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Payday Loans Alternatives

What Are Payday Loans

Payday loans are used for short-term borrowing, typically until the borrower’s next paycheck. Also called payday advances or cash advance loans. Each payday lender has its own loan underwriting criteria and requirements, based on regulations within the borrower’s state of residence. They’re typically for $500 or less and limited to a fraction of the borrower’s next anticipated paycheck.

The Payday Loan Process

Applying for a payday loan is fairly quick and simple, especially when compared to larger personal financing options such as mortgages and car loans. Many payday loan borrowers can receive their cash within a couple of days or a week. Although lender guidelines vary, typical payday loan requirements often include the following:

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Proof of Employment
Payday loan borrowers are often required to provide a copy of their most recent paycheck stub. Many payday loan companies will also call the employer to verify employment.
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Verification of Income
Payday lenders may examine the current and year-to-date earnings indicated on the pay stub. Based partly upon the income shown on the paycheck stub, the lender establishes a maximum loan amount. Some payday lenders do not require the borrower to be employed by a third party. However, a self-employed borrower seeking a payday loan usually will be required to provide evidence of self-employed income, such as bank statements showing regular deposits.
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Proof of Identity
To combat credit and identification fraud, some lenders today require a current driver’s license or state-issued ID card.
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Checking Account
Many payday lenders will require that the borrower have a checking account.
Credit History
Many payday lenders review an applicant’s credit report, though they’re often able to serve borrowers with damaged or less-than-perfect credit.

Applying for a Payday Loan

In the past, applying for a payday loan required the borrower to visit a payday lender’s office or store. The borrower would provide a post-dated check for the amount borrowed, plus additional fees. The date on the check reflected the borrower’s next payday. On that date, the payday lender deposited the check. Today, the application process for payday loans can be completed entirely online. Some lenders do not validate income but will use the stated income information provided by the applicant as a basis for evaluating a payday loan application. Applicants submit their information electronically to the lender, who then evaluates the loan application within minutes, establishing a loan amount and terms if the borrower is qualified and eligible.

Today, instead of providing a post-dated check, many payday loan borrowers allow the lender to automatically debit the borrower’s checking account for an agreed amount. This includes the loan principal and any additional fees required by the lender. If the borrower cannot pay the amount on that date, the borrower may request an extension by paying an additional fee and making arrangements for a new due date.

The NetCredit Approach

As an alternative, NetCredit offers personal loans, not payday loans.

It takes just a few minutes to check your eligibility, with no impact on your credit score. You may be eligible for up to $10,000, and you can customize the terms to meet your financial needs.

Want to see how much you can qualify for? Just check your eligibility to find out in a few short minutes. Have more questions about applying? Check out our FAQ page — or contact us by phone or email.

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