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The only thing that will stand in your way from getting online payday loans to cover your personal expenses and short-term financing goals is when you are not evidently able to show your direct payday lender how you will pay back the debt settlement when due.
This, in turn, poses a massive threat to consumer financing and short-term payday lending.
The problem is that most customers fail to understand the level of risk imposed on a direct lender when offering short-term financing, specifically for online payday direct lenders.
Online payday direct lenders will never ask you for collateral nor to show a good credit score or rating for the loan offer you are applying to get.
These loans are only structured to help individuals in the toughest of financial conditions to pull through easily while ensuring maximum security on the part of the direct lender.
As discussed earlier, the main reason an online payday direct lender will deny you short-term financing is when you are not able to show them your ability to pay back the debt when due.
As a result, online payday lending security for direct lenders is usually tied around the following –
Basically, someone unemployed is more unlikely to have any income coming to them either as a salary or a regular monthly paycheck.
This is a total red flag to lenders.
Not only does your current employment status assure an online payday direct lender of your ability to pay back the debt, but it also gives them a form of security – knowing that they can always reach out to your employer or hiring manager to work out a more reasonable payment plan for your loan settlement in accordance with your current salary standard.
As a result, online payday direct lenders will generally require you to show an employment status of at least three (3) months of work in your current company or organization.
Now, while the customer is always right, in this scenario, the online payday direct lender is the one who is not wrong.
Online payday direct lenders can only garnish your wages if you fail to maintain steady communication with them as it relates to the late payment of your pending loan settlement.
The size of your current work salary or paycheck determines how much you can get from an online payday direct lender.
This, in turn, can restrict your access to an online payday loan.
Applying for online payday lending from a direct lender that exceeds your current salary size is a sign to the lender that you will find it pretty challenging to pay back the debt.
As a result, lenders will either decline your funding request or offer you a much higher interest rate and late payment fee on the loan offer.
Higher interest rates and fees are often attributed to loan offers like this that pose a higher level of risk on the path of the online payday direct lender; thus, the lenders use this to commensurate the level of risk involved.
The most limiting factors for online payday loan guaranteed approval include the following:
Your credit utilization ratio (or credit-to-debt ratio) is simply the balance settlement left pending on your loan offer relative to how much you have left to borrow.
Thus, credit utilization ratios are often represented as a percentage of your total available credit that is currently in utilization.
Credit experts always advise borrowers to maintain a steady credit utilization ratio of 30% and below, especially if they want to maintain a good credit standing with lenders and other traditional financial organizations.
This is mainly because, according to the FICO scoring model, your credit utilization ratio contributes about 30% to your current credit score.
While a credit utilization ratio of below 30% can get you as much as you need in personal credit financing for your household expenses and emergency spending, the case is quite different for a higher credit utilization ratio.
Having a low credit utilization ratio is totally possible!
The low credit-to-debt ratio can be achieved by first ensuring that you don’t exceed your current credit limit when taking up any form of a loan or short-term financing.
It gets worst when the size of your salary does not correspond with the terms of the loan offer as well.
Applying for an online payday loan with a considerably high credit utilization ratio will only result in a decline in your funding request or higher interest rates and fees on the loan offer.
Online payday loan repayment terms vary by lender.
This, in turn, gives consumers that competitive advantage when dealing with direct lenders.
It’s so unfortunate that despite all these, people still make the mistake of applying for short-term financing with direct payday lenders that are not best suited for their current funding preferences.
As a result, they find themselves caught in a tough financial bubble where they are not able to pay back the loan settlement when due.
Online payday loan terms will often reflect the following:
Online payday loan terms come with different time intervals for repayment or settlement – there are online payday loan offers that last just two (2) weeks and those that last for up to a month (4 weeks).
Hence, a customer who takes up a two (2) week online payday funding offer will find it really to pay back, especially when their salary or paycheck is due by the end of the month.
Applying for online payday direct funding with a salary structure like this will likely not guarantee funding from your direct lender.
Not only will this affect your ability to pay back the debt, but it also goes a long way to negatively affecting your current household budget.
While online payday loans are one of the most effective ways of dealing with a shortage of funds at the toughest of all situations, there are certain things to check before applying for one.
The great news is that all these can be fixed easily.
Online payday direct lenders will also allow you access to funding without a job, only if you can show reasonable proof of some other way of raising income for yourself monthly.
You can get online payday loan direct funding without a job by showing the following as proof of income: child support or alimony, dividends or interest, long-term disability, social security, retirement funds, trust fund, rental property, etc.
Disclaimer
Short term loans are emergency credit loans that have been designed for short term financial issues.
The loan amount is small and limited to a fixed upper limit. The loans are exclusively created for the short term and will become expensive burdens when extended and used for long-term purposes.
The operators of Instant Payday NV are not lenders. We are neither a bank nor a financial institution.
We are not involved in the process of making credit-based decisions related to lending, offering loans, or collecting repayment.
The website has been created to act as a bridge, a connecting agent between the applicants and the moneylenders.
We do not charge any fee to process the loan application or help our customers find a reliable match for a loan from a third-party lender.
We do not oblige any user/ customer to contact the lender or to accept a loan application.
The data present on the website related to short-term loans and the industry practices are for information purposes only.
Instant Payday NV does not collect, store, or access the details related to fees and charges levied by the lenders.
We do not endorse any of the lenders in the network.
Short-term loans are not available in all states. Not every lender in the network can offer a loan of up to $1000.
We cannot guarantee that the loan application will be approved by a lender.
Instant Payday NV also cannot guarantee that every application will be successfully matched with a lender or that the lender will provide the applicant the loan amount.
The lenders might perform a credit check through one or more credit bureaus (which include but are not limited to the major credit bureaus) to determine the reliability of the applicant.
The lender will also need to perform other verifications such as confirming the social security number, national ID, driving license number, or any other identification documents submitted by the applicant.
The terms of the loan proposal depend on the lender and various factors such as the federal laws and state laws, or industry regulations.
The terms and conditions of the loan proposal will vary from lender to lender and from one application to another.
APR Representation
APR (Annual Percentage Rate) is the interest rate calculated per annum for the loan. Instant Payday NV is not a lender.
We do not have the required information pertaining to the rules, regulations, and terms used to calculate APR by individual lenders.
APR calculations vary from one lender to another, one state to another. They also depend on various factors that decide the APR of a loan. The credit rating of the applicant can be one of the reasons.
Any other additional charges including but not limited to the origination fee, late payment fee, non-payment penalties, or non-financial that include debit collecting actions, late payment reporting, etc. come under the responsibility of the lender.
Instant Payday NV has nothing to do with the payments charged by the lenders or the action taken by them.
We do not maintain any information regarding the same. The charges and actions are to be fully
disclosed by the lender as a part of the loan agreement. The calculation of APR is the annual rate and not the financial charge of the product.
Implications of Late Payment
We highly recommend our customers to contact the lenders to enquire about the possibilities of late payment.
In the case where late payment is considered possible, the late payment fee is applicable and implied.
The laws of the state and the federal govern the cases of late payment fees and vary vastly.
All details related to the procedures and costs associated with late payment are disclosed in the loan agreement.
Customers should carefully review the terms before signing the contract.
Implications of Non Payment
In case of nonpayment of the loan, both financial and nonfinancial penalties may be implied.
The charges for nonpayment and late payment are disclosed in the loan agreement.
Additional actions related to nonpayment’s such as renewals or extensions can be implied upon given consent. The terms of renewal are disclosed in the individual loan application. Additional renewal charges may also apply.
Lenders may perform debt collection practices.
The practices are adjusted as per the Fair Debt Collection Practices Act and any other federal or state laws related to the industry to ensure that the customer or the loan applicant does not end up being a victim of unfair trade practices.
Most of the lenders do not use outside debt-collecting agencies to recover the loans. They use in-house methods to collect the debt from the applicants.
Late payment and nonpayment of the loan might have a negative effect on the credit rating and further decrease the rating.
This may cause them trouble over time. Lenders may report to credit bureaus such as Experian, Equifax, Transunion, etc. In such instances, the late payments and nonpayment’s may be recorded and remain in the records for a certain period.