Payday loans are a type of short-term loan that carries high interest rates and must be paid in full on the scheduled payday. These are credits requested for small amounts (USD 500 – 1,000) and are usually used to cover small expenses, such as changing the tires of a car or to replace a damaged appliance.
There are many platforms on the internet to find payday loans online and access money that covers an urgent need.
How to find payday loans online using loan comparators
If you have a good credit score, you can easily get these useful payday loans and access to short-term financing to solve small problems or incidents. Financial institutions and banks like this type of loan because they are very beneficial for them, as they are small amounts, have a low risk, and offer a high economic margin due to the interest rate applied.
The best way to find payday loans online is using comparators, special websites where you can introduce how much do you want to borrow and how long do you need the money for (payday date).
Next, we will see how to use an online comparator to be able to access the best payday loan offers.
Select the best online comparator
Selecting between different online payday loans platforms is a critical decision to access the best offers on the market. Each specialized portal offers an interface where you can choose the amount, either by entering the amount of money manually or by using a scroll bar. They also show options to select the payday.
Enter the details of the loan to request
The most important process when using these online loan comparators is data entry. On the homepage of the comparator, you must enter the basic information of the loan so that the platform can search for the best options on the market and present them in a list that facilitates your decision.
The data that you must provide in a payday loans online portal are:
- Amount of money. The amount of money you are going to request. As it is a payday loan, it must be less than USD 3,000 (can vary between different banks).
- Payday. Indicate the time to repay the loan (usually not more than 6 months). It is significant to remember that the payment will be made in one go for the total amount requested on the date set.
- Personal information. It is necessary that you provide your personal data such as name and surname, postal address, date of birth, contact information, marital status, monthly rent, homeowner status, type of bank card, bank account number…
- Other related information. Some portals may ask you about the purpose of your loan like debt consolidation, car loan, holiday, wedding, home improvements…
Choose an offer
The platform will provide a list of offers from different banking entities according to the data provided. This information is presented in a format that facilitates its understanding so that you can compare it and select the one that best suits your needs.
The indispensable data that you can see in each offer are the amount requested, the amount of interest you must pay, the payment date and the total to pay.
Next to each of the offers, a button or link is provided to start the process of requesting and contracting the payday loans.
Using a payday loan is one of the best alternatives to get out of an urgent situation, accessing a credit that solves an immediate problem and that you can repay within a set period.
Thanks to online comparators platforms, it is much easier to identify a good payday loan, without having to waste time searching one by one on different banking websites.
