Get Approved for a Loan | Personal and Payday Loans
Need money? Get approved for a loan in seconds with Finance Fixup. We provide borrowers with payday and personal loan options for all types of credit. Use our online tool to receive a quote with your monthly payments and APR.
What Are Payday Loans?
A payday loan is typically a high-cost, short-term loan for a smaller amount. These are considered cash advances with the intention of being paid back with the borrower’s next paycheck (hence the “payday” name). These types of loans do not require as much information to be approved and are considered one of the better loan approval options. You typically only need proof of identification, income, and a bank account. These types of loans are available to people with bad credit. There isn’t usually a full credit check when being approved for a payday loan.
These types of loans are recommended for people who are able to repay the loan immediately. If there is any risk of not being able to pay the loan back within the designated timeframe, it may be in your best interest to seek alternative loan options.
How Do Payday Loans Work?
The process for getting a pay day loan is very quick. The lender will confirm your income and checking account information to transfer the cash that same day. In exchange, the lender will ask you for authorization to withdraw money from your bank account with interest the day the loan is due for repayment. In most cases, payday loans are due right after your next paycheck.
How Much Do Payday Loans Charge?
On average, payday loans typically cost $10-$30 for every $100 borrowed according to the Consumer Financial Protection Bureau. As long as you pay the loan back when it is due, you won’t have to pay more. If the loan isn’t repaid in full on your next payday, there will be a fee added for each day missed. If not paid, borrowers may end up owing more than they took out in the first place.
What Is a Personal Loan?
A personal loan is a broad term for money borrowed from a lender that is paid back in some type of installment schedule. This money can be borrowed from a bank, credit union, or online lender. Payback schedules are typically monthly, but there can be other installment frequencies determined in the terms of the loan.
How Do Personal Loans Work?
Personal loans are what is known as “unsecured,” meaning they are not backed by any collateral. Approval is based on a number of factors including your credit score, credit history, debt-to-income ratio, and proof of employment. Even if you are not approved for an unsecured personal loan, you may be approved for a secured or co-signed loan, which are backed by an asset like your home or car. The collateral has to be something that can be repossessed in case you stop making payments.
You can find fixed-rate loans where your APR and monthly payments remain the same throughout the life of the loan. There are also variable-rate loans, in which these items can both fluctuate.
What Are Personal Loans Used For?
Personal loans are meant to help you achieve a goal. People use personal loans to make home improvements, pay off student loan debts, pay off credit card debts, and more. Most lenders will ask you to clarify what your intention is with the money you borrow. You should not view personal loans as a payday and put yourself in a worse financial position once the payments kick in.
What Items Should You Look For in Loan Quotes
The two biggest things you should consider are the APR and monthly payment amount. You need a manageable monthly payment so you can continue to afford things in your daily life. You also want an APR rate that doesn’t end up hurting you in the long-run. If your interest rate is too high, you may end up owing more than the original loan amount. Seeking low interest rate loans is a smarter way of setting yourself up for success with paying it down.
How Do Personal and Payday Loans Affect Your Credit
Payday loans can only affect your credit if you don’t pay them back and end up getting sent to collections. Since there is no hard credit pull when applying for the loan, you shouldn’t see your score move at all.
Personal loans can affect your credit score much like any other type of credit. As long as you make your payments on time, your credit will build and your score will increase. Late payments will negatively impact your score. When you apply for a personal loan, you will see your score temporarily change since lenders use what is called a “soft-pull” for pre-approval. Once approved, a “hard-pull” will set in and remove a couple of points off your score. Hard pulls stay on your credit report for only two years.
How to Get A Payday or Personal Loan with Finance Fixup
Getting approved and financed for a payday or personal loan is quick and easy with Finance Fixup. Simply use our online interface to answer some questions and our algorithm will automatically source quotes from top lenders. From there, you can get pre-approved and move one step closer to approval. Payday loans will be financed the same day. Personal loan financing may depend on a number of factors, but you will get your money fast in most cases.
Why Work with Finance Fixup
Finance Fixup has helped tons of people with their financial goals through access to payday and personal loans. We make comparing quotes and securing financing easy. Our goal is to help people understand the different types of loans so they can make informed decisions on what will work best for their situation. If you have any questions, one of our knowledgeable and experienced financial assistance experts can help you along the way.
Why Work with Finance Fixup
Finance Fixup has helped tons of people with their financial goals through access to payday and personal loans. We make comparing quotes and securing financing easy. Our goal is to help people understand the different types of loans so they can make informed decisions on what will work best for their situation. If you have any questions, one of our knowledgeable and experienced financial assistance experts can help you along the way.