A payday loan is a financial product that allows access to funds payable on their salary date. The appeal is their immediate release in cases of financial emergencies and a borrower has no access to emergency funds. They also have no need for a great credit score or credit history, just proof of the borrower’s capacity to pay.

Note that payday loans are not secured loans—financial products that require collateral. This way, payday loans generally have higher interest rates and annual percentage rates (APR), but this can be managed as long as the borrower pays their debt on time. As with all loans, make sure you understand the financial instrument that you’re using and read the loan agreement before attaching your signature to it.

Some services offer fast-tracked approval within one business day as long as the borrower submits their complete requirements. It’s rare for the approval duration of small loans online to take more than a couple of days—usually the entire process takes less than 24 hours. There are some lenders who can even offer approval in just a couple of hours.

To apply and take out a loan, you must be of legal age and a legal resident of the United States. Additionally, you must provide proof of identification, residency, and income. No guarantor is required if you meet these criteria.

• Must be at least 18 years old
Must be a legal US citizen or green card holder
• Must have a regular source of income of at least $1,500 monthly
• Must have an active checking account
• Must have and provide an active phone number and email address

While the requirements vary from lender to lender, these are the most common criteria to become eligible for a small personal loan online.

DirectLoanTransfer only asks what is necessary to properly and accurately assess your financial needs. All information we ask from our customers includes details that we need to process applications in a legal and secure way.

DLT is not a direct lender—we are a service that connects customers to prospective lenders depending on their characteristics. Now, DLT can connect you with lenders that can provide loan amounts from anywhere from $100 upwards to around $10,000.

Explore our site to check out how we can help you. We have a lot of lenders in our network that offer a varying amount of cash depending on your needs. All you have to do is input your details and we’ll do matching for you, it’s that easy! You can explore the minimum loan amounts to the maximum loan amounts in your area.

Banks perform credit checks because they usually deal with larger funding cases and take on more risk should a loan default occur. Thus, they will most likely do a hard credit check when determining if you qualify for any of their loan packages.

It’s also useful to note that banks are likely to be more reluctant to lend money to borrowers with poor credit and interest rates will be higher as a premium for taking on a significant amount of risk.

Yes, having a bank account with a reputable (or large) bank is one of the factors for increasing your chances of being approved for a loan within our lender network. Plus, having a bank account is convenient for any financial transaction that you make.

A bank account is useful with any loan because it provides a place for you to receive the money quickly. Additionally, it acts as a way of showing the lender your financial responsibility and that you have an option to pay them through a direct transfer.

If your documents are in order and the lender decides to approve you for a small loan, they’ll send you either a text message or an email with the news. Be sure to provide the lender of your choice with a valid email address and a phone number that you personally use.

This process is pretty quick and you’ll know if you’ve passed the requirements in as little as a single business day.

Have an income of at least $1,500 every month and prove that it’s stable with more than just one document. There is also a higher chance of getting a small loan if you don’t have any existing loans, and if you have credit reports available for the lender to check.

Another popular way of increasing your odds is switching to a more prolific bank instead of smaller less known ones. It also helps to maintain your credit card debt, keeping it at a minimum and always paying on time.

Banks and other major financial institutions will do a hard credit check and are more reluctant to lend to people with poor or bad credit. They also specialize in larger funding which require tedious paperwork and might not release money for smaller transactions.

If you’re in a financial emergency, a bank loan might not always be the best solution because they don’t usually offer same-day financing, especially if they do not maintain a good relationship with a client.

Bank loans are not necessarily unattainable, but they serve to fulfill other purposes.

DLT connects you with reputable lenders all over your area and matches you with the one that’s perfect for your needs. This way, you skip the hassle of comparing rates and providers, and have a one-stop-shop to look for a lender that matches your financial needs.

There are many great small loans online providers near you, but the problem is that there are so many to choose from that the process becomes overwhelming. That’s where the DirectLoanTransfer service comes in handy.

It’s usually dependent on your lender; however, most lenders don’t have a prepayment penalty. Always pick the lender that has no prepayment penalty because it offers you an easy way to pay back your loan without incurring additional charges.

Payments could be made via direct debit, credit card, bank/wire transfer, bank deposits, etc. Almost all lenders offer multiple ways to make loan payments. This makes it convenient for anyone to pay back their loans on time to avoid any unnecessary fees that might occur.

In addition, loans that require multiple payments conveniently offer fixed monthly payments that can automatically be withdrawn from your account at each due date. Remember that the loan principal, interest rates, and other fees will all be included in the loan agreement, so you can always refer to that contract for this type of information.