Frequently Asked Questions

General FAQ

About Our Services

OnlineLoansYouNeed is a company that specializes in online loans. We help borrowers in need of funds to find suitable loans from verified direct lenders. We promote financial education, responsible borrowing, and lending practices.

We offer online payday loans and lines of credit. If you have more questions, please find all the necessary information below.

Yes, it is; our advanced encryption technology keeps customer data safe from prying eyes. We use the information you provide us to help match you up with a lender and for no other purpose.

- Be at least 18 or older and have a valid identity document; 

- Be a US citizen or have permanent residence in the US;

- Provide valid email address and phone number; 

- Have an active checking account;

- Provide proof of regular income.

That hinges on the type of loan you apply for and the terms of the loan provided by the lender. OnlineLoansYouNeed services are free of charge.

The direct lenders will do a soft credit check that won't affect your credit score; it won't leave any public marks on your credit report and is visible only to you.

Under the USA Patriot Act, all lenders are required to verify and record information that identifies each person who opens an account. The direct lenders will need your name, street address, date of birth, and other identifying information and may require additional documents as well. Besides, you'll have to provide your employment and banking information.

We'll make it easy for you to obtain cash when you need it most. We partner only with reliable direct lenders who are committed to fair and responsible lending, who are willing to consider customers with bad credit.

Payday Loans FAQ

About Payday Loans

A payday loan is a short-term, high-interest, unsecured loan that is traditionally connected to the borrower's payday. The loan amount can be from $50 – $1,000, depending on the borrower's income and the loan fee is from $5 to $30 per $100 borrowed.

You can check the legal status of payday loans by state here.

The main differences between payday loans and other types of loans are:

1. They are typically for small amounts of money up to $1,000;

2. Borrowers usually only have a few weeks to pay them off;

3. They carry much higher interest rates.

Even though personal loans may provide more time and money along with a lower interest rate, the approval process may be time-consuming. Payday loans are fast and easy to qualify for, even with bad credit. They may thus be a better choice in an emergency.

Payday Loan Safety and Responsibiliity

Payday loans are not inherently risky, but many customers tend to use them incorrectly. They may take out payday loans for inappropriate purposes without the ability to pay them back. This results in high interest and fees being charged and may lead to a vicious cycle of taking out loans to pay back other loans. A payday loan is risky if it is used in an irresponsible manner.

Use a payday loan only in an emergency. Make sure you have the money to pay it back when it comes due. Do the math. If the numbers add up, it may be a good time to use a payday loan. If they do not, you may wish to consider another option.

In most cases, your loan will be due at your next paycheck. Nevertheless, loan terms may vary from lender to lender, and you should check the specific terms and conditions of your loan agreement.

If a borrower cannot pay back the loan on time in full, additional charges and interest may apply. These potential charges will always be disclosed before a loan offer is accepted.

Applying for a Payday Loan with OnlineLoansYouNeed

No, we never charge any fees for submitting an application.

In order to qualify for a payday loan online, you only need to:

- Be a US citizen or a US permanent resident;

- Be at least 18 years of age;

- Have an active checking account;

- Have a valid email address and a phone number;

- Provide stable source of income.

Yes, as long as you meet the basic requirements.

You may not be employed, but you must have some source of income, in order to be able to repay the loan.

No collateral is necessary for a payday loan.

In some cases, same-day cash loans are available. The earlier an application is submitted in the day, the more likely it is you will qualify for same-day disbursement of funds.

Line of Credit FAQ

About Lines of Credit

A line of credit is a preset borrowing limit that can be used by borrowers at any time for whatever use they require.

The line of credit offers you a more flexible borrowing option, being generally more suitable if your borrowing needs vary. You can access any portion of your line of credit, up to the maximum amount, at any time.

But it's important to mention that in some cases, lines of credit end up costing more than lump-sum loans.

In order to qualify for a line of credit, the applicant must:

- Be at least 18 years old;

- Be a citizen or a permanent resident of the US;

- Have a proven source of income;

- Have a valid email address, phone number, and an acceptable checking account.

The interest on a line of credit depends on the lender. Contact your lender directly to get the exact figures. The interest applies only to the amount you actually use. So if you are approved for $500 and borrow only $200, you will only be charged interest on the $200.

Managing Your Line of Credit

No. You can use all or any part of the agreed amount.

The payment schedule will be determined by the lender. Usually, your payments are monthly, or they can be set up to coincide with your paydays.

Contact the lender directly if you want to request the change of the payment due date of your loan.

It depends on the terms and conditions offered by your lender. You should contact your lender directly if you want to request the setting of automatic payments.

The direct lender should provide you with tools to check on your credit balance at any time.

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