Getting a loan can be a scary process. Imagine being financially struggling, needing a loan, and then falling for shark lenders that keep you in a cycle of debt. And then, with hidden fees and the likes written in between the pages, you never know what to expect with lenders like that.
Payday loans can keep you above the waters until your next salary cheque or even a few months. But one wrong decision when choosing a lender and it’s downhill from that point. For this reason, loans and lenders need to be decided wisely. Where do you go from here? Let’s review one of the best lending platforms in the US nowadays.
What Is WeLoans?
WeLoans is an online platform that works on connecting lenders with borrowers. You can find dozens of loan types on WeLoans’ website, such as payday loans, same-day loans, installment loans, title loans, cash advance loans, and emergency loans.
With that said, if you’re one of the many people looking around for payday loans for bad credit, WeLoans can help you out with it. Unarguably, it’s one of the many features WeLoans offers, along with several other benefits.
The site has partnered with thousands of leading lenders in the US, so there are no fraudulent lenders there. This allows the borrower to choose from several offers from different lenders depending on their terms and conditions and repayment and interest policies.
However, that’s not even the tip of the iceberg. If you want to learn more about WeLoans, they have a range of benefits, top lenders on their radar, and multiple loan types highlighted on their website.
Is a Payday Loan Right for You?
Before going for a payday loan, you should understand what the loan offers.
A payday loan is a short-term loan, meaning the loan and its repayment period is usually from 30 days to several months, depending on the lender. Normally, a payday loan has to be repaid by your next payday. The lender may also automatically deduct the amount from your bank account if you allow auto debit.
Another important thing to keep in mind is that payday loans come with high-interest rates due to their urgent and short-term nature. The total repayment amount includes the loan amount, interest rates, and processing fee.
The repayment period and interest rates are decided by the lender with mutual consensus. Ensure that you read the terms and conditions and other documents sent by the lender before finalizing the deal.
Only apply for a payday loan within a certain repayment period if you can repay it timely, else the lender will keep adding interest charges.
Is It Worth Going for WeLoans’ Payday Loans – Pros & Cons
You’ve already had an introduction to WeLoans, but you’re probably asking whether the pros beat the cons and whether you should consider it when searching for a payday loan. Here’s a detailed review:
Pros
- Easy Application: If you’re not tech-savvy and are worried about the confusing interfaces, as with many online lenders, that isn’t the case here. You can easily find the “Apply Now” tab or the “Get Started” button on the home page. After redirecting to the application form, it only takes a few minutes to fill in the required details and send the application on its way.
- Quick Funding: Don’t want to get into the trouble of a payday loan application that takes days to get approved and receive the funds? Trust WeLoans to get it done without hindering the process. You’ll get offers from lenders within minutes, and the funding can hit your bank as soon as within a day!
- Minimum Eligibility Criteria: WeLoans has basic criteria that ensure that anyone and everyone who needs a payday loan urgently can get it without a long list of eligibility requirements. You don’t need to earn tens of thousands of bucks a month to be eligible. You only need proof of legal age, US citizenship, a verified checking account, and a stable income source.
- No Hard Credit Check: Who wouldn’t worry about a hard credit check on their history, especially if your credit scores haven’t been doing too well? Luckily, WeLoans’ lenders don’t perform a hard credit check for the pre-evaluation stage. You’ll receive offers without having multiple credit checks by the lenders entered in your history.
Cons
- Different Lender Policies: The only con regarding WeLoans is that it’s not a direct lender but a platform that connects thousands of lenders to people looking for loans. Therefore, each lender may have different policies regarding repayment, interest rates, etc. You’ll need to look through the details of the offers you receive before accepting one to go for the best option.
How Do I Apply for a Payday Loan with WeLoans?
Tired of the hustle that comes with applying for a payday loan owing to your previous experience with traditional lenders? With WeLoans, you won’t look anywhere else once you apply for your next loan from here.
WeLoans has made the process as simple as possible with these three steps.
Fill in the Application
Navigate to WeLoans’ website and search for the application form for payday loans. Follow the instructions step-by-step and fill in the required information. Once everything is done, click on ‘submit’.
Review the Offers
WeLoans has a diverse network of lenders on its platform who will review your application. If your application goes through the pre-evaluation, you’ll get offers from lenders. You can further check the details before agreeing with a lender.
Receive the Funds
You may be asked to provide a few more official documents by the lender. After the official procedure, the lender will send the money to your account as soon as the same day.
Final Verdict
Next time you’re looking for a payday loan that doesn’t have unnecessary restrictions or keeps you waiting days, WeLoans is the place. Forget about long applications that ask for dozens of documents as well. Their 5-minute application and quick approvals will have the money landing in your bank within no time.