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How It Works

If you have unexpected expenses or some other difficult financial situation, a payday loan could be an essential help. Loans may be a tricky topic, and we are here to help you understand this procedure. If you have questions about how these loans work and how to get them, read on for more information.

How to Quickly Get a Payday Loan

The process of deciding to take out a loan and receiving the money is fairly quick. We’ll give you a brief rundown of what you’ll need to do to apply and actually get an approval:

  1. Even though short-term lenders are more flexible, assess your financial position and see whether your credit score is good. A strong credit score helps you portray yourself as a reliable borrower.
  2. Although you may be desperate to find money for an emergency, it’s not a good enough reason to choose the first lender you come across. Make sure to do your research so that you can compare the terms and conditions between lenders, and only work with companies that you can trust.
  3. Submit the needed information and documents. The precise number of documents will fluctuate from lender to lender, as well as how much personal data you need to supply. Even so, it’s not close to being as big of a pain as dealing with a bank.

After you’ve completed and reviewed the application, submit it to the lender. Make sure to check that everything is correct and filled out before doing so- double checking can save a lot of hassle later on. Finally, take another look at the requirements from the lender in case there are any unforeseen fees or penalties involved.

  1. You’ll usually receive a response within 24 hours, and the funds will be available soon after. This allows borrowers to quickly resolve any financial issues they may have.

How to Qualify

A short-term personal loan is an unsecured loan available to anyone with a regular income source. But, there are some conditions you need to meet and several factors that affect whether you qualify.

If you’re fretting, don’t worry–a short-term loan is much easier to obtain than any other type of loan. Some lenders set extra qualifications for borrowers, so make sure to check those before you apply. The general conditions are that the borrower must:

  • To be eligible, you must be 18 years of age or older.
  • You must have a place of residence and employment in the United States.
  • Continuously employed for the last 90 days.
  • Having an active bank account with no overdraft is necessary.
  • Provide a valid email and phone number.
  • Earn over the minimum wage rate.

How to Choose the Best Lender for You

With the myriad of online lenders, it’s tough to trust just any company with your precious finances and private data. How can you be sure you’re making the best decision for your case? Below are crucial factors to assess before inputting any of your personal information:

  • The accreditation and reputation of a lender is important.
  • Ease of use
  • How quickly you will receive your funding
  • Flexible loan terms and fees
  • Loan limitations
  • Approval rates

Before taking out a loan, you should ask yourself some crucial questions:

How much money do you need and can you afford to take out this amount?

What is your preferred timeframe for repayments?

Will you have a stable income for the foreseeable future?

Do you have a budget that allows you to not get into further debt? Overall, take a closer look at your finances and abilities.

Benefits of Short-Term Loans

If you’re on the fence about whether or not to take out a loan, here are some reasons why taking one for a short period of time is in your best interest:

  • With these loans, you’re almost guaranteed to be approved because the requirements are so minimal. For example, even if your credit score isn’t great, you can still qualify for this loan.
  • Shorter time to acquire interest – At first glance, short-term loans usually have less favorable interest rates. However, when you compare this amount to what long-term loans or any bank programs offer, the odds are in your favor.
  • When an emergency crops up, you don’t have time to waste. A short-term loan can help you fix the problem quickly before it snowballs and becomes even more expensive.
  • If you follow this plan, your debt will be paid off in six months to a year, at most 18 months. This is the ideal timeline for anyone who wants to get rid of their debt as soon as possible.
  • You don’t have to plan years in advance for repayments, making it easier to pay off. Some people get into debt because they can’t keep up with the repayment schedule over a long period of time. The shorter you stay in debt, the less risk there is.

Quick Financing for All Life Situations

Short-term personal loans are almost always the best option in many situations. And if you’ve never done it before, don’t worry! We will guide you through every step of process for your convenience.

If you have any questions left, contact John Thomas Financial customer support and find the most suitable solution for your financial problem.