Express Payday Loans can be the relief you need when you are stuck without cash. We all have had a month where unexpected financial troubles overwhelmed us. These payday loans, usually approved within 1 hour, can be a great help. For the times that you need some extra cash to cover the unforeseen car repair, medical bill or other emergency, you can use this financial tool to your benefit.
How does an Express Payday Loan work?
These payday loans are short-term and for small amounts usually around $500 – $1000. Lenders generally charge a flat, one-time fee to cover their costs and risks. Different from your car loan or mortgage, these loans are expected to be paid back in the short-term, usually by your next payday – hence, the term. Some lenders give you more time than others, but usually you must be paid back within 30 days.
Benefits of an Express Payday Loan
The main benefit is the speed of the loan. You have cash right away to help you deal with whatever financial situation you may be in.
Another plus is that these payday loans are short in duration. You don’t feel like the weight of the world is hanging over you because you have a monster payment to worry about for years.
In addition, these loans are easy to do. Everything can be done online and no credit checks are done. If your credit score is low, you can still qualify. You just have to prove employment and have a legitimate checking account from a bank. Plus, the forms are short and painless. It is supposed to be a simple process since the duration of the loan is so short.
Will I Qualify for an Express Payday Loan?
These are the main criteria lenders look for when granting payday loans:
- Employment with a steady fixed income (salaried employment is favored over hourly)
- You have been at your same job for at least 6-12 months
- You have a checking account at a bank in good standing
- You are of legal age (over 18)
**Many lenders like to see you have direct deposit and a minimum monthly income of $800.**
How Do I Get an Express Payday Loan?
There are several companies out there that provide this service. A few of the top lenders are: