What are Payday Loans?
Payday Loans are short-term, small-dollar personal loans that are typically paid back on your next payday. Payday Loans are also referred to as Same Day Loans, Single-Pay Loans, Payday Cash Advance Loans, or simply Cash Advance Loans. The loan is typically paid in full along with a loan fee. The average term of a Payday Loan is approximately two weeks or 45 days depending on when you receive your income.
Payday Loans are offered by brick and mortar stores as well as online direct payday lenders. Sometimes online direct payday lenders are the preferred choice by consumers for their speed and convenience.
What is a Payday Loan Used For?
Payday Loans are typically used for short-term financial relief.
If you're short on cash and need to cover small unexpected costs (such as minor auto or home repairs), then payday loans may be the ideal solution.
It is important to keep in mind that a payday loan is not meant to be used as a long-term financial solution and we encourage you to use a payday loan responsibly.
Is a Payday Loan Good For Me?
To determine if a Payday Loan is right for you, it’s best to first assess your current financial situation to determine if you are looking for short-term cash relief or a longer term financial solution to meet your obligations.
If you are temporarily short on cash and need to cover small, non-reoccurring expenses or expenses that you were not expecting, then Payday Loans may be the right option.
However, a payday loan is not meant to be used to pay your bills every month. If you are struggling to pay your bills month over month, then we encourage you to seek other financial solutions or credit counseling.
What is the Process When Applying for an Online Payday Loan?
Before applying for a Payday Loan with an online lender, make sure you’ve determine that a Payday Loan is right for you and understand how to use it responsibly. Using a payday loan responsibly and choosing the right lender is not only important, it's vital to ensuring that you make the best financial choice possible.
The process to apply for an online payday loan is simple:
You typically need to first complete an online loan application. After submitting your loan application, you should know very quickly whether your application was accepted by the lender. The fast response is one of the benefits that online lenders provide when applying for Payday Loans Online.
When your Payday Loan application is accepted, an online lender may need to verify some information with you to make sure you meet certain requirements. Online lenders may also require you to send documents to them in order to verify your source of income and to determine your ability to afford the product.
Does MoneyKey Offer Payday Loans?
MoneyKey can assist you by attempting to arrange a Single-Pay Loan, or a Payday Loan, between you and an unaffiliated third-party lender in the state of Ohio.
Single-Pay Loans work similar to Payday Loans. To learn more about Single-Pay Loans in the state of Ohio, please visit the Rates and Terms page or contact Customer Care at 1-866- 255-1668.