Also called a short-term loan or cash advance, a payday loan is a signature loan that is typically paid back through your paycheck or another source of income. If you work, and receive a paycheck once a week or every two weeks, you may be eligible for this kind of loan. Even if your monthly income comes from a pension check or Social Security benefits, you may also qualify.
One of the attractions of payday loans is that approval can happen quickly. While some lenders may require credit reporting, many still approve people with low credit scores. MoneyMutual is not a lender but rather an online portal where borrowers can connect with lenders—and our process is simple! Just fill out your information on our secure website, submit your information for lenders to review, if a lender is interested in working with you, complete the lender’s application, review the terms of any offer you receive, and finalize the process at the lender’s website. That’s it!
Before you move forward, let’s get a few things straight, because there’s a lot of misinformation out there about payday loans. In addition to providing you access to lenders, we are committed to offering the best information on payday lending. The following details are grouped into sections so you can easily find what you are looking for:
- Types of payday loans
- How payday loans work
- How to get payday loan you can trust
- How to qualify for a payday loan
- Characteristics of legitimate payday loan sites
- Advantages of online payday loans