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  • PAYDAY LOANS

    cathy mobile loansConvenience for customers, ease of returns, perfect to overcome an emergency, source to afford emergency vacation plans – there are countless ways to define payday loans. It is not an old concept but the concept of online payday loans is definitely a modern one which has revolutionized the ease of accessing, getting approved, and transacting your loans from your comfy bedroom.

    Here is how choosing payday loans for overcoming an emergency today will help you with a stress-free tomorrow.

BENEFITS

  • Straightforward Application Process

    Applying for payday loans has never been easier. You don’t need to visit a bank or fill long forms, like you do for other types of loans. Also, payday loans do not require long verification processes. All you need to do is simply visit the payday loan website, fill the basic information form, and apply. The application takes a few hours for approval. After approval, the loan amount will be transferred to your account within less than an hour. You only need to show good credit report to the lender.

  • Security of Information and Protection of Returns

    The agency offering you payday loan is accountable for any leaked information of its customers. Therefore, the agencies ensure complete privacy and security of the information of its customers. Apart from that, you can also link your payday loan with your service bank account if you fear the incapability of return or mismanagement of money. The loan amount will be automatically deducted from your account when your salary is deposited into the account.

  • No Restrictions on Loan Usability

    When you receive bank loans, you need to mention the requirement for which that loan would be used along with submitting relevant documents. In case of payday loans, there is no restriction on the use of loan amount. You can even go on an instantly planned family vacation with cousins with payday loan.

  • No Recurring Subscription Fee or Long Contract

    Unlike other loans, you don’t pay recurring subscription fee to get payday loans. The contract is between the payday loan agency and you only which immediately ends when you pay the loan amount. In other words, you don’t enter long contracts with the agency. However, the loan term can be extended as per your need or incapability to pay the loan during set term.

  • Interest Rate Cap Benefits

    If you live in the states of Massachusetts, Texas, Ohio or North and South Dakota then you can avail the benefits of interest rate caps. These states have set a limit for interest rate caps to make sure that the borrowers of payday loans do not pay extra interest. Moreover, the borrowers of payday loans in other states also pay low interest as compared to other types of loans.

  • Flexible Amounts of Loan

    Bank loans mostly start from $2000 and above which means that even if you need a loan of only $200, you still need to apply for $2000. But payday loans offer easier solutions to you. Apply for $200 only if you don’t need more than that. But you can also apply for $10,000 or above when needed. With flexible amounts of loan, it becomes easier for you to manage your needs and loan return.

    Update:  We have several reviews of licensed lenders in the US, so you are welcome to find out more about Ace Cash Express and Quicken Loans.

Straightforward Application Process

Applying for payday loans has never been easier. You don’t need to visit a bank or fill long forms, like you do for other types of loans. Also, payday loans do not require long verification processes. All you need to do is simply visit the payday loan website, fill the basic information form, and apply. The application takes a few hours for approval. After approval, the loan amount will be transferred to your account within less than an hour. You only need to show good credit report to the lender.

Security of Information and Protection of Returns

The agency offering you payday loan is accountable for any leaked information of its customers. Therefore, the agencies ensure complete privacy and security of the information of its customers. Apart from that, you can also link your payday loan with your service bank account if you fear the incapability of return or mismanagement of money. The loan amount will be automatically deducted from your account when your salary is deposited into the account.

No Restrictions on Loan Usability

When you receive bank loans, you need to mention the requirement for which that loan would be used along with submitting relevant documents. In case of payday loans, there is no restriction on the use of loan amount. You can even go on an instantly planned family vacation with cousins with payday loan.

No Recurring Subscription Fee or Long Contract

Unlike other loans, you don’t pay recurring subscription fee to get payday loans. The contract is between the payday loan agency and you only which immediately ends when you pay the loan amount. In other words, you don’t enter long contracts with the agency. However, the loan term can be extended as per your need or incapability to pay the loan during set term.

Interest Rate Cap Benefits

If you live in the states of Massachusetts, Texas, Ohio or North and South Dakota then you can avail the benefits of interest rate caps. These states have set a limit for interest rate caps to make sure that the borrowers of payday loans do not pay extra interest. Moreover, the borrowers of payday loans in other states also pay low interest as compared to other types of loans.

Flexible Amounts of Loan

Bank loans mostly start from $2000 and above which means that even if you need a loan of only $200, you still need to apply for $2000. But payday loans offer easier solutions to you. Apply for $200 only if you don’t need more than that. But you can also apply for $10,000 or above when needed. With flexible amounts of loan, it becomes easier for you to manage your needs and loan return.

Update:  We have several reviews of licensed lenders in the US, so you are welcome to find out more about Ace Cash Express and Quicken Loans.

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Above all, payday loans also offer quick and easy payback packages along with flexible and customizable terms and conditions according to your need. Payday loans offer the easiest and most flexible solutions to meet your emergency needs and with Cathy Does Loans, it becomes even easier with our efficient customer services and lucrative options.

What Do You Need To Take Out a Pay Day Loan?

You may have found yourself in need of cash, and you need these funds quickly. A pay day loan can provide you with the necessary funds to cover yourself until your next pay check, but you will need to qualify first. This information is often required by lenders for pay day loans, but you must find out the requirements of your specific lender too.

  • Not all lenders are going to have the same requirements for pay day loans. While you can learn about some of the standard requirements, you will need to speak with the lender to find out what you need to do.

  • Many pay day loan providers require that you offer some sort of collateral. This collateral helps to protect the lender in the event that you do not pay back the loan. For example, some lenders will collect your car title and take your vehicle if you fail to pay.

  • Lenders often need to take a look at your credit scores to see how much of a risk you are to their lenders. If you have low credit scores, you may fail to qualify, or you might have high interest rates. You may want to look into providers that specialize in loans for people with low or poor credit.

  • The provider must also assess if you have the ability to pay back the loan. Therefore, you may need to provide proof of your employer, a copy of your most recent pay stub and evidence of your next pay date. This information allows the lender to assess whether or not you can truly pay the money back by the stipulated late.

How Do Payday Loans Affect Credit Ratings?

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Millions of Americans take payday loans every year to meet financial obligations. They are short-term loans that typically become due in two weeks. The rapid rise in popularity of the payday loans rests on two things. They are relatively easier to obtain as they do not require a high credit score. Moreover, an individual does not require a high credit score to obtain the loan.

Having said that, an important question that comes to the mind of most individuals is how payday loans affect credit ratings.

  • Whenever you apply for a payday loan, the applications go on your credit file. This is similar to applying for any other loan such as credit card and a traditional bank loan. When you pay the amount, it reflects on the credit score.

    Every rating agency has its own list of what is viewed positively. However, generally, if you make the payment on time, it will reflect positively on your credit score. The opposite is true as well. When you do not pay the amount when it becomes due, it will reflect negatively on the score.

    Remember that credit agencies make use of ‘behavioral prediction’ to find out the future behavior, and thus assign a credit score. When you pay off the payday loan on time, it signals that you will continue to behave in this manner in the future. Thus, the credit agencies will give you a higher point. The opposite is the case if you default on the loan payment.

    At the present, the credit agencies do not weigh in the fact that you have obtained a payday loan. They consider it as just any other loan. That being said, since payday loan lenders give loans to people having a cash flow problem or low-income groups, it might be possible that the credit rating agencies assign a slightly lower weight on the loan.

  • Payday loans are targeted to individuals facing financial difficulties due to a small shortfall in cash. They are not meant for making large purchases. The reason is that the loans have a very high rate of interest. So, it would be very costly to get a loan in this situation.

    Typically, payday loans have an annual interest rate of 400%. The cost of the loan is not that significant if the loan is repaid within a week or two. However, if the loan amount becomes due for a longer duration, it could result in very high costs creating great financial difficulties for the individual. If the individual is not able to keep up with the installment payments, it would reflect negatively on the credit rating of the individual. This could compromise the ability in getting loans in the future.

    In short, a payday loan is aimed at individuals to meet small shortfalls in cash. For all other purposes, it is better to apply for other types of loan. You should never use the loan to manage existing debts as it could result in high costs and negatively affect your credit ratings.