Payday Loans Connecticut Will Help Solve your Financial Problems Fast

Payday & Other Small Dollar Loans

A payday loan is a short-term loan of a small amount of money issued at interest. In most cases, small loans are issued assessing only one document, without a deep analysis of the borrower’s credit history and payment capacity. Guarantors and collateral for payday loans are not required, the risks of non-payment are covered by a financial institution with a high interest rate.payday loan

For consumers, the payday lending service is convenient for the opportunity to receive money urgently, immediately after applying. Goals are not important, borrowed funds can be used for any needs.

How is the application of a payday loan carried out?

You can apply for a small loan in the office of a micro-credit company or online. The decision to provide funding is made on the day of the application, the procedure takes several minutes.

After a positive decision, the lender and the borrower conclude a contract. The document specifies general and individual terms. The latter include the amount, term, rate, calculation of the maximum overpayment.

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There are several options for issuing cash advance:

  • in cash;
  • to a bank account;
  • to a credit/debit card;
  • to an electronic wallet;
  • through a money transfer system.

The methods of the loan repayment are determined by the company. Usually you can pay by bank transfer, in store, branches of any banks, through terminals. The payment is considered to be made after the amount is credited to the lending service’s account, so it is important to keep the receipts and request confirmation from the service.

What are small dollar loans’ alternatives?

The ideal option is to be ready in advance for situations when money is needed urgently. To do this, you need to get a financial cushion or at least have some small amount of money “in reserve”. Another option is to try to borrow money from friends or relatives. If there is no such possibility and there is no way without a loan, then first you may apply for a non-targeted loan. Such loans with a normal credit history can be issued in just 30 minutes, and the conditions will be much more profitable for the borrower.

Another universal solution is a credit card with a long grace period. With proper use of it, you can not pay interest, and sometimes even get cashback when using the card.

Title loans – small-dollar loans for drivers

To be able to issue such a loan, it is necessary to be the owner of a vehicle – a car or truck, special equipment, and in some cases water and motor vehicles are accepted as collateral.car-title-loans

This type of lending is suitable for those car owners who need money urgently, who are not ready to collect a whole pile of certificates and documents, confirm their income and report on the intended use of borrowed funds. Often, owners of small businesses apply for title loans, which requires a prompt infusion of finance to solve any business problems.

The clients’ social and labor status does not play a big role. Those who do not have a spoiled credit history can also apply for a title loan. If the borrower is an individual, it is important that he/she is over 18 years old and has ownership of the vehicle.

A targeted or non-targeted loan – an opportunity to take out an amount larger than a payday loan

Large-scale goals require more money, which means that it will take longer to repay the loan. In addition, whether you disclose the purpose of the loan to the bank or not depends on what conditions the bank will offer you.

A long-term loan is paid for more than 5 years. As a rule, it is taken with a clearly formulated purpose — to buy land, a car or housing. For this purpose, there are special types of loans, such as mortgage and car loans. They have their own peculiarities related to the registration of insurance, collateral, requirements for borrowers. But at the same time, such loans turn out to be more profitable than a non-targeted consumer loan.

A non-targeted loan is issued for any purpose, that is, you may not report your expenses to the lender. But the interest rate on such a loan is likely to be higher than that of the target.

For planned large expenses, such as treatment, repairs or the honeymoon of your dreams, a consumer loan is suitable, which is usually issued for an average period.

For small expenses, a credit card is suitable, if, of course, you issue it in advance, or a payday loan, if you have an acute shortage of not only money, but also time.

Also, do not forget about express loans, which are often offered for a specific purchase directly in the store – for example, a washing machine in the home appliance shop. Such loans have their advantages: they are issued on the spot, very quickly, with a minimum of documents, but the interest on them is higher than on a regular consumer loan.

Other lending options issued as an alternative to payday loans: