing. Take that, Big Brother!”
Wilamette Glover, Montgomery, AL
When emergencies arise, families must act fast. Despite your best intentions to pay the loan back, you may not be able to. As your payday approaches, you find yourself feeling more and more stressed.
While each lender has its own terms, many can work with you on a payment plan where you defer the payment to the next month. Of course, this involved fees and finance charges, so delaying payment means you’ll end up paying more. Failure to pay on time results in a report to the credit bureaus Equifax, Experian and TransUnion. You credit score an drop as a result.
Those who default on the loan, on the other hand, face more serious consequences. The loan goes to the collection agency which reports to the credit bureaus. A default seriously impacts your credit score, making it impossible for you to get credit in the future. Further, you may end up with legal consequences if you continue to withhold the funds you agreed to return.
You’ve probably heard same day payday loan on the radio or seen it flash on your computer screen. The fast approval process makes it seem like the loan funds on the same day the application is complete, but generally, between your initial application, the loan offer coming to you and your organization of the required documents, more than a day passes.
Think of getting this kind of short-term loan as depositing a check in your bank. You know the money is in there, but they only release 25% of the funds up front. Still, you see the bank knows you’ve put the money in and you most likely will have access to the rest the next day.
Conceivably if you apply at 8:00 a.m. in the morning, it’s possible to get the funds by 5:00 that evening (depending on the lender). Typically, between both the borrower and the lender, delays can occur and the money isn’t deposited on the same day, but the next. Beware when you see 1-hour payday loans, 1-hour cash advance loans or same day payday loans. Read above about how to check whether a website is legitimate or not.
The revered Pew Charitable Trusts tell us that every year, 12 million Americans get payday loans to help them handle financial emergencies. 5.5 percent of adults nationwide have used a payday loan in the past five years for a total of 7 billion each year.
Often, people use the money to pay everyday expenses. With income disparity in the United States so drastic, it’s not surprising that just getting the basics covered is a challenge.
There are as many reasons for payday loans as there are borrowers . . .
• Sometimes a single dad needs a cash advance to pay daycare expenses until his next paycheck
• When a loved one calls from jail explaining they’ve failed a breathalyzer test, parents, spouses and/or siblings have to come up with cash fast to get them out.
• When a water pump goes on the only transportation an entry-level IT specialist has, she must find money fast to get that car running again.
Of course, lenders in the First Financial Online marketplace never ask what the payday loan is for. If an applicant can prove consistent income, has identification and a checking account, they qualify. Typically, basic income needs to be $800 or more in aggregate. If you can combine monies from several sources, say your job, a pension, and child support to add up to $800, you may qualify for a short-term payday loan.
It’s taken us over 20 years to assemble the lenders dedicated to serving those all credit scores—good, fair, poor and bad credit included. We carefully select only those with legitimate track records in getting consumers the money they need fast, charging fair market rates and being flexible should a borrower need to extend the payoff date. We expect the experience with your lender to be pleasant, clear and free of hassle. When you look for a cash advance online, make sure the vendor you choose can provide the same reassurances.
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*THE OPERATOR OF THIS WEBSITE does not lend directly to borrowers or any applicant, nor does it broker loans for lenders or make short-term loans or credit determinations. It does not act as a lender agent, broker or representative and does not endorse any single lender. It does not charge any applicant for services or products ultimately obtained through this network. This website neither presents a solicitation to lend nor constitutes any kind of cash or loan offer. This site only provides the means for applicants to submit information to lenders. Even though this service is available to all, it does not guarantee that any lender will choose to work with you or offer you a short-term loan. All applicants and users of this website must understand that cash advances should never be used as a long-term solution to on-going financial issues. Applicants must know, too, that initial terms on cash advances include repayment dates as quick as a few days or up to two weeks. Further, only some lenders provide up to $2,500, and the amount varies based on the information the applicant has provided. While some lenders can get money into a borrower’s checking account within 24 hours, cash transfer times vary among lenders. These times also can be impacted by your financial institution. Details, questions and concerns about your short-term loan must be addressed directly to your lender. This website’s services are not available to residents of all states. Interest rate limits established by New York law prevent this service from being available to citizens of New York state.
** Not all lenders affiliated with First Financial Online can offer $2500