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Online Payday Loans – Get Payday Loans Fast and Easy From Online Lenders up to $5,000 with payday loans from Johnthomasfinancial.

Financial contingencies can get people restless, but they don’t have to take your sleep away. All thanks to the easy and fast funding of instant payday Loans, you can set right your financial condition without stress. Payday loans are very helpful for borrowers with not-so-great credit or those who know how straining it can be to look for a traditional bank loan, but to get a payday loan, do read on to gain thorough insight into how these loans operate and know whether they’ll answer to your present needs.

What Are Payday Loans?

Payday loans generally, are low principal, high-interest loans to be typically repaid in a few weeks. They are meant for people in need of fast, easy money to sustain them till they’re torn their next paychecks. In essence, payday lenders help you get approved and receive your funds quickly, however, they are known to charge high interests for the loose credit requirements and convenience.

How Do Payday Loans Work?

Immediately you’re approved for a payday loan, the lender will request you fill some basic paperwork which can often be filled online from the comfort of your home. You will also be required to enter your bank account details, with which you will receive your cash.

The terms for your loan repayment depend on your lender and the loan amount. However, some payday lenders will require your complete loan balance and the interest paid back in 2 to 4 weeks. Let’s say you took out a loan of $500, your lender could install an auto draft from your checking account to return $570 in two weeks, i.e. the principal plus the interest plus fees. Bigger loan amounts may be settled by your lender setting up automatic payments once in two weeks until they are completed. Sometimes, your lender may be flexible and allow you to mail in your payments, but that’s not the norm.

Fees Involved in Getting Loans from Payday Loan Online Lenders

Searching for a payday loan, you may notice different types of fees added to the principal loan amount. First, there’s usually a small application fee, mostly required if your lender runs a background check. Majority of lenders charge origination fees—which can be a percentage of the required loan amount or a flat fee, to cater to the administrative costs of handling and maintaining your loan.

There are some lenders that also include extra charges that are avoidable and apply only to particular situations. Let’s take for instance; you miss a loan repayment, you may incur a late fee. Other lenders may charge prepayment or early repayment fees, whereas, others may charge renewal fees if you want to renew or take out your loan again on the expiration of your payment cycle. Later on, these fees increase the overall cost of borrowing funds and should be avoided at all costs, so ensure to have a viable loan repayment plan and abide by the repayment terms the best you can.

Steps to Take Prior to Applying for Payday Loans

Payday loans hold wide acceptance because they are easy to access and provide quick funds. But many people still have their criticisms against them because of the ease of access, mostly because borrowers don’t research adequately before taking out loans. To ensure that a payday loan is what suits you best, always try to do these before you apply;

Select the right type of loan – While instant payday loans are a particular type of financial product, some companies provide offers termed ‘payday loans’ but don’t really match the description. A typical example is companies that request collateral from you to secure the loan, thereby putting your property(ies) at risk. Be clear about all the requirements of your loan before you apply.

  1. Evaluate your other options – All borrowers don’t necessarily need payday loans. Maybe what you need is a quick cash influx to settle some financial situations; you might want to work a second job, borrow from a family member or friend, or use credit cards.
  2. Go through the lende’s requirements – Every lender has their various requirements as regards credit scores, proof of income, and repayment terms. Make sure a lende’s requirements will eventually meet your loan needs before applying with them.
  3. Know your state laws – Every state has its own lending laws. The state Attorney General has the authority to limit or place regulations on payday loans or totally illegalize them. The reason for these laws is to check predatory lending practices ripping off low and middle-income earners, and payday lenders must obey them. Study these laws personally and be sure your lender abides by the state laws.

Major Requirements for Getting an Online Loan

States regulate instant payday loans, so lenders are subject to their respective state guidelines. That explains why the conditions and requirements for getting a payday loan may vary from lender to lender and across state lines. However, lenders generally ask for some basic things before you’re qualified for a loan:

  • Age – The borrower must be 18 years at least, so as to be legally bound by the payday loan contract.
  • A Working Checking Account or Credit Score – A lot of payday lenders don’t issue checks or handle cash for your first loan funds, instead, they will prefer your active checking account in which to directly deposit your money. One major reason for this is that many lenders may want to auto-draft your loan repayments from that particular account.
  • Proof of Income – The income requirements will depend on your location, however, lenders need documented proof that you can repay the loan promptly. Your income doesn’t necessarily need to be from a 9 to 5 (conventional) job, but it has to be consistent and recurrent.
  • Address, phone number, and active email – Your lender needs a means to contact you if for instance, you fail to return your loan on time. You’ll be required to provide a working phone number, a stable home address, and an email address. A lot of lenders will also ask for your references’ contact information.

Reasons Why Your Application Might Have Been Rejected

Though there are more flexible general requirements for payday loans compared to other loans, lenders often deny loan applications if they deem the risk of default on the loan too big. Here are several reasons your application may be declined:

  • You are unemployed or earn very low income – Lenders may reject your application if your income is so small it can’t cater to basic living expenses while allowing you to repay your loan. Lenders do this in your best interest so you don’t accumulate more debt.
  • You currently have a payday loan or borrowed one recently – There are varying limitations across states, but in most states, borrowers are limited to just one outstanding payday loan. Most states that allow borrowers to take out multiple payday loans limit them to $500 – $1,000 worth of loans at a time.
  • You’re currently owing lots of debts – Because most lenders don’t bother too much about your credit scores, thet check out your present debt profile to assess your ability to repay. Lenders may be hesitant to risk loaning you funds if you have a low debt-to-income ratio (lots of current debts with a very small income).

How to Get a Payday Loan Online at John Thomas Financial

After making up your mind that an instant payday loan is all you need to take care of your financial issue, you may now fulfill the application process right away and get your funds the next day. Take the following steps to get a payday loan:

  1. Complete the Loan Application Form – Many well-known lenders provide a simple loan application that you can fill without any hassle whatsoever. Do ensure to have your ID information and proof of income ready to make your application as smooth as possible.
  2. Get and Compare Loan Offers: Payday lenders are abundant in supply, so you are not to accept any loan under compulsion even if you’ve received an approval. You may get multiple offers when shopping with a loan matching service like John Thomas Financial. You can compare these offers in terms of loan amounts, interest rates, repayment terms, and other charges and take only the offer that’s most suitable for you.
  3. Sign the Agreement: After selecting the offer that suits you most, you’d have to provide the final documents and your bank account details, then sign the loan agreement. Instead of going physically, many lenders would provide a secure website portal on which you can sign the agreement.
  4. Receive Your Funds: You should expect your money deposited in your bank account within 24 hours of signing the agreement. Although 24 hours is often the standard with many lenders, others may extend it to 2-3 working days. Try to get an estimated timetable from your lender during application to understand their deposit timeline.

Pros and Cons of Payday Loans

It’s clear that payday loans come in handy for meeting short-term financial needs, however it’s advisable to consider the pros and cons before really going for them.


  • Easy application process – The traditional bank loan application process can take between several days and a month (or more) to complete. Then you may have to wait so long for all your documents to be submitted. But payday loan applications can be completed within an hour, often online to make it much easier.
  • Quick funding – After approval, most people receive their funds within 24-48 business hours.
  • Loose or Zero credit check requirements – Many lenders won’t check your credit, but those who do mostly run a soft check which won’t affect your credit adversely. Even people with bad credit scores can still get approved, provided there is no serious problem like a defaulted payday loan with another lender or bankruptcy.


  • Repayment terms are short: Loan types like mortgages and auto loans are to be repaid in years’ time, but payday loans are to be repaid in a few weeks to reduce interest and fees.
  • High interest rates: Payday loans accumulate much interest in a short while, which is why you should be sure you can repay your loan promptly from your earnings.