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How It Works

Are you currently in a difficult financial state where you're faced with urgent expenses with no finances to settle your needs? If you've reached out to family and friends and exhausted other options, a payday loan may be your bail-out.

It's important to understand how payday loans work and the whole application process. Keep reading if you want to find out more about how Money Zap works.

4 Simple Steps for Getting a Fast Online Payday Loan

#1. Complete the Online Application Form

The online application form is very easy to fill, safe, and secure. You can fill it in several minutes with the following pieces of information:

  • Personal details
  • Deposit information
  • Contact and Employment 

It's advisable to provide accurate and up-to-date information in order to fast-track your application process. Ensure to also go through our legal information prior to submitting an application.

#2. Loan Approval

You will receive the top offer from a direct  lender, after which you'd need to examine and compare them to see if they align with your needs and budget.

You can ask yourself these questions to help you compare loan offers from various payday  lenders:

  • Which interest rate is the cheapest for me?
  • Whose fees and charges are more convenient?
  • Whose actions are the safest in case I'm unable to repay the loan when due?

We advise you to carefully examine loan offer and ask the questions above before accepting the offer. Select only one that best aligns with your needs.

#3. Sign the Loan Agreement

Ensure that the loan agreement contains the same information as was provided on your offer. Take a closer look at the following aspects of your loan agreement: 

  • Confirm the information
  • Reach out to your lender to make corrections in case you notice an error
  • Sign, and save your loan agreement

By electronically signing the loan agreement, you must repay the loan when due. Your loan contract now has legal power, and you must treat it as an official document between you and your lender.

#4. Receive Your Funds

Your money will be sent via direct deposit to your bank account, depending on when you signed the agreement. Most people receive their funds on the next working day.

Below are some important tips on responsible borrowing for you:

  • Spend your loan money judiciously
  • Ensure to always pay back your loans on time

Simply wait for the lender to transfer your funds directly to your checking account. The speed of the money transfer may also depend on how fast your bank processes the transaction. It often takes up to one business day to receive the funds.

Requirements to Qualify for an Online Payday Loan

Generally, anyone with a regular income source can take out a payday loan, however, there are several conditions you must meet and some factors that determine whether you qualify for a payday loan. You have absolutely nothing to worry about - a short-term loan is much easier to get than other loan types. There are lenders that need additional requirements from borrowers, which you should check before you apply. But here are the compulsory requirements for getting a payday loan:

  • You must be 18 years old or above
  • Be a United States citizen or permanent resident
  • You must have a government-issued photo ID
  • Maintain the same place of employment for the past 90 days
  • Have a working email and phone number
  • Earn at least $1,500 a month

How Can Money Zap Help You Get the Funds You Need?

We aim to provide all our customers with the best solutions to help them care for their financial needs. 

Our lending network comprises legit lenders across US who offer fast approvals and offer a variety of terms you can select from, thus ensuring they meet your needs without plunging you into extra debt.

We offer a COMPLETELY FREE SERVICE, i.e., we charge NO FEES for our service. 

Our company helps to connect people to the best online loan deals available in your area. We do not lend, and nor are we a lending partner. After you submit your information, we send it to our vast network of trusted lenders. The lenders now decide if they will offer you the loan you need. Bear in mind that all contracts are between you and the lender you agree to cooperate with. We highly advise that you carefully examine the contract to know everything you can about the lender and their loan offer. 

Advantages of Short-Term Loans

  • Fast and Easy Approval - Short-term loans like payday loans get approved as fast as the same day, and you don't require excellent credit to qualify.
  • Great Option for Emergencies - When you're caught in urgent situations that require quick cash, short-term loans are usually the most convenient remedy.
  • Easy Repayment - It is easier to arrange repayments with short-term loans. Short-term loans usually carry lower risks than long-term loans, especially when repayments are withdrawn on monthly schedules via consumers' bank accounts. 
  • Shorter Time for Interest to Accrue - Short-term loans generally have higher interest rates. Still, compared to the cumulative interest of long-term loans over the repayment period, you'd find that short-term loans are way more favorable.

Keep in mind that payday loans have higher interest rates than other types of loans.

Can I Qualify for a Loan With Bad Credit?

Yes, you can qualify for a payday loan even if you have a bad credit score. Lenders don't capitalize on your credit score while checking if you are a good fit for a payday loan. Most lenders don't run hard credit checks; they run soft checks to determine your financial responsibility. However, a bad credit score may lead to a more expensive loan and limited loan options to explore.

Must I Have a Credit Check to Get a Loan?

Many payday lenders do not run hard credit checks before approving consumers. However, installment loans usually involve credit checks. But if you want to avoid credit checks, consider getting a car title loan , which only requires your car title as collateral to provide you with the funds you need.

Want to learn more? Visit our FAQs section to get useful answers to your questions on loans and debt.

Related Resources

To get approval from lenders in our network, you need to meet the following criteria:
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Have worked at least 90 days in your current job.
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Be over the age of 18.
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Hold US citizenship or be a permanent resident.
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Receive income of about $1,000/month pay after tax.
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Hold checking account in your own name.
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Provide a valid telephone number for your home and/or work.
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Provide a valid email address.