Payday Loans Explained: Do You Really Know Them Well?

Searching for loans on the Internet is not everyone’s forte. There are a dozen things you need to look for and then verify. Plus, with so many scams happening, it’s better to be safe than sorry. But that doesn’t mean you shouldn’t go for a loan in any case.

The trick is to look for loans in the right place, especially when it’s as risky as payday loans that already have high APRs attached to them. Let’s not forget the hassle if you have a bad credit score hanging upon you. WeLoans can help you with payday loans for bad credit on this page within no time. But first, let’s discuss the basics.

What are Payday Loans?

Payday loans are one of the dozen loan types specifically offered by online lenders. This loan type falls under the short-term loans category that are borrowed for 4-6 weeks.

Additionally, short-term loans require a one-time payment of the borrowed amount along with the interest rates and service fee. Another feature of payday loans is that they are unsecured, meaning no asset handovers to borrow money.

You can apply even if you have a bad credit score. Nabila Yusuf, a financial writer from WeLoans said that however, payday loans already have increasingly high APRs and bad credit applicants are charged more because of the risk lenders take. So it would be better to know them well and make a repayment plan before getting one.

How Long Does It Take to Get a Payday Loan?

Most borrowers need to get the funds ASAP unless it’s a long-term loan. Payday loans are well-known because of their quick process times and deposit. However, you’d be wondering exactly how long the procedure takes, starting from the application right down to the funding. Here’s an overview of each step:

Application Form

Online loan application through WeLoans only takes a few minutes. Once the application form opens, you’ll see the required details on personal information, income source, and bank account.

Receiving Offers

When your application is pre-qualified by direct lenders, they will send their offers to you. All this happens almost instantly after submitting one.

Loan Approval

This step of the process depends on your application and the lender. WeLoans’ lenders don’t delay approvals unnecessarily, but they may need additional information to approve your loan request. Generally, even this doesn’t take longer than a day at best.

Getting Funded

Got that approval? Give the lender 2-3 working days, and the funds should be deposited in your bank account.

How to Choose a Payday Loan Offer?

If you’re applying for a payday loan through WeLoans or any other broker, you’re bound to receive more than one offer from lenders. This is where you need to make an informed decision instead of rushing through it. Consider these factors to help in doing that:

Double-Check the Lender

While WeLoans only has reputable lenders with lending licenses on their platform, it doesn’t hurt to verify your lender once more. Search for the lender on the internet and go through their website if any. NEVER forget to verify that they have a license, otherwise, you might be falling for a scam.

Check Reviews

The best way to choose a payday loan is to see what other people have to say for it. You can find reviews of the lender online on various websites. See the average rating, and go through the low-rating reviews in detail. If there seems to be a repeated problem stated in those reviews, move to the next lender.

Go Over the Terms

If the lender is reputable and has no bad reviews on its name, move to the next step: reviewing the offer. Some lenders have higher APRs than others. Some might allow a very close repayment deadline. The terms and conditions for delayed repayments may vary. Different lenders, different terms, making it important to go through the offers in detail and then finalize one that suits your needs.

How to Apply for Payday Loans?

If your interest in applying for a payday loan has peaked, it’s time to know what steps you need to take to get there. Here’s what you’ve to do:

Open the WeLoans Website

Search for WeLoans on Google. Move your cursor to the upper-most tabs and click on payday loans. Select the loan amount you need. Then, fill in the automatically opened application form and submit.

Go Through Offers

You’ll start receiving offers from the top-rated payday lenders in the US. Take your time to go through the offers since each has its own terms. Select a lender on the website. The lender will walk you through the process.

Wait for the Money

If your loan application is approved by your selected lender, you’ll receive the funds as soon as within 2-3 working days.

Final Verdict

Next time you need a payday loan, you know where to look. WeLoans doesn’t disappoint its clients in terms of the lenders it has, the offers they send, and the time it takes. When you have everything you need in one place, getting a payday loan becomes a piece of cake.


Just be sure you review the offers and know where you stand regarding repayments prior to going forth with a decision.

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