Medicine industry – Diazon Mon, 15 Nov 2021 04:40:49 +0000 en-US hourly 1 Medicine industry – Diazon 32 32 Apply Inside: The Complete Guide You Should Learn To Receive The Best Payday Loans Through Online Application Mon, 15 Nov 2021 03:59:00 +0000 In times of financial turmoil, like the one that occurred following the pandemic of 2020, there are times when it is necessary to take out a loan from your own pocket. You can tap into your savings and re-allocate your budget the best way possible, however when your tokens are dwindling and your savings account is […]]]>

In times of financial turmoil, like the one that occurred following the pandemic of 2020, there are times when it is necessary to take out a loan from your own pocket. You can tap into your savings and re-allocate your budget the best way possible, however when your tokens are dwindling and your savings account is in danger of being drained, you might require something more radical.

It’s not due to inadequate planning on your part since our lives are in a globalized world which is constantly adapting to post-pandemic conditions and even the top planers can be suddenly struck by the onset of a crisis. A sudden expense can wipe the savings.

You’ll have money in the next pay day in two weeks But now is the best time to take action. You have the option of making significant sacrifices, such as deciding to bring home less food or ignoring medical problems or take out payday loans. Payday loans can be risky, low-interest loans that typically are due within two weeks of the date of the loan. They’re not the best choice for everyone as the penalties for putting off their payments can be serious However, for people who live from paycheck to paycheck with less then typical credit scores, the payday loans can provide quick solutions to complicated solutions.

Here’s what you need to know prior to applying for a payday advance, and how to locate the best loan to fit your requirements.

A brief overview of Payday loans, how they function and how to apply online for them

The main thing you need to remember is that you require cash immediately. With the number of lenders available to choose from, it’s difficult to sort through them to get the best deal for you. If payday loans sound like an answer to your needs and you are interested, go to our online Payday Loan Request Form to gain the help you require now.

The majority of payday loans are made using a check from the borrower that the lender keeps as collateral. This is typically the amount that was borrowed and any additional fees the lender has to pay. The amount borrowers are able to take out varies from state the state, but typically can range from $100 to $1,000. If they are able to be able to repay their loan at the end of the loan term choose to pay off the debt in one lump sum of cash, or let the lender cash the collateral check in the banking institution, or postpone the payment.

The idea of delaying the payment may seem appropriate, especially in the event that you’re short of being able to pay the lender by time. But be careful: if it’s done frequently, it could be a bad option that can lead to unending cycles of paying back your debtors. This is unless you’re really proficient in budgeting and planning for an anticipated timeframe for when you will be finished.

Anyone can get an Advance on a Payday loan

Many people opt to get payday loans due to the fact that they require no effort and are more accessible as opposed to other kinds of loans that are less risky for those with poor credit histories. All you require to be able to apply for and obtain one is an active, non-overdrawn banking account, proof that proves identification, as well as a valid source of earnings. The application process is incredibly simple since lenders do not look up your credit history or conduct an interview to make sure that you’re able to repay them. If you get the payday loan you are responsible to pay it back in the future – what time and amount you’ll have to pay.

Evaluate the risks before making the plunge

Another final note of caution, to reiterate: the simplicity of payday loans make them an alternative for those who require fast cash. However, before you decide to take one out, you have be sure you have a deadline for yourself and have enough cash to sure you are able to keep that date. Payday loans are an absolute blessing; make sure you use them in a responsible manner and you’ll find you will be on a sound financial base while receiving the boost to your economy that you’re looking for.

]]> 0
Payday Loans South Carolina | 5 Best Loans in South Carolina in 2021 Thu, 11 Nov 2021 11:39:43 +0000 Payday loans in South Carolina are considered an accessible solution in the form of money borrowed by anyone who needs it (usually at the end of the month) for the short-term. It has become a popular and convenient way to have some money to spend on critical expenses just before the next paycheck. Financial struggles […]]]>

Payday loans in South Carolina are considered an accessible solution in the form of money borrowed by anyone who needs it (usually at the end of the month) for the short-term. It has become a popular and convenient way to have some money to spend on critical expenses just before the next paycheck.

Financial struggles leave people confused about how to solve them without asking their family or friends for help. Making a wrong choice often leads people into a terrible debt cycle which is known to be inescapable. But in this guide, you will find information on how to apply for a payday loan online from the best online provider in South Carolina.

#1 South Carolina Payday Loan in 2021 – Viva Payday Loans

Best South Carolina Payday Loans – Quick-Pick

With the advancement of internet connectivity, payday loans can be applied from a number of online lenders and brokers. We’ve decided to include 5 of the best online payday loan providers in South Carolina, with detailed reviews included in later sections.

  • Viva Payday Loans – Overall Best Loan Provider in South Carolina. Visit now.
  • Money Lender Squad – Best For No Guarantors. Visit now.
  • Credit Clock – Best for Fast Approvals. Visit now.
  • Very Merry Loans – Best for Same Day Payouts. Visit now.
  • Heart Paydays – Best for Low APR. Visit now.

What Are Payday Loans South Carolina?

Payday loans for bad credit have come a long way since they were first introduced back in the 19th century as a form of payday lending. Today’s technology and the internet have made applying for payday loans an easy task.  this has all the benefits but none of the disadvantages of a tradition that you might encounter in the case of a bank or other financial institution. With payday loans you do not have to worry about;

  • Extra-long wait time for loan approval
  • Bad credit score or your not-so-perfect credit history
  • Filling a puzzling application form that takes hours to finish
  • Securing your loan by keeping possession as collateral

Common Uses of Online Payday Loans South Carolina

It is not surprising to see how much payday loans usage has grown in the past few years all over the US. Several top-tier online loan providers have made it easily accessible for people in all 52 states of America including South Carolina. There is also no restriction as to the purpose of taking out a payday loan which makes it suitable for people going through any kind of financial situation to get a payday loan that helps them when nothing else makes sense.

Below are a few common uses of payday loans in South Carolina where people get it before their next paycheck to pay for;

  • Electricity bill
  • Vacation
  • Hospital bill
  • Insurance premium
  • Grocery
  • Dentist’s appointment
  • Car repairs
  • Vet bills
  • Unexpected expenses 

How to Qualify for Online Payday Loans South Carolina?

If you are a resident of South Carolina, then you might be able to see the appeal in payday loans. But if you want to apply for such a loan to help balance your expenses for the month then your first step should be knowing whether you are eligible or not. Luckily, these criteria are readily available on various web portals. To apply for such a loan from a trustworthy loan provider, you must be:

  • Over 18 years of age
  • Having a valid ID card
  • be a permanent US citizen
  • Having a US bank account
  • Having proof of residence
  • Having monthly earnings of over $1000 

Best 5 Online Payday Loans South Carolina – Fully Reviewed

Here we have listed detailed information on 5 of the best online providers of payday loans South Carolina.

1. Viva Payday Loans – Overall Best Payday Loan Option in South Carolina

This one is an old and familiar name that has the trust of many people who struggled with financial problems but could not approach a bank due to bad credit. This portal does not only accept borrowers with bad credit but also does not require a thorough credit check beforehand. You can find not just a handful but several verified lenders based in the US who would readily accept a loan request and proceed to same-day payout.

Lender Loan amount Terms APR Fees Rating
LendUp $100-$500 2 to 24 months 30% – 180% none 10/10
Rise Credit $500-$5000 2 to 24 months 50% – 299% none 10/10


  • You get to choose loan amount freely
  • Loan approval usually takes 2 minutes


  • Interest rates are shared after loan approval
  • Can be expensive for some people

2. Credit Clock – Best for Fast Approvals

Credit Clock platform is most popular for its simple approach and quick approval timing that does not keep people who need immediate funds waiting needlessly. Thousands of people take a payday loan from this provider when they are in a hurry because of their easy and quick loan finding options. It takes hardly 5 minutes for anyone to get used to their interface, fill the form, submit it, and get approval. It is the most sensible choice if you are a registered US citizen who needs some quick cash before they get paid next month.

Lender Loan amount Terms APR Rating
OppLoans $500 – $4000 9 – 18 months varies 10/10
GreenDay $100 – $5000 24 months 5.99% – 35.99% 9/10


  • User-friendly interface and legal portal
  • Takes 24 hours from approval to payout
  • The approval process is quick and transparent


  • Borrowers must be earning $1000 per month

3. Money Lender Squad – Best For No Guarantors

 Another time-saver online platform offering online payday loans is Money Lender Squad. It is a unique web platform that provides payday loans without requiring a guarantor. People with bad credit and those who have been denied a loan from banks are welcome on this site to request a payday loan. The repayment time can be anywhere between 60 days and 24 months depending on the loan amount and agreement signed between the lender and the borrower.

Lender Loan amount Terms APR Fees Rating
OppLoans $500-$4000 2 – 48 months 99% – 160% none 10/10
Rise Credit $300-$3000 2 – 24 months 89% – 449% none 10/10


  • This platform is safe and easy to use
  • Guarantors are not needed to get approval
  • Loan terms can be extended at your convenience


  • Low credit score levies heavy interest rates

4. Very Merry Loans – Best for Same Day Payouts

 The safest and most efficient way to get a payday loan these days is to directly connect with as many lenders as you can through an online platform. Very Merry Loans is a platform that does half the work for applicants interested in reaching out to a few of the many available lenders active in the US. In case of any financial emergency, this provider can ensure that a lender is available to approve loan applications which takes just under 5 minutes to finish. Apart from that, funds are readily disbursed by lenders associated with Very Merry Loans.

Lender Loan amount Terms Fees Rating
CashNet USA $500 – $1000 8 to 31 days Specific to state of residence 9/10


  • Applications are approved quickly
  • One can opt for both short and long-term loans
  • Zero or bad credit holders are allowed


  • Based on the state of residence, fees and interest rates vary on this online payday loan portal.

5. Heart Paydays – Best for No Guarantors Required

Heart Paydays is known to offer a multitude of services through its platform for people living in the US. Not only is its web portal welcoming and easy to understand but it also accepts all kinds of FICO scores without any problems whatsoever. Once an application is submitted, people can expect to get loan approval in just 5 minutes.

Any applicant can request a payday loan starting at $200 up to $2000 which must be repaid within a tenure of 60 days.

Lender Loan amount Terms Fees Rating
LendUp $100 – $5000 30 days $17 to $50 10/10
ACE Cash $200 – $2000 7 to 30 days 3% 9/10


  • Short-term loans have the lowest possible APR
  • No disturbance caused by phone calls
  • Loans are paid mostly within an hour


  • High fees are charged on some of the loan offers.

Features of Payday Loans South Carolina

Payday loans differ from traditional loans in many aspects mentioned in brief below.

Getting a loan

Payday loans can be requested either online or from a brick-and-mortar loan shop. When using an online platform, the application forms are pretty simple and straightforward. Borrowers may need to provide an ACH authorization to the lender, allowing it to withdraw the loan amount together with the accrued interest.


The requirements for getting a payday loan approved are pretty simple. Almost all lenders require you to be at least 18 years of age, have a valid bank account and contact information.


The average loan tenure for payday loans ranges between a few weeks and a few months, depending on the terms and conditions you receive. As interest rates are quite high for these loan products, it is generally advised not to take long-term term payday loans. Many state laws have been introduced which have enabled EPPs(extended payment plans), allowing borrowers to repay in regular installments.


Many payday lenders allow loans to be extended if you are unable to repay the loan on the due date. This is known as a rollover, which can extend the loan period for another 14 days. Every rollover is subject to additional interest rates and exta fees such as overdraft fees.

Interest Rates

Interest rates for payday loans are typically higher in comparison to traditional loan products. Since these loans are unsecured and the lenders do not conduct extensive background checks on the applicants, they charge high-interest rates to offset the risk. To get the best payday loan interest rates, one should sign up with a payday loan provider instead of a direct lender.

Types of Payday Loans South Carolina

Bad Credit Loans

For South Carolina residents with a bad credit history or bad credit score, the only option left for accessing credit is payday loans. Payday lenders do not judge their applicants based on their credit profile or history.

This increases the chances of approval for loans at payday loan lenders which can be very helpful if you’re in a position where you cannot delay other payments.

Get a bad credit payday loan here >

No Credit Check Loans

One of the main reasons why payday loans are so popular is because of no credit checks. Payday lenders do not take into consideration the repayment ability of its borrowers. This means that they d not conduct any extensive credit checks on their own.

Even if they access your credit information, applications will not be judged based on an individual’s past financial records. No credit checks also allow lenders to provide loans faster, with same-day deposits being the standard in almost all lenders.

Get a no credit check payday loan here >

Direct Lenders Loans

Many borrowers prefer working with direct lenders rather than payday loan providers.  Many people cite security and better rates as major reasons why they go for direct lenders.

However, one can get better loan offers and increase chances of loan approval if a payday loan provider is used. Payday providers such as the ones mentioned in our ist work with a  myriad of lenders which helps them match the applications in a better way.

Get a direct lenders payday loan here >

Same Day Deposits Loans

Borrowers normally look out for same-day deposits when it comes to payday loans. Payday lenders can normally transfer loan amounts within 24 hours of applying. This is radically different than banks and other financial institutions which can take weeks for approving a loan.

Same-day deposits allow borrowers to use the payday funds to make payments that cannot be delayed. This is a sought-after feature in the payday lending industry.

Get a same day payday loan here >

Unemployed Loans

Many people have suffered layoffs and temporary unemployment due to the covid-19 pandemic. It is not uncommon to find individuals without jobs and with substantial bills to pay. In the event you do not have sufficient savings, you can opt for payday loans to fill in the gap.

Many people who are freelancers will also find payday loans useful, as normal banks and financial institutions do not provide loans to unemployed individuals. Payday loan lenders do not take a borrower’s credit background into considerations and the approval rates are thus higher.

Get a unemployed payday loan here >

SSI Benefits Loans

SSI or Supplemental Security Income is a federal program that pays monthly benefits to people with limited income and resources who are disabled, blind, or age 65 or older. Normally such individuals do not qualify for traditional loans from banks and other financial institutions on account of their credit and financial status.

Individuals with SSI benefits can easily apply with a payday loan lender or provider. They do not consider credit reports which will allow them to easily transfer the loan within a short period of time.

Get a unemployed payday loan here >

Title Loans vs. Online Payday Loans South Carolina

We’ve already discussed what payday loans are all about. Title loans are another form of credit that has seen a rise in consumer demand over the last decade. Many people confuse the two while others think they are the same thing. However, title loans and payday loans differ in some key areas discussed below.

Application requirements

Payday loans require some basic information from their borrowers such as proof of income, bank account and a government-issued ID. On the other hand, title loans require a car title, a government-issued ID, and proof of insurance.


Payday loans are legal in all states except Washington, D.C , Arizona, Arkansas, Georgia, New Mexico and North Carolina. Title loans are legal in Alabama, Arizona, Delaware, Georgia, Idaho, Illinois, Mississippi, Missouri, Nevada, New Hampshire, New Mexico, South Dakota, Tennessee, Texas, Utah, Virginia and Wisconsin.

Credit Impact

Payday loan lenders do not report your credit to relevant authorities. This means that your credit score won’t get affected. Title loan providers also do report the loan to credit bureaus. However, a repossession might show up on your credit report.

Advantages of Online Payday Loans South Carolina

A better alternative to a bank loan

A financial crisis is a common thing and banks may judge you on the basis of your credit report.  It may be difficult for you to get a mortgage or bank loan if you have a poor credit report. The process is also time-consuming, sometimes taking weeks to be completed. Payday lenders on the other hand take only 24 hours to provide you with the funds.


Expenses such as bills, rent and groceries can put a strain on one’s finances. The majority of payday borrowers do so to cover daily expenses. Payday loans offer instant access to funds which make it easier to pay these bills which cannot be delayed.

Loan to go

Online payday loans can be accessed from anywhere, either from a desktop or a smartphone. It just takes a couple of minutes to fill-up the form. After approval of the loan, the amount will be directly transferred to your registered bank account.

Transparent agreement

Most payday lenders are required by law to provide you with all the information related to the loan, including interest rates, rollover fees, administration fees and others. Signing up with a payday loan provider will give you many different options to choose from.

Disadvantages of Online Payday Loans Rhode Island

Financial constraints

One of the major risks of short-term borrowing is the way it may impact a borrower’s finances from one month to the next. While some lenders offer a loan period of up to three months, others may require the borrower to make the repayment in full. These time constraints can put stress on borrowers as it planning other monthly expenses around the loan repayments become tougher and tougher.

Continuous Payment Authority

Some short-term payday lenders may ask borrowers for Continuous Payment Authority(CPA) before approving a loan. This gives lenders the legal right to take payments from your bank account, provided there are sufficient funds. Most reputed lenders which are authorized by the government will ask for your prior approval before applying CPA.

How to get Online Payday Loans Rhode Island

Payday loan lenders provide very easy application processes which can be completed in a matter of minutes. They’re all very similar in nature. We’ve decided to briefly explain the signing up process of Viva Payday Loans.

Step 1: Visit the Viva Payday Loan Official Website

Viva Payday Loans’ official website is very user-friendly, with the “Apply Now” button found in the top right corner of the website.

Step 2: Completing the application form

You will need to provide certain pieces of information about yourself such as name, income details, personal information, banking information, and employment details. Once your application is matched with a particular lender under its network, you may be required to provide additional information.

Step 3: Getting your decision

Viva Payday Loans can complete the application process within a couple of minutes. You will be notified on the spot about the acceptance or rejection of your loan application.

Step 4: Receiving the loan

Finally, you will be sent a loan agreement which you can review. After checking the terms and conditions of the contract and signing it, send it back to the loan provider. After acceptance, the loan amount will be sent directly to your bank account.

Request Your Payday Loan at our Top Rated Provider – Viva Payday Loans


– Rhode Island

– Michigan



Who can get a payday loan?

How many payday loans can I apply for at once?

How long can payday lenders come after me?

Do payday loans appear on my credit report?

Why are payday loans unsecured?

About Prodosh Kundu PRO INVESTOR

Prodosh Kundu is the Founder & CEO of SERP Consultancy, a prominent Digital Marketing Company in Kolkata, India. Starting his career in 2004, he is a Google AdWords certified internet marketing professional, SEO consultant, strategist, and analyst. With his strong understanding of financial market regulations, stocks, blockchain technology, cryptocurrency, & forex, Prodosh has written thousands of articles, blogs, broker reviews, guides, and offered critical analysis & recommendations on investment opportunities!

]]> 0
Best Small Loans for Bad Credit or No Credit Score in 2021 Thu, 11 Nov 2021 11:39:38 +0000 Do you require a loan yet have a poor credit history? To assist you, we carried out research and compiled data on the top lenders available. If you have a credit rating that disqualifies you from most loans, these platforms may be the most efficient and safe alternative. You might be asking how these companies […]]]>

Do you require a loan yet have a poor credit history? To assist you, we carried out research and compiled data on the top lenders available. If you have a credit rating that disqualifies you from most loans, these platforms may be the most efficient and safe alternative.

You might be asking how these companies work if they don’t take your credit score into account. They look for things other than your credit score, such as how you organize your expenditures, your average salary, how much you spend on debt compared to your annual income, and so on. Furthermore, these lending organizations may assist you in improving your credit by reporting your activities to national credit agencies.

Before applying for these small loans for bad credit, read through our article and FAQs to better understand the procedure. All of the platforms we recommend are safe and reputable; nonetheless, you should expect to pay more than individuals with a strong credit score.

While genuine, legitimate businesses may assist you in this scenario, some unscrupulous individuals may leverage the power of others’ difficulties and charge ridiculous sums in the name of interest. As a result, it’s crucial to pick the right loan organizations that charge affordable interest rates. 

In this regard, we have identified some of the most outstanding businesses for you.

Top Platforms/Websites for Bad Credit Small Loans [Full Reviews]

  1. MoneyMutual : Overall Best Platform for Bad Credit Loans
  2. Bad Credit Loans : Low Interest Rates on Loan Amounts
  3. CashUSA : Multiple Direct Lenders to Get Instant Cash
  4. Personal Loans : Highest Chances Of Instant Approval

#1. MoneyMutual : Overall Best Platform for Bad Credit Loans

Loans can be tough to obtain if you have a less than satisfactory credit history. Sometimes, this poor credit history can result in exorbitant interest rates and fees from lenders who take advantage of your financial struggles. MoneyMutual, on the other hand, is a different story.

Many of Money Mutual’s online lenders do not demand a credit check, making it one of the most popular online borrowing services in the United States for borrowers with bad or no credit. After you authorize a short-term loan, the funds will be available in your bank account within one working day.

MoneyMutual was founded in 2010 to connect short-term lenders with lenders and help users find funds quickly. To request a loan, you should be at least 18 years old, have an active checking account, and earn $800 per month. You must also give proof of your employment. Further personal and financial information requirements vary from one lender to the next. The maximum amount of money you will be able to borrow relies on your credentials.


The Money Mutual mobile app is available on any Android device, iOS, or Windows device at any time when you need financial help. MoneyMutual’s small loans for bad credit are easy to use and available with many mobile phones and tablets. If you’re walking the dog around town or on the road, MoneyMutual is ready for action on the go.

  • Loans for Military Personnel

Some lenders specialize in military loans if you’re a service member and also have a financial emergency. When requesting a small loan, members of the military must notify the creditor of their status to get the benefits.

If you appreciate the security and comfort of completing the entire loan process online, Money Mutual is a beautiful site you may utilize to engage with a lender. With using their platform you will have easy, rapid, and secure access to internet lenders.

You may be able to acquire an advance cash payment through Money Mutual if you just need a little money to get through to your next paycheck. Money Mutual may connect you with a cash advance lender. These, like payday lenders, can have high-interest rates and fees associated with using the particular service, so be sure to read all terms and conditions.


  • Free services
  • Simple loan approval process
  • User-friendly website
  • Money transfer in as little as 24 hours
  • Over 60 lenders to choose from
  • Private details are never at risk on this site


  • Money Mutual is not responsible for any problems that arise after a private loan agreement 
  • If you don’t have a regular source of income, you won’t be eligible to get a loan

Customer Experience

The testimonials leave little doubt that MoneyMutual is providing excellent customer service. Most consumers find it hassle-free to utilize the service as it doesn’t charge a fee to link you with a lender, and the company doesn’t collect costs for itself either.

MoneyMutual customers also liked that they could move money around quickly, allowing them to cope with their financial circumstances promptly; as a result, they trust Money Mutual more than almost any other financial institution.

The company also has return customers and those who have reached out to them through referrals, which shows that it has earned a good reputation.

=> Click here to visit the official website of MoneyMutual

#2. Bad Credit Loans : Low Interest Rates on Loan Amounts

Yet another loan company that connects borrowers and lenders is Bad Credit Loans. So, regardless of circumstance, if you need urgent money, Bad Credit Loans can help you out.

The site can provide you a loan between $500 to $10,000 and make a lending decision; the loan terms are designed to be either as short as three months or as long as six years. Interest rates might fall anywhere between 5.99% to 35.99%. The financial assistance you get will depend on the lender who elects to work with you and your own financial background.

They have a straightforward sign-up process with three easy steps to follow. To obtain a loan, first, you must submit a request. Next, you will go through the loan offers extended to you. Finally, you will get your money after you have signed the contract and the lender has accepted it.

Your money will be sent to you as soon as possible. There are no strings attached, so it’s fine if you need some time to think about it before agreeing to an offer. Additionally, the organization provides e-consent, which means you may fill out the form on your computer. 

With the help of fact-based information provided by the company, you can make responsible decisions freely. They provide helpful information on avoiding financial scams and dealing with money responsibly through their website.


Bad Credit Loans does not perform a hard inquiry on applicants credit and does not require applicants to have a minimum credit score before applying. Customers must have a regular personal bank account with at least six weeks of financial history and the ability to receive a direct deposit.

The loan size and terms are highly adaptable so that customers can get the kind of loan they need and feel comfortable repaying. Loans of between $500 to $10,000 are available, with annual percentage prices ranging from 5.99 to 35.99 percent. This changes depending on the terms and conditions of the lender and your loan. The fact that you can pay in installments over 3 to 72 months is also noteworthy.


  • Simple to use
  • Ideal for folks who have bad credit
  • Connect with a variety of lenders with just one application


  • The loan application process is simple. However, it does include the immediate submission of a large amount of personal information.

Customer Experience

Overall, Bad Credit Loans was an excellent tool for finding reputable and trustworthy lenders. The fact that they begin with your application without first checking your credit score opens up many doors for people who were previously unable to get loans. However, compared to competitors, they request a little more extensive personal information for your initial loan request.

=> Click here to visit the official website of Bad Credit Loans

#3. CashUSA : Multiple Direct Lenders to Get Instant Cash

CashUSA is a third-party organization that connects people looking for loans with lenders to provide customers the best rates based on their credit scores. While you complete the web questionnaires, keep in mind that you will not be getting a loan with bad credit from CashUSA directly but rather from one of their partnered lenders.

CashUSA is one of the few companies that allows easier, assured acceptance on the website. This platform offers loans of up to $10,000 from a lender. The quantity of money you can acquire, however, depends on your credit score. In addition, APRs range from 5.99 percent to 35.99 percent.

The website itself is simple to navigate. Just enter your date of birth (to confirm you are 18 or older), and the last four digits of your social security number. After that, you should fill in your extra information, such as your bank account information and questions about your career or work. They only send your criteria to lenders that are a good fit for you, so you might not get your hopes too high about an excellent rate only to find out you don’t qualify in the first place.


Users only need to complete one form on CashUSA’s website to receive a list of reputable lenders who may be able to accept their loan. Many people were able to get their loans in only a few minutes. Once the loan is accepted, the lender sends funds into your savings account in less than 24 hours.

Numerous folks are curious about the safety of loan applications. Borrowers only want to use lending platforms that are safe.

CashUSA uses the most advanced encryption technologies available to keep your data secure. Furthermore, the website does daily tests to ensure that the site is protected and free of security issues.


  • Speedy and straightforward application procedure
  • Good for people of all credit backgrounds
  • Find the best deal by comparing several lenders


  • Not all major lenders are partners

Customer Experience

Everyone is satisfied with their choice of CashUSA to help them out in a moment of need. The company has shown to be particularly helpful when it comes to smaller loan amounts. Customers also commended the smooth and quick transfer of cash.

=> Click here to visit the official website of CashUSA

#4. Personal Loans : Highest Chances Of Instant Approval

Like the other platforms on our list, Personal Loans is an online loan aggregator service. Placing them on the list was a no-brainer since they provide to both good and bad credit clients alike. Each one of us will require a loan at some point in our lives. Personal Loans has partnered lenders ready to aid you in acquiring a loan of up to $35,000 at any time of the day or night.

Relevant data like postal code, mail, username, residence, date of birth, and military status are required to get started. On the next page, you’ll get questions like why you need a loan and how much you require, and they will check your credit history and your Social Security Number (SSN) and driver’s license information; you will also need to submit your bank information.

The lending community may not accept your request, but you have an option to apply to “third-party” members for assistance. Personal Loans works to connect you with a lending party. As soon as the consumer and the lender are in contact, Personal Loans takes a step back.


Visitors to the site are welcomed warmly and guided through the loan registration and payment process. Visitors can study from ample existing knowledge as they explore the site’s many features and functions. A simple article can teach you everything you need to know about APRs and the repercussions of late payments.

Because the stages are clear, it’s an excellent site for folks who are new to taking out small loans. When customers visit the site, they can speak with a representative who can answer any questions they may have. This approach is straightforward and comparable to that of other businesses on the list.

Fill in the standard form that contains your details. Then, Personal Loans explains why they require the information, providing complete openness.

  • Flexibility and Accessibility

A private loan to those with poor credit scores with monthly payments ranging from 90 days to 6 years is an excellent offer. Customers can benefit from this flexibility, regardless of whether they need short- or long-term credit.

Personal Loans has a top status in this category because they offer a wide range of products that many customers may utilize.


  • Funds available in as little as 24 hours
  • Easy conditions of repayment
  • 72-month repayment option
  • No obligation to accept an offer
  • Boost your credit score with flexible repayments


  • No late payment records, latest defaults, or charge-off accounts are allowed

Customer Experience

Personal Loans is an excellent way to obtain funds without having to visit banks, credit unions, or other financial institutions. Moreover, getting your loan agreement shopped around to several lenders for you makes the process go more smoothly. If you are comfortable using the web and searching for and receiving money online, Personal Loans could be an excellent fit for you.

They’ll help you with any questions or concerns about the program, but they won’t be ready to aid you with dealing with specific lenders. Once you’ve decided on a lender to work with, you’ll have to direct your questions to that lender.

=> Click here to visit the official website of Personal Loans

Alternative to Small Loans for Bad Credit

Do not give up if you have previously been unable to obtain a personal loan and believe you have no other options for meeting your financial obligations.

The below are the most viable options for obtaining a loan:


If you only need a small loan amount, look for it among the various resources available to you. For example, if you have assets, you can sell them and get the cash you need quickly, which may be the best option for you.

Borrow From Your Loved Ones

If all other avenues for obtaining a loan have been closed to you, you can contact your friends and relatives for a small loan. Do not, however, assume that you will be borrowing from friends or relatives and therefore do not need to be serious about repaying the loan. Include all terms in writing and print, such as the repayment schedule, interest rate, installments, and extra fees. Please remember that breaking your vow could also hurt your relationship.

Take Help From Your Employer

If you’re in a good position with your boss, you can ask for some money upfront against your salary.

Home Equity Line of Credit

This strategy, abbreviated as HELOC, allows you to use the equity in your home to get cash for whatever you need. When you apply for a loan like this, they’ll give you a credit card or a check that can help you pay for your purchases during a ‘draw period.’ You’ll have to make the payments on the remaining amount until the draw period has ended if you spend a portion of that money.

Consider These Factors When Choosing a Lender


Creditors who provide small loans for people with bad credit typically require a minimum credit score of 620, as determined by FICO (Fair Isaac Organization), an analytical firm.

Furthermore, the loan ratio should be closely adhered to, defined as the actual amount you owe and the money you earn each month. Again, most lenders prefer customers who have a steady and predictable income and can make payments on time.

Some lenders choose to set a yearly income cap for the applicant; nevertheless, other lenders may do so without taking into account other factors such as your work, the amount you make, including your general ability to repay the loan. Some lenders also evaluate your credit score history in addition to your credit history.

If your credit score continues to make finding a loan difficult, you may be able to find lenders who will allow you to add a co-signer. You can take advantage of a co-signer’s excellent credit and salary. A co-signer could make it easier for you to bargain with the lender.

Adding a co-signer also helps those with bad credit get a small loan with a cheaper interest rate. If you don’t pay, your co-signer is responsible for delivering on your behalf. The co-signer will provide a guarantee to the lender.

There is, however, a potential risk in this situation. Your relationship with your co-signer may suffer if you are unable to repay the debt. As a result, before getting into this circumstance, the benefits and drawbacks of this relationship must be considered.

Customer Service Reviews/Ratings

Make sure you read what other people have to say about a small loan provider. There will undoubtedly be a few unhappy customers, as some fail to read the conditions of their loan carefully enough, but the vast majority of reviews ought to be fair or better. It’s also an excellent decision to do some research on the company you’re interested in by looking up consumer reviews through the Consumer Financial Protection Bureau.

Interest Rates 

When taking out a loan, the best and least expensive interest rate should be the first and primary consideration. Your credit score is crucial here, as better credit scores will incur lower interest rates than poor credit scores.

Some specific lenders specialize in bad credit. Instead of variable interest rates, they offer stable rates. The set interest rates stay the same throughout the term of the loan. Variable interest rates, on the other hand, are flexible since they follow the index rate.

Repayment Methods

Many lenders provide a range of repayment options to make things easier for you and assure that they get their funds back with interest. Automatic payments from your bank account, for example, are one option that may qualify you for a discount in some situations. Other options involve mailing checks or using your bank details to pay online. Consult your lender to determine if there is a reasonable solution for you.

Penalties and Fees

Lenders frequently charge fees for late payments, returned checks, processing costs, and even repaying your loan ahead of time. The lender may charge an origination fee for having to handle the transaction in the first place. But not all loan providers demand it; those that do usually charge a 1% to 6% charge. The initial fee could be included in your loan or added as a separate fee. Everything depends on the creditor and your state.

The lender also sets a late payment fee amount. A penalty like this could sweep out any savings you’ve hoped to make by repaying it off early. The rate is generally a proportion of the remaining debt or the total interest costs over months.

You will almost certainly be paying a late fee if you are overdue with your payment. Some lenders provide a grace period, but you should check with them first. Call your lender if you know you’ll be late to see whether they can negotiate with you to avoid a fine.

These late fees aren’t cheap; some are as much as $30, while others levy a proportion of your monthly repayment (roughly 5% in most situations).

Term of the Loan

Loan terms will be sent to you, including the APR, lending limitations, the overall sum paid, and loan length once you get approval for a bad credit loan. Make sure you go over them with a fine-toothed comb to make sure you understand everything.

Frequently Asked Questions About Bad Credit Small Loans

Q. Why should I get a small loan rather than a different type of loan?

Whatever your reason for seeking a loan, you will have a few options. Bank account loans, home loans, and other types of loans are available for funding. Customers often find that small loans are the most outstanding solution. Small loans are frequently less costly than credit card payments and can be authorized considerably faster than a home loan or credit line. Additionally, small loans carry a lower chance of default.

Q. How do I get a loan quickly if I have a bad credit score?

We all suffer from money constraints from time to time. You can make use of internet lending platforms and networks in such instances. You will have no trouble obtaining approval for the loan you require in the shortest period feasible.

You can get money in your account right away if you use this strategy. This procedure is straightforward and does not require a high credit score.

Q. What is the result of a bad credit score?

You may be unable to obtain credit if you have a poor credit score. You may be rejected for some loans if you have a low credit score, and you won’t be able to obtain a credit line whenever you need it the most.

Many financial solutions, such as personal loans, vehicle loans, school loans, and credit cards, will be unavailable to you. You may also suffer a variety of additional financial difficulties.

Q. How can I improve my credit scores?

The following are some strategies to help you improve your credit:

  • Maintain a close watch on your free credit report
  • Contest any wrong information filed on your credit report
  • Make payments on time
  • Avoid having multiple hard inquiries on your credit at the same time
  • Consult a credit counselor for additional advice

Q. How to know if my credit score is good, bad, or poor?

You have the legal right to receive a free credit report from each of the three national bureaus once a year. You only need to go to

The FICO scale for measuring your credit score is the most widely used. Its range is from 300 to 850.

A score of less than 670 is deemed poor. In most cases, a score of 580 to 669 is sufficient, while a 300 to 570 indicates weak credit. An excellent score is a score that ranges between 669 and 850.

Q. Does taking out one of these loans affect my score since I already have poor credit history?

When a person completes a loan request, it influences his credit scores. Making on-time payments, on the other hand, will help you rebuild your credit score. Make sure you’re doing all possible to meet your monthly obligations.

Q. What are some example loan rates for borrowers with bad credit?

If your credit isn’t perfect, you can still acquire a personal loan; we’ve seen people with credit scores as low as 450 be approved. When your credit score falls below the “good” range, though, borrowing rates might reach as high as 20%.

Q. What is the credit score requirement for a loan?

Lenders do not publish such figures on their websites because they consider more than just your credit score when determining whether or not you qualify. You might, for example, have a good credit score yet a large amount of debt. If the lender believes the potential borrower’s income will not be sufficient to support the repayments on some other secured loan, the application can get rejected.

For example, someone may have a low credit score yet little or no debt. If the borrower has a sufficient monthly income to pay off the loan, the lender would most likely approve your file with origination fees and a higher interest rate.

Lenders may also examine your employment history. Lenders value stability, so if you’re at the same job for a long time and don’t switch jobs regularly, you have a greater perceived financial stability than otherwise. This indicates you don’t have any gaps in your salary, and your income is consistent.


There are plenty of unforeseeable situations that can wreak havoc on your finances and your credit record; however, obtaining small loans for bad credit is considerably easier today than it was previously. Furthermore, these internet lenders are already aware of your poor credit and have no requirement to have that awkward chat with a local bank or credit union.

We consider MoneyMutual, Bad Credit Loans, and CashUSA to be the most reliable lenders among those mentioned above. 

Our favorite aspect is that you can use all of these websites for free. Best of all, you won’t have to fear scammers acquiring your personal information because these are legitimate lending agencies. Just make sure you devise a repayment strategy and make all of your installments on schedule.

]]> 0
Top Online Direct Lenders for Instant Loans with Same-Day Approval in 2021 Thu, 11 Nov 2021 11:39:34 +0000 There are times in life when certain situations occur and you are in need of some urgent funds. Whether you need money for a medical emergency, a trip, a surprise for a loved one, or to buy something you need, there is a possibility to get a same-day loan online without any credit check. Additionally, […]]]>

There are times in life when certain situations occur and you are in need of some urgent funds. Whether you need money for a medical emergency, a trip, a surprise for a loved one, or to buy something you need, there is a possibility to get a same-day loan online without any credit check. Additionally, you can get instant loans with same-day approval even if you have a bad credit score.

Although it is a considerable risk for payday lenders and borrowers, some companies provide such services for people who are in need of cash. So, if you are someone that needs an instant payday loan or you want to know more about it, keep reading, as in this article, we will review the best companies that provide such offers. 

Our List of the Best Instant Loans with Same-Day Approval

  1. MoneyMutual: Overall Best Online Platform for Instant Loans
  2. BadCreditLoans: Best for Bad Credit Score
  3. CashUSA: Multiple Lenders for Cash Advances 
  4. Personal Loans: Best Personal Loan Company
  5. Credit Loan: High Chances for Instant Approval 

#1. MoneyMutual: Overall Best Online Platform for Instant Loans

MoneyMutual is an industry leader and a well-known money-lending platform that connects online lenders with borrowers. Their immediate fund transfer is the best solution when encountering unforeseen events. What is also great about this platform is that they approve loans very quickly, and you can receive the money within 24 hours. 

The way they work is they connect their clients with more than 60 short-term lenders. Furthermore, you are able to see what they offer you without any obligation to accept their offer. The service is also free of charge, and you will get a chance to be connected with legitimate lenders regardless of your credit ratings.


MoneyMutual offers some of the best features when it comes to getting instant loans for bad credit online.

  • Matching Borrowers with Lenders Quickly 

If you are in an instant need of money but do not have any reliable sources to get it, you can try using MoneyMutual. What they do is connect borrowers with different lenders that will provide you with the best deals. 

After they receive your personal information and connect you with a suitable lender, you will be redirected to their website where you will be offered a loan according to their terms and conditions. If you accept their offer, the cash will be transferred to your account within a day.

  • Easy to Use Website and Clear Instructions   

Their website is very user-friendly, which we really liked. There, you can find straightforward instructions about how the process works. Even those who are not as tech-savvy can easily apply on their website. After you apply, you will be able to get approved in less than 20 minutes. 

In order to be eligible to apply for a loan using MoneyMutual, you need to have a steady source of income of at least $800 a month and an active bank account. Moreover, you need to be above 18 years old and a permanent resident of the U.S. You also need to verify your employment status by providing adequate documentation. Once you are connected with an online lender and you accept their offer, you will need to fill out an application and disclose more detailed information about yourself.

Once you are connected with a lender, you will be provided with information regarding the loan. The terms and conditions of the contract may vary, but they must contain relevant data such as information about interest rates, APR, repayments terms, and other charges. 

The annual percentage rate also varies from lender to lender, but we found out the lenders that MoneyMutual provides will not charge you for any unnecessary fees. Overall, the APR is affordable, and it depends on the lender, the loan, the borrower’s situation, etc. 

They have more than 60 short-term lenders that have been working in this industry for years. Although we mentioned that the lenders have their terms, they still need to follow guidelines made by MoneyMutual to ensure borrowers are not being taken advantage of. Their lenders can provide a loan from $200 up to $5,000 depending on different factors.


  • Instant bad credit loans within 24 hours
  • Large customer base with over two million borrowers
  • Simple application process
  • Secure site and protected information
  • Accepts bad credit holders


  • Must have a steady income to be eligible for a loan
  • Not available for residents of New York and Connecticut      

Customer Experience    

According to the overwhelming amount of positive reviews from their customers, MoneyMutual is one of the best platforms that provides instant loans with same-day approval. Their customers stated they were very satisfied with how quick and easy the application process was and how fast they received the transfer. Additionally, they also liked that the service is free of charge, the lenders are professional, and their personal information is secure. 

=> Click here to visit the official website of MoneyMutual

#2. BadCreditLoans: Best Deals for Poor Credit Score

Next on our list is the Nevada-based online network that assists borrowers in finding suitable lenders. This platform offers a large variety of loans such as personal loans, student loans, auto loans, mortgage loans, and many others. 

BadCreditLoans has been in this industry for a long time, and it is known for connecting borrowers with some of the most professional lenders. As a platform, it is recognized for its reliability and transparency. In addition, it does not charge you for its service, but it connects you with lenders that will provide the best deal for you.


BadCreditLoans is also known for the incredible features they offer.

What is great about this platform is that you can receive a loan offer within a few minutes. After that, you will receive an email to confirm the details you provided. If you are a well-qualified candidate, you can receive funds within 24 hours. 

Additionally, BadCreditLoans is a perfect solution if you need a higher amount of money, as its loan range varies from $500 up to $10,000. 

  • Easy Application Process 

The application process is straightforward and easy to understand. On their website, you can find information about what documentation you must provide. Once you start the application process, you will need to provide basic personal information including your birth year, social security number, zip code, etc.

In order to be eligible for a loan from BadCreditLoans, you must fit into the criteria, which means you must be above 18 years old, be a permanent citizen of the U.S., and have a regular source of income, a valid bank account, and documentation that proves your employment status.

  • Terms, Conditions, and Rates 

The terms and conditions from lenders may vary, but they contain reliable information you need to read carefully to decide whether they are suitable for you. In case you encounter any issues, you can also contact their customer care to guide you through the process. When it comes to the annual percentage rate, BadCreditLoans has a fixed limit between 5.99% and 35.99%. 

  • E-Consent and Additional Services 

To make it easier for their customers, the whole loan process by BadCreditLoans is done online, including taking signatures online through e-consent. This process saves you time and money.

Additionally, not only does it provide loans for people with bad credit scores, but the company also has other available services such as credit repair and debt relief services. They also provide posts and articles about financial knowledge and financial struggles for borrowers to use.


  • Simple online process
  • Loan approval within minutes
  • Encryption technology
  • Over 100 lenders available


  • Requires a lot of personal information
  • People with bad credit get a smaller loan amount

Customer Experience

By reading the reviews from the customers, we realized BadCreditLoans is a very trustworthy and reliable platform that has provided people with suitable loan deals. The customers were pleased with the online process and how quick and easy the application process was. Many people have stated they also liked their term rates and how easy and straightforward their website is.

=> Click here to visit the official website of BadCreditLoans

#3. CashUSA: Multiple Lenders for Cash Advances 

Next on our list is CashUSA, which is an online marketplace where lenders are connected with borrowers. What we like about this platform is that they provide flexible personal loans that are not based on credit history but other relevant factors such as regular payments, employment history, and others.

Correspondingly, CashUSA has a very quick repayment system, meaning the company automatically withdraws money from the bank, making the process much easier. It is also an entirely free platform, which means there are no hidden charges or penalties.  


After reviewing the platform, we noticed CashUSA has some amazing features.

  • Quick and Straightforward Loan Process

To get a loan, you need to request and fill out a form to apply. In order to do that, you will need to provide information such as your name, email, zip code, phone number, the loan amount, the type of bank account, etc. After you complete the application, their site will process the information within minutes. Their website is also very easy to navigate, and it ensures the safety and privacy of their users.

After your application is processed, they will connect you with a suitable lender that will provide you with terms and conditions. Once you carefully go through them, you can confirm your loan request, which you will receive quickly within a day.

To become eligible for getting a loan from CashUSA, you need to meet the following criteria: 

  1. Be at least 18 years old
  2. Be a citizen of the U.S.
  3. Have a valid bank account 
  4. Have at least $1,000 of monthly income

CashUSA has a repayment period between 3 and 72 months, and their annual percentage rate varies from lender to lender. However, their network has a fixed range from 5.99% to 35.99%. Similarly, the amount of loan you can receive from this network varies from $500 up to $10,000. 

Furthermore, CashUSA features an automatic withdrawal, which allows the platform to maintain automated payment from the lender. This ensures the amount is paid on time, so you, as a customer, do not need to worry about it. 

Also, there is an option for online repaying, which means the loan installments will be automatically transferred from your bank account to the lender’s account. This is very convenient, as you do not have to worry about monthly payments.


  • Quick loan application process
  • Instant approval and no credit check
  • Money deposits directly into a bank account
  • Amazing customer service  
  • Variety of lender options


  • Possibility of high APRs
  • Maximum loan amount of $10,000

Customer Experience 

Their customers have been pleased with the fact that CashUSA offers both small and large amounts of loans up to $10,000. Many of them expressed that their application process was quick and easy, and the platform provided unique features. They were also pleased with how safe and easy it is to navigate their website. Some of the customers stated the platform has excellent and helpful customer service as well as a very professional selection of lenders.   

=> Click here to visit the official website of CashUSA

#4. Personal Loans: Best Personal Loan Company

The next spot on our list secures the money-lending platform which has some of the greatest ratings on the market. Personal Loans is a network that connects lenders with borrowers and offers various types of personal loans at different interest rates.

Personal Loans provides a large selection of lenders that assist people even with bad credit scores. Furthermore, they have advanced encryption technology that allows the platform to ensure any personal information will not be compromised.


Personal Loans offers some of the most useful features, which can help their customers get the best deal possible.

  • Easy Application Process 

The process for applying for a loan from Personal Loans is quick and easy. What you need to do is gather all of the information you need, and then head to their website to fill out an application. In order to apply, you will need to provide information such as age, ID, residency status, banking details, credit type, and other personal details. 

Personal Loans offers lenders that provide some of the highest loan amounts on the market, with maximum loans up to $35,000. However, the minimum loan amount is $1,000. Therefore, this network is amazing for people who are in need of higher loan funds.

To be eligible for a loan from Personal Loans, you need to meet the following criteria: 

  1. Be above 18 years old
  2. Have an active bank account
  3. Have permanent residency or citizenship in the U.S. 
  4. Have any source of income
  5. Have a valid social security number

Keep in mind, however, that this is the criteria from the network, and some lenders might have set up a different one. 

What is unique about this platform is that they offer an obligation-free rate, which means that without providing any personal information, you can see the offers you can expect to get. This feature is incredible for people who just want to browse loan options.

The APR varies from lender to lender, but it generally ranges from 5.99% and 35.99%. The numbers depend on the credit history, income, amount of loan, and other factors. Also, the repayment process varies from 3 to 72 months, and it depends on the lender as well.

Personal Loans offers three types of loans — peer-to-peer loans, for which they connect you with investors, personal installment loans, for which you will be associated with a financial institution, and personal bank loans, for which you will be funded by a bank.

What we also liked about this network is that they have flexible deadlines, which means that if you are late with your payment or you missed one, you can just contact the lender to get a new date without paying a large amount of money for fees. 


  • Fast and flexible loan offers
  • User-friendly website
  • Same-day loans with no credit check
  • Simple repayment terms
  • Helpful customer support


  • Restrictive eligibility requirements
  • Not available in all states

Customer Experience  

The customers seem to be delighted with their flexible loan options and quick and easy application process. They have also stated they especially like that the website is very informative and provides data about loan rates, loan offers, and other relevant topics. Furthermore, customers like the obligation-free rate and the fact that Personal loans take serious measures to secure all of their customer’s personal information.   

=> Click here to visit the official website of Personal Loans

#5. Credit Loan: High Chances for Instant Approval

The money-lending platform that has connected over 750,000 people with corresponding lenders takes another spot on our list. Their primary goal is to provide customers with tools that will help them deal better with financial issues. Credit Loan offers both small and large loan amounts to people with good, average, and even bad credit scores.

In addition, Credit Loan offers help for financial needs that cater to you as a customer specifically. Also, their loan application processes are very quick and easy to understand.


Because they have been around since 1998, Credit Loan as a money-lending network has developed some beneficial features which can help their customers while searching for the best loan offer.

  • Ability to Upgrade Your Bad Credit 

Even if you have an average or bad credit score, you can improve it by taking a loan. As long as you pay your installments on time, there is a possibility that your score will improve. Credit Loan provides some of the top online lenders that will offer you a loan that will work the best for you.

This platform has decades of experience on the market, and they are a well-established and reliable network. Additionally, they have an all-day service, which means they accept applications 24/7. This makes this platform very convenient for customers from around the country.

Credit Loan provides loan offers from $250 up to $5,000, and the application process is quick and easy. In order to request a loan, you need to fill out the application on their website, which includes personal information, zip code, the state you live in, the amount you want to receive, the purpose for your loan, and other information. 

What we like about this platform is that they take security very seriously. Credit Loan has an extensive privacy standard including SSL and McAfee certificates to ensure no customer’s personal information will be compromised. Additionally, they guarantee the highest security and encryption online.

In order to be eligible for a loan, you need to be at least 18 years old, have an active bank account, have a reliable source of income, and be a resident of the U.S. Additionally, when you are filling out the form, you will need to disclose more personal information.

This service is free of charge and does not have any hidden fees or penalties. The APR, loan terms, and repayment schedule varies from lender to lender. However, Credit Loan makes sure to connect you with a professional that will work the best for you. 


  • Safe and secure website
  • Online meetings
  • Funds available in less than 24 hours 
  • No credit checks
  • Quick and easy application form


  • Customers cannot get a loan if they have filed for bankruptcy   
  • Limited loan amounts

Customer Experience 

Regarding customer experience, we noticed their customers really liked the simple application process and how quickly they received the funds. Additionally, they appreciated the steps they take to ensure safety and privacy for personal information. We also liked the informative website and the fact they have an all-day service, which is very suitable for customers around the states.       

=> Click here to visit the official website of Credit Loan

What to Consider When Applying for Instant Payday Loans with Same-Day Approval 

Getting an instant loan from online services is very easy nowadays. However, there are some factors you need to take into consideration to make sure you get the right deal. 

One of the most important factors to take into consideration is the interest rate. This is because many companies charge higher interest on loans that do not require good credit ratings. For this reason, it is advisable to compare rates from various providers before you make an agreement with a particular lender. This will give you a better idea of the best deal for you and the ability to calculate your payments. Also, some companies offer pre-approval, which means users can get a rate quote from lenders without providing account details.

Before you make any agreement to get a loan, it is essential for you to read all of the terms and conditions and make sure you understand them. This is because some lenders offer strict loan repayment terms, which might not be affordable for you. By reading the terms and conditions, you will be familiar with your situation, monthly payment amount, rates, and fees. You will also be able to avoid financial struggles and being deceived. 

Before you apply for a loan, you also need to be certain you fit their required criteria. Aside from the general factors, you should consider the credit requirements as well. 

The amount you owe in comparison to the amount that you earn can play a vital role in your eligibility to receive an instant loan. Furthermore, if your income is steady, they might overlook your minimum credit score and offer you a better deal.

Along with your monthly charges, you should be aware of any additional charges and penalties, which are usually imposed for late payments, bounced checks, and other factors. Some lenders charge fees for loan processing as well.

What is important to know is that these charges can take a significant portion of the loan. Therefore, they are an important factor to consider when applying. Keep in mind that such fees are not the same for all lenders, so you can compare the charges with various lenders before making a final decision.

When choosing lenders, you need to take into consideration how reliable and trustworthy they are. For this reason, before you accept an offer, it is advisable to look for lenders that are well-known, positively reviewed, experienced, and who work with reliable companies. What you can also do is check whether the lender is authorized to operate in the place you live.

An equally important thing to do is to choose a budget for yourself. After all, these are the monthly installments you need to pay regularly, so you need to make sure you have enough budget for prepayments and repayments as well. Otherwise, you might get additional fees and penalties, which may hurt your budget more. 

As mentioned, to be able to receive an emergency loan you need to provide personal information as well as banking details. Therefore, it is of great significance to look for platforms that take the security and privacy of their customer’s data very seriously. This is crucial in order to avoid getting your information stolen from hackers or compromised by any company. 

This is also a very important factor to take into consideration while looking for an instant loan and trusting a company with your money. If the platform is not transparent with its terms and conditions, you might receive additional fees or get your information stolen.

For this reason, make sure to look for companies that are fully transparent about what they provide and for those that have disclosed information about their policies, terms, and conditions. Moreover, the platforms on our list are very clear about the services they provide so you do not have to worry about any unexpected fees.

The reviews of the borrowers and their honest opinions are a great indicator of how professional the network is. If there is a large amount of positive feedback and satisfied customers, that means the platform is run by professionals who are reliable and trustworthy. What you can do is read as many reviews and even look for comments from people on social media, forums, and other reliable sources.

Frequently Asked Questions: Instant Loans

Q. How do instant loans work?

These money-lending platforms are a network of numerous lenders that provide payday loans for people in urgent need of funds. To get an unsecured loan, all you need to do is register and fill out the application form. You will need to provide information such as name, contact number, email, employment status, source of income, etc. 

After you submit your request, you will be redirected to all enlisted lenders. Then, you can choose the one that suits your requirements the best. What is great about these loans is that after you are accepted, they will transfer funds very fast within either a day or a few days. 

Q. What can I use instant loans for?

You can use small personal loans for anything you prefer. The most common reasons for taking instant loans are home renovations, weddings, funerals, student debt, medical bills, helping family and friends, funding business, moving expenses, buying vehicles, traveling, and many others.

Q. Which option is better — online or in-person loans?

Both options have their benefits and flaws. However, we prefer online money lending platforms, as the process for getting a loan is much faster and easier. You can apply and get approved very quickly and be connected with reliable lenders within minutes. Also, most of the online platforms give loans to people with bad credit scores as well. So, as we can see, some platforms provide all online money-lending processes that include documentation and signatures, which is very convenient for many borrowers.

Q. Can I get instant loans as an unemployed person?

Although most platforms have an eligibility requirement of having a stable job, you can still receive a loan even if you are not formally employed. The lenders take several factors into consideration, including liquid assets and other sources of income. Therefore, if the lender has sufficient evidence that the funds will be returned, you will have a good chance of getting short-term funding. 

Q. Will my credit score be affected due to instant loans?

The answer to this question depends on the lender. If the payday lender decides not to report your account to the credit bureau, your score will be unaffected. However, if they do report, you might get another outcome. Nevertheless, the credit report depends on how you are able to manage the borrowed funds.

With that being said, your financial history determines the type of impact these instant loans will have on your credit score. So, if you manage regular monthly payments, your score might even be increased.  

Q. What do I need to do to raise my credit score?

One way you can improve your credit score is to avoid late payment interest and penalties, as they can negatively impact your score. In addition, the quickest way to raise your credit score is to make on-time prepayments and repayments. 

If you are wondering why you need to improve your credit score, the answer is that a good score equals financial stability and better chances of getting any type of emergency loans in the future. It also influences the type of interest rates and installment loans you will receive. 

Q. How do I know the platform is not a scam?

Now that these platforms are getting more and more popular, there are plenty of new ones that come on the market frequently. Sadly, not all of them have great intentions, and some even try to scam their customers. For that reason, you need to be on the lookout before you apply for a loan.

To avoid being scammed, you need to do research about the platform and read reviews about their work. Next, you can check if the platform is registered with the government, which is a great indicator. What you can also do is search for their contact information, and if there is not any, it is most likely an unsafe network. 

Additionally, if they do not check your documents and financial statements, they will give you fees before you are accepted. Also, if they are not transparent with their terms and conditions, you should not trust them.


That concludes our list of money-lending platforms that provide instant loans with same-day approval. All of these networks offer the most professional services, and you will be able to get approved and receive funds within a day. Now that these platforms are getting more popular, you can do the process online, without rushing to do any paperwork. 

If you have an average or poor credit score, you should not worry, as these platforms provide lenders that run a little credit check that will not have an extensive effect on your chances of getting a loan. Now that you are familiar with the best money-lending networks on the market, you can easily apply, as you have a good chance of obtaining a loan and even boosting your credit score.

]]> 0
Black borrowers and depositors face considerable challenges in accessing banking services Thu, 11 Nov 2021 11:39:29 +0000 Introduction Achieving the American dream—the opportunity to succeed, to provide food and shelter for family members, education for children, hope for a better life, and freedom of opportunity— requires capital. But, in the United States, access to capital for individuals and business owners is uneven based on race. The racial wealth gap remains significant. In […]]]>


Achieving the American dream—the opportunity to succeed, to provide food and shelter for family members, education for children, hope for a better life, and freedom of opportunity— requires capital. But, in the United States, access to capital for individuals and business owners is uneven based on race. The racial wealth gap remains significant. In 2019, the median net worth of a typical white household, $188,200, was 7.8 times greater than that of a typical Black household, $24,100 (Bhutta et al., 2020). Most houses are bought with a mortgage and most businesses rely on credit to fund their expansion.1

This report documents that, at a local level, there are stark contrasts in access to credit for African Americans: Interest rates on business loans, bank branch density, local banking concentration in the residential mortgage market, and the growth of local businesses are markedly different in majority Black neighborhoods. Several policy approaches are suggested: First, a more granular approach to banking supervision may be needed; microgeographic data in 2021 provides a much closer look at the banking practices of major banks and nonbank lenders than in 1977, when the Community Reinvestment Act was signed into law. Second, the number of African American minority depository institutions (MDIs) has been declining and policy or private-sector support is likely needed (Pike, 2021). Third, as the mobility of Americans is overall declining, geography matters more than ever (Molloy et al 2017). A lack of credit hinders investments in better homes, better schools, better local infrastructure such as roads and public transport, better amenities, and better health care.

Section 1 reviews the history of credit policies. Section 2 presents granular evidence on inequalities in access to banking services, including bank deposits. Section 3 focuses on residential mortgage credit supply. Section 4 turns to small business lending. Section 5 suggests a 21st century agenda for lawmakers and academic researchers.

1. Historical context

Removal of Africans from their rich commercial environments in kingdoms including Ghana, Mali and Songhai through the slave trade between the 14th and 18th centuries did not destroy their proclivity for business and trade (Ammons, 1996). Since the time when Black people in America secured the right to earn capital for their labor following emancipation, they have faced systemic financial discrimination with respect to banking access and fees. Over a century ago, racism and segregation required Black people to pool their resources to support each other, and Black-owned banks played a vital role in the economic health of Black communities (Gerena, 2007). On October 17, 1888, Capitol Savings Bank in Washington, D.C. became the first bank organized and operated by African Americans (Todd, 2019). Within four years of opening, the bank’s deposits had grown to over $300,000 (Partnership for Progress). Between the end of the Reconstruction era and the beginning of the Great Depression, over 130 Black-owned banks opened, providing capital to Black entrepreneurs, businesses, and prospective homeowners (Gerena, 2007).

In the early- to mid-20th century, the federal government took on a large role in the stabilization and financing of the home mortgage market in the United States. In response to the housing market problems brought on by the Great Depression, the Home Owners Loan Corporation (HOLC) purchased and refinanced over one-tenth of all non-farm U.S. mortgages by 1936. The HOLC subsequently created color-coded maps in 200 cities to better understand the risk of the mortgages with the guidance and expertise of local real estate market professionals that reflected long held patterns of racial discrimination, a process that came to be known as redlining. Shortly thereafter, the recently created Federal Housing Administration (FHA), which by the middle of the century covered the insurance of over one-third of the U.S. mortgage market, crafted their own redlining maps to guide decisionmaking. In tandem, the FHA and HOLC helped lock in existing patterns of racial discrimination in the U.S. housing market (Fishback et al, 2020). This period coincided with the Second Great Migration, which witnessed millions of Black people migrating from the rural South to the cities of the North and Midwest. Given the existing market discrimination that non-minority owned banks practiced, their race-based exclusion of Black people from the mortgage market provided an opportunity for minority-owned banks to provide service to a much larger market of Black migrants looking to purchase homes and start businesses. However, Black migrants faced labor market competition with new European immigrants and legacy Black residents in addition to labor market discrimination, which made it difficult for minority-owned banks to finance economic development efforts (Ammons, 1996).

During the seven year period between 1983 and 1989 the number of Black owned banks declined 22%, while the total number of banks in the U.S. declined by only 12% (Price, 1990). Black-owned banks make capital more accessible because they approve a higher percentage of loans to Black applicants than other banks, but their impact is limited by their low numbers and often precarious financial standing (Burton, Scheck, and West, 2020). Compared with white-owned banks, minority-owned banks are more likely to rely more heavily on government deposits, and therefore hold fewer loans and more liquid assets (Price, 1990).

In 2008, the Partnership for Progress was launched by the Board of Governors of the Federal Reserve to help promote and preserve minority-owned banks. But despite its efforts, the number of Black-owned banks has declined, from 48 in 2001 to 18 in 2020. (McKinney, 2019). Banking access in the Black community has not only been limited by the decrease in the number of Black-owned banks, but by an overall decrease in the number of banks in majority Black neighborhoods. Since 2010, the number of banks in majority-black neighborhoods decreased 14.6%, with JPMorgan shrinking its branch footprint in majority-black neighborhoods by 22.8% from 2010 to 2018, compared to a decline of just 0.2% in the rest of the U.S. (Fox, et al., 2019).

The FDIC defines minority depository institutions (MDIs) as federally insured depository institutions for which either “(1) 51% or more of the voting stock is owned by minority individuals; or (2) a majority of the board of directors is minority and the community that the institution serves is predominantly minority. Ownership must be by U.S. citizens or permanent legal U.S. residents to be counted in determining minority ownership.” As of December 31, 2020, the FDIC listed 142 Minority Depository Institutions located in 29 states, Guam, and Puerto Rico with cumulative assets of $287 billion. For context, TIAA had $280 billion in total general account assets in the first quarter of 2021. Of the 142 MDIs, there were only 18 Black or African American owned banks with combined assets of $4.58 billion. The minority status of those 142 financial institutions is presented in Table 1.

2. Racial inequalities in access to banking services and deposits

Today bank customers can access their accounts and perform many banking transactions via the internet. According to Business Insider, this year there will be 196.8 million digital banking users in the U.S., making up 75.4% of the population. But for those who lack financial resources, internet access, or transportation required to bridge the physical and digital distance, brick-and-mortar bank branches are vital—particularly for low-income, inner-city areas (Hegerty, 2015). Racial discrimination and various types of market failure have led to banking and credit deserts in underserved urban and rural communities (Van Tol, 2020). Ergundor (2010) finds a positive correlation between bank branch presence in low-income neighborhoods and mortgage loan originations; that favorable effects of bank branch presence gets stronger as the branch gets closer to the neighborhood; and that in the small-business-lending market, relationships are associated with greater availability of credit.

According to the Fed, in 2019 the majority of U.S. adults had a bank account and relied on traditional banks or credit unions to meet their banking needs, but gaps in banking access existed. Six percent of American adults were unbanked meaning that they did not have a checking, savings, or money market account. Approximately 40% of unbanked adults used an alternative financial service during 2018— such as a money order, check cashing service, pawn shop loan, auto title loan, payday loan, paycheck advance, or tax refund advance. Unbanked and underbanked rates were higher among lower-income households, less-educated households, Black households, Latino or Hispanic households, American Indian or Alaska Native households, working-age disabled households, and households with unstable incomes (FDIC, 2020; Rhine et al., 2006). Hence, the continuing decline in the number of MDIs is especially disconcerting. Table 2 shows the banking status for Black, Latino or Hispanic and white Americans in 2019.

Table 2

The unbanked and underbanked rates in 2019 were highest for Black adults—making it more difficult for them to accumulate savings. According to 2020 survey data from Bankrate, minorities, millennials, and Northeasterners reported paying higher bank fees. The data showed that the average checking account holder at a bank or credit union paid $8 per month in fees, including routine service charges, ATM fees and overdraft penalties, but fees paid varied by race. White checking account holders reported paying the lowest amount in monthly bank fees, $5, compared to $12 for Black account holders and $16 for Latino or Hispanic account holders.

Majority Black and Latino or Hispanic neighborhoods have fewer options when it comes to financial services than majority white neighborhoods. In 2017, majority Black ZIP codes located in metropolitan areas with over 250,000 people had a median dollar-deposit-based Herfindahl-Hirschman Index (HHI) of 4,584 while non-majority Black ZIP codes had a median HHI of 3,106, where the higher score indicates less competition.2 Similarly, majority Latino or Hispanic ZIP codes had a median HHI of 3,580 compared to a median HHI of 3,157 in non-majority  Latino or Hispanic ZIP codes. Access to a wider array of financial services can mean lower interest rates and higher savings rates as banks compete to attract a customer base. Figure 1, below, shows the relationship between the share of Black, Latino or Hispanic, and white residents in a ZIP code and banking competition (as measured by HHI) in ZIP codes located in metropolitan areas with over 250,000 people and after controlling for population. As the share of Black and Latino or Hispanic residents increases, so does the HHI, meaning less banking competition. The reverse is true for the share of white residents in a zip code.

Figure 1

In a world where services, both financial and non-financial, are becoming increasingly available online, one might argue that the physical presence of a brick-and-mortar bank branch in a neighborhood is no longer necessary. Indeed, the biennial FDIC Survey of Household Use of Banking and Financial Services found that the share of banked households in metropolitan areas that used a bank teller as their primary method of accessing their bank account fell from 28% in 2015 to 21% in 2019, as use of mobile and online banking surged. However, the same survey showed that lower-income and less-educated households were twice as likely to use bank branches, and the same was true for elderly adults. Additionally, 23% of urban banked households visited a bank branch 10 or more times a month, demonstrating that a significant number of households still use this service.

While fintech lenders have increased their market share in recent years by increasing the speed of service delivery and efficiency, there is no evidence that they have expanded access to financial services to low-income borrowers in the mortgage market (Fuster et al, 2019). However, during the pandemic, Black-owned businesses were 12 percentage points more likely to obtain PPP loans from fintech lenders, while small banks were much less likely to lend to Black businesses. Howell et al (2021) find that this disparity is largely due to racial discrimination and that when banks automate their lending process, thereby reducing human involvement, their rate of lending to Black businesses increases, especially in localities with high racial animus.

Yet, fintech should not be considered a comprehensive solution to racial disparities in access to capital. There remains a large share of households that lack access to broadband in the U.S. In cities such as Baltimore, over 40% of households or some 96,000 households lack a wired broadband connection, and some 75,000 Baltimore City households, or one in three, do not have either a desktop or laptop computer, making online services more difficult to access (Horrigan, 2020). This is exacerbated by the fact that, as shown in Figure 2, counties with less banking competition (as measured by the Herfindahl Hirschman Index) also have lower shares of households with wired broadband connections.

Figure 2

Finally, the continued importance of brick-and-mortar branches is further evidenced by the crucial role played by local banks in distributing PPP loans during the early months of the COVID-19 pandemic (Li et al, 2020). These more locally oriented banks were better able to discover potential customers in need due to relationship banking and their ability to understand local risk profiles more accurately. In the early stages of the pandemic, counties with the highest numbers of Black-owned businesses received some of the lowest shares of PPP loan coverage, often falling below 20% of eligible firms, possibly reflecting the lack of existing banking relationships in those communities (Mills and Battisto, 2020). Minority-owned depository institutions could play a crucial role in fostering stronger relationships between Black entrepreneurs and the financial system.

Figure 3

From 2010 to 2021, the U.S. lost over 15,500 bank branches. By 2021, majority Black census tracts were much less likely to have a bank branch than non-majority Black neighborhoods. Figure 3 shows a dot density map of Philadelphia census tracts and the share of residents that are Black in 2021. A high number of banks are clustered in the city’s central business district, but immediately outside that area, the city’s majority Black neighborhoods have few, if any, bank branches. Census tracts with a higher share of white residents and tracts that are more suburban have a higher number of branches. Between 2010 and 2021, non-majority Black neighborhoods were more likely to experience a decline in the number of bank branches, but only because they were much more likely to have a bank branch in their neighborhood in the first place. After controlling for the initial number of bank branches in 2010, census tracts with higher shares of Black residents were more likely to experience a bank branch closure by 2021. Figure 4 shows this relationship in the six metropolitan areas of Baltimore, Cleveland, Detroit, Pittsburgh, Philadelphia, and St. Louis.

Figure 4

The financial services industry has expanded beyond banks and credit unions, which are regulated primarily at the federal level. Banks are regulated by the Federal Reserve, while federally chartered credit unions are regulated by the National Credit Union Administration, and state-chartered credit unions are regulated at the state level (Federal Reserve Bank of San Francisco). While the majority of Americans complete their basic financial transactions at banks and credit unions, consumers who operate outside of the formal banking system may be more likely to utilize informal, alternative financial service providers including payday lenders (Dunham, 2018).

Figure 5

Payday loans, cash advance loans, check advance loans, post-dated check loans, and deferred deposit loans are short-term high interest rate loans provided by check cashers, finance companies, and others to a clientele that mainly consists of low- and moderate-income working people who have bank accounts, but who lack credit cards, have poor credit histories, or have reached their credit limit (Federal Trade Commission). According to the St. Louis Fed, in 2019 the average interest rate on the average payday loan is 391%, compared to 17.8% for the average credit card, and 10.3% for the average personal loan from a commercial bank.

The FICO scoring system, created in 1989, was designed to assess the creditworthiness of consumers (Shift, 2021). Scores range from 300 to 850. The FICO credit score is used by financial institutions as a qualifier to assess financial health. It is not easy for individuals to improve their financial health once their credit score is damaged. Black people are more likely to be excluded from conventional financial services based on their credit scores. Figure 6 shows credit scores by race for 2021. Because Black people are more likely to have lower credit scores, they are more likely to be unbanked or underbanked, causing them to pay higher service fees to receive financial services and making them more likely to depend on alternative financial institutions. Financial institutions rely on FICO credit scores as a screening tool to protect themselves from financial loss due to asymmetric information. However, developing alternative screening methods is necessary to reduce the disparity in banking access and fees.

Figure 6

Black and Latino or Hispanic people are more likely than white people to depend on high interest financial services like check cashing counters and payday lenders because there are fewer banks in Black and Latino or Hispanic neighborhoods. Increasing access to banking services could save Black and Latino or Hispanic Americans up to $40,000 over their lifetime (Moise, 2019). The percentage of Black adults who are not digitally literate, 22%, is twice the percentage of white adults, 11%. Both the disparity in access to banks and digital literacy threaten their ability to grow wealth in the digital economy.

3. Racial inequalities in access to mortgage credit

In the U.S., homeownership is the most common avenue to wealth building and intergenerational wealth transfers. Racial inequality in access to home mortgage loans has a long and troubled history in the country that includes redlining (Aaronson et al. 2017, Fishback et al. 2020), geographically targeted predatory lending (Carr et al. 2001; Agarwal et al. 2014), discrimination in lending standards (Ross et al. 2002), and racial covenants (Gotham, 2000; Sood et al., 2019).3,4

Mortgage lending files collected via the Home Mortgage Disclosure Act display very substantial differences in approval rates, as mortgage lending applications of Black American borrowers are two to three times more likely to be denied. Munnell et al. (1996) compares applicants with similar observable measures of creditworthiness and finds that race plays a statistically and economically significant role in application decisions.5 The authors also note that disparities are likely underestimated, as the creditworthiness controls themselves may be the outcome of other forces described in the previous section. There is no doubt a need for modern studies that identify lending disparities using the granularity of modern datasets.

Mapping the geography of mortgage lending reveals new insights and limitations of CRA examinations. The four maps in Figure 8 below suggest that residents of Baltimore City had access to fewer lenders than other residents of metropolitan Baltimore. The map presents the HHI for each census tract. Again, fewer lenders were present in Baltimore City’s majority Black census tracts than majority white and suburban tracts.

The four maps in Figure 7 suggest that, between 1995 and 2012, residents of the city of Baltimore were granted smaller loans in proportion to their income. The Loan-to-Income (LTI) ratio, a measure of lending standards, is depicted for each census tract. It suggests that lenders have more stringent lending standards in Baltimore City and especially in the city’s majority Black neighborhoods where the LTI ratio is the lowest.

This raises significant questions about the appropriate geographic level of the assessment area of CRA examinations. In a recent report, Johns Hopkins researchers6 describe that large bank lenders are typically assessed based on their lending to low-income census tracts at the state level, rather than at the more granular city or county levels. Channeling the flow of mortgage credit to specific neighborhoods and demographics is key, as across-the-broad increases in mortgage credit supply to all racial groups lead to the growth of urban segregation (Ouazad et al, 2016; Ouazad et al. 2019).

Figure 7
The four panels present maps of the dollar weighted loan-to-income ratio by census tract. Darker colors correspond to lower loan-to-income ratios.
Figure 8
These four figures present the level of competition in census-tract level mortgage origination. The colors correspond to the Herfindahl index (HHI) in mortgage origination, and lighter colors correspond to lower levels of competition. The four panels suggest lower levels of competition in central census tracts.

4. Racial inequalities in access to small business loans

A lower level of business ownership and business assets among Black households is a contributing factor to the racial wealth gap. Limited access to capital is the most important factor that constrains the establishment, expansion and growth of Black-owned businesses (Fairlie, Robb, and Hinson, 2010). According to a 2020 report from The Brookings Institution, “Black people represent 12.7% of the U.S. population but only 4.3% of the nation’s 22.2 million business owners.” Black entrepreneurs face barriers to opening businesses with respect to access to credit. Henderson et al. (2015) examined the influence of racial and gender-related factors on access to business credit lines and found that Black-owned startups receive lower than expected business credit scores and that white-owned startups with the same firm characteristics as Black-owned startups are treated more favorably.

Blanchflower, Levine and Zimmerman (2003) found that between 1993 and 1998, Black-owned small businesses were about twice as likely to be denied credit even after controlling for differences in creditworthiness and other factors, suggesting that the racial disparity in credit availability was likely caused by discrimination. Fairlie, Robb, and Robinson (2020) explored racial differences in capital market outcomes associated with launching a new business and found that Black entrepreneurs are less likely to apply for loans than white entrepreneurs because they expect to be denied credit, even when they have a good credit history.

The COVID-19 pandemic has exacerbated the challenges faced by minority-owned businesses (Marte, 2021). Data from the 2020 Small Business Credit Survey found that 92% of Black-owned businesses reported experiencing financial challenges in 2020, compared to 79% for white-owned firms. According to a survey conducted by Reuters, Black business owners were more likely than any other group to suffer financially during the pandemic—38% borrowed money from a friend or relative, 25% worked a second job, and 74% dipped into their personal funds to cover costs.

Such documented evidence of credit constraints has significant consequences for the availability of local services in Black neighborhoods. For instance, Beaulac et al. (2009) documents the phenomenon of food deserts across the United States. Figure 9 below displays the important differences in the density of local services across Atlanta using the National Establishment Time Series (NETS) dataset. Such a dataset provides the geocoded location of establishments, their sales, and number of employees. Benchmarking using administrative data suggests that NETS is an accurate portrayal of the cross-section distribution of establishments (Barnatchez et al. 2017). Figure 9 suggests a significantly lower density in majority Black neighborhoods of Atlanta.

Credit constraints are likely to play a role in this uneven distribution of economic activity. The upper-right panel of Figure 10 shows a positive correlation between the interest rate on business and commercial loans and the share Black in a census tract. Interest rates are insensitive to racial composition for the share of Black residents in a neighborhood below 25%, and then grow to be 1 percentage point higher in Black neighborhoods.

This may lead to an unrealized potential for business expansion in Black neighborhoods: Figure 11 presents a set of graphs displaying a negative relationship between the number, sales, and employees of service firms and the fraction of Black residents.

Figure 9
This map presents the geocoded location of services in the Atlanta metropolitan area. The boundary is the set of census tracts where the fraction of Black residents is greater than 80%.
Figure 10
The upper-right panel presents the tract-level average interest rate on loans with a commercial or business purpose. Each dot is a census tract of the Atlanta metropolitan area. The average interest rate is the dollar-weighted average. The upper-left panel presents the number of employees in service firms by percentage Black. The lower-left panel presents a similar scatter plot for the dollar sales. The lower-right panel focuses on the number of service firms. Services are the same as those for Figure 8: restaurant and bars, offices of physicians, banks, grocery stores, cinemas, art galleries, and other personal services.

5. Conclusion: A new agenda

New detailed microdata provide descriptive evidence that Black borrowers and depositors are substantially more constrained in their access to banking services. This is visible across a range of services, including deposits, residential mortgage credit, and business loans. This report suggests a new legislative agenda and a new research agenda. First, supervisory tools developed in the aftermath of the 1977 Community Reinvestment Act do not seem adapted to the “big data” of the 21st century. Better information means it’s easier than ever to identify paths to improvement for bank and nonbank lenders. Second, researchers can observe large parts of the balance sheet and income statement of depository institutions, allowing for an understanding of the match between the savings of Black depositors and the flow of loans to Black residents and businesses. This should spark a research agenda that makes financial data science more useful than ever to address 21st century inequalities.


Aaronson, D., Hartley, D.A. and Mazumder, B., 2017. The Effects of the 1930s HOLC’s “Redlining” Maps.

Agarwal, S., Amromin, G., Ben-David, I., Chomsisengphet, S. and Evanoff, D.D., 2014. Predatory lending and the subprime crisis. Journal of financial economics, 113(1), pp.29-52.

Ammons, L. (1996). The evolution of Black-owned banks in the United States between the 1880s and 1990s. Journal of Black Studies, 26(4), 467-489.

Barnatchez, K., Crane, L.D. and Decker, R., 2017. An assessment of the national establishment time series (nets) database.

Beaulac, J., Kristjansson, E. and Cummins, S., 2009. Peer reviewed: A systematic review of food deserts, 1966-2007. Preventing chronic disease, 6(3).

Bhutta, N., Chang, A. C., Dettling, L. J., Hsu, J. W., & Hewitt, J. (2020). Disparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances. FEDS Notes, (2020-09), 28-2.

Blanchflower, D. G., Levine, P. B., & Zimmerman, D. J. (2003). Discrimination in the small-business credit market. Review of Economics and Statistics, 85(4), 930-943.

Burton, A., Scheck, J., and West, John., 2020. The Battle to Keep America’s Black Banks Alive. The Wall Street Journal.

Calem, P.S., Hershaff, J.E. and Wachter, S.M., 2004. Neighborhood patterns of subprime lending: Evidence from disparate cities. Housing Policy Debate, 15(3), pp.603-622.

Carr, J.H. and Kolluri, L., 2001. Predatory lending: An overview. Fannie Mae Foundation, pp.1-17.

Carr, J.H. and Megbolugbe, I.F., 1993. The Federal Reserve Bank of Boston study on mortgage lending revisited. Journal of Housing Research, pp.277-313.

Cohen-Cole, E., 2011. Credit card redlining. Review of Economics and Statistics, 93(2), pp.700-713.

Dunham et al. (2018). Navigating the Dual Financial Service System: Neighborhood-Level Predictors of Access to Brick-and-Mortar Financial Services. The California Geographer, 57.

Ergungor, O.E., 2010. Bank branch presence and access to credit in low‐to moderate‐income neighborhoods. Journal of Money, Credit and Banking, 42(7), pp.1321-1349.

Fairlie, R. W., Robb, A. M., & Hinson, D. (2010). Disparities in capital access between minority and non-minority-owned businesses. US Department of Commerce, Minority Business Development Agency.

Fairlie, R. W., Robb, A., & Robinson, D. T. (2020). Black and white: Access to capital among minority-owned startups (No. w28154). National Bureau of Economic Research.

Federal Deposit Insurance Corporation. Minority Depository Institutions Program. Minority Depository Institutions List. Retrieved from

Fishback, P.V., LaVoice, J., Shertzer, A. and Walsh, R., 2020. Race, risk, and the emergence of federal redlining (No. w28146). National Bureau of Economic Research.

Fox, Z., Tariq, Z., Thomas, L., Palicpic, C., 2019. Bank branch closures take greatest toll on majority-black areas. S&G Global.

Friesenhahn, S.M. and Kwan, S.H., 2021. Minority Banks during the COVID-19 Pandemic. FRBSF Economic Letter, 2021(20), pp.01-05.

Fuster, A., Plosser, M., Schnabl, P. and Vickery, J., 2019. The role of technology in mortgage lending. The Review of Financial Studies, 32(5), pp.1854-1899.

Gerena, C. (2007). Opening the vault. Federal Reserve Bank of Richmond Region Focus.

Gotham, K.F., 2000. Urban space, restrictive covenants and the origins of racial residential segregation in a US city, 1900–50. International Journal of Urban and Regional Research, 24(3), pp.616-633.

Hegerty, S.W., 2016. Commercial bank locations and “banking deserts”: A statistical analysis of Milwaukee and Buffalo. The Annals of Regional Science, 56(1), pp.253-271.

Horrigan, J.B., 2020. Baltimore’s Digital Divide: Gaps in Internet Connectivity and the Impact on Low-Income City Residents. The Abell Report. Volume 33, No. 4. Abell Foundation.

Howell, S., Kuchler, T., Snitkof, D., Stroebel, J. and Wong, J., 2021. Racial Disparities in Access to Small Business Credit: Evidence from the Paycheck Protection Program. NBER Working Paper, (w29364).

Kashian, R.D., Contreras, F. and Perez-Valdez, C., 2016. The Changing Face of Communities Served by Minority Depository Institutions: 2001-2015.

Li, L., Strahan, P.E. and Zhang, S., 2020. Banks as lenders of first resort: Evidence from the COVID-19 crisis. The Review of Corporate Finance Studies, 9(3), pp.472-500.

Marte, J., 2021. Black and Hispanic firms half as likely to get needed financing, Fed study finds. Reuters.

McKinney, Jeffrey (2019). Looking Back at the History of America’s Black Banks, Even as They Strive for Vitality. Black Enterprise

Mills, C.K. and Battisto, J., 2020. Double jeopardy: COVID-19’s concentrated health and wealth effects in Black communities. Federal Reserve Bank of New York.

Moise, I. (2019). African Americans undeserved by U.S. banks: study. Reuters. Retrieved on January 23, 2021 from

Molloy, R., Smith, C.L. and Wozniak, A., 2017. Job changing and the decline in long-distance migration in the United States. Demography, 54(2), pp.631-653.

Munnell, A.H., Tootell, G.M., Browne, L.E. and McEneaney, J., 1996. Mortgage lending in Boston: Interpreting HMDA data. The American Economic Review, pp.25-53.

Ouazad, A. and Rancière, R., 2016. Credit standards and segregation. Review of Economics and Statistics, 98(5), pp.880-896.

Ouazad, A. and Rancière, R., 2019. City equilibrium with borrowing constraints: Structural estimation and general equilibrium effects. International Economic Review, 60(2), pp.721-749.

Partnership for Progress. 2021. Minority Banking Timeline Milestones. Board of Governors of the Federal Reserve System

Perry, A., Rothwell, J., Harshbarger, D., 2020. The devaluation of businesses in Black communities. Metropolitan Policy Program at The Brookings Institution.

Pike, K., 2021. Why we need Black-owned banks. Independent Banker.

Price, D.A., 1990. Minority-owned banks: History and trends. Economic commentary, (Jul).

Rhine, S.L., Greene, W.H. and Toussaint-Comeau, M., 2006. The importance of check-cashing businesses to the unbanked: Racial/ethnic differences. Review of Economics and Statistics, 88(1), pp.146-157.

Ross, S.L. and Yinger, J., 2002. The color of credit: Mortgage discrimination, research methodology, and fair-lending enforcement. MIT press.

Shift Credit Card Processing. 2021. Credit Score Statistics. Accessed at:

Sood, A., Speagle, W. and Ehrman-Solberg, K., 2019. Long Shadow of Racial Discrimination: Evidence from Housing Covenants of Minneapolis, mimeo.

Todd, T., 2019. Let Us Put Our Money Together: The Founding of America’s First Black Banks. Federal Reserve Bank of Kansas City.

Toussaint-Comeau, M. and Newberger, R., 2017. Minority-owned banks and their primary local market areas. Economic Perspectives, 4(4), pp.1-31.

Toussaint-Comeau, M., Wang, Y.D. and Newberger, R., 2020. Impact of Bank Closings on Credit Extension to Businesses in Low-Income and Minority Neighborhoods. The Review of Black Political Economy, 47(1), pp.20-49.

Van Tol, J. 2020. Reduce lending in low-income neighborhoods? Incredibly, the government has a plan that could help banks do that. The Hill.

]]> 0
Chicago Park District Board Chair Avis LaVelle Resigns Amid Lifeguard Sex Abuse Scandal – CBS Chicago Thu, 11 Nov 2021 11:39:25 +0000 CHICAGO (CBS) — Chicago Park District Board chair Avis LaVelle resigned on Wednesday, in the latest fallout from the lifeguard sex abuse scandal. LaVelle informed the board of her decision to resign at the end of Wednesday’s board meeting. READ MORE: University Of Chicago Graduate Who Was Shot And Killed In Robbery Is Identified As […]]]>

CHICAGO (CBS) — Chicago Park District Board chair Avis LaVelle resigned on Wednesday, in the latest fallout from the lifeguard sex abuse scandal.

LaVelle informed the board of her decision to resign at the end of Wednesday’s board meeting.

READ MORE: University Of Chicago Graduate Who Was Shot And Killed In Robbery Is Identified As Dennis Shaoxiong Zheng; Vigil Held At Site Of His Murder

“Let me be clear, I am not being forced out. Mayor Lightfoot did not ask me to resign. She has been resolute in her support for me both publicly and privately, and for that I am profoundly grateful,” she said.

Nonetheless, her resignation comes only after at least three aldermen called for her to step down, in the wake of a scathing independent investigator’s report found district management failed to properly investigate widespread claims of sexual assault, sexual harassment, and bullying involving Park District lifeguards.

Ald. Scott Waguespack (32nd) was the first alderman to call for LaVelle and other Park District officials to resign after it was revealed the district didn’t take steps to begin a proper investigation until WBEZ Public Radio first reported on the scandal in April.

“When we have systems like this that are really poorly run; that have a culture of abuse, we need to root it out,” Waguespack said, “and I think it starts at the top – but we need to make sure it goes all the way to the bottom.”

Ald. Michele Smith (43rd) and Ald. Rossana Rodriguez-Sanchez (33rd) also have called for LaVelle to step down.

“Chicago Park District needs new leadership that is up to the task of making our parks safe and creating structures of accountability,” Rodrigeuz-Sanchez posted last week on Twitter.

In announcing her resignation, Lavelle apologized for the scandal that also led to the ouster of Park District CEO Mike Kelly last month.

“I am deeply sorry for the culture of abuse and harassment that was allowed to fester in the beaches and pools division of the Chicago Park District. It is apparent that this went on many years, even decades before I joined the park district board. I take responsibility because it came to light on my watch,” she said.

Scathing reports released last week detailed years of abuse in the aquatics division of the parks, describing a “code of silence” within the district.

According to an independent investigator’s report, Kelly took no action until six months after he had received a complaint about abuse from the parents of a female lifeguard.

Tuesday’s report by the Arnold & Porter Law Firm and a separate report by the district’s inspector general detailed multiple sexual assault claims by Park District lifeguards and what the Park District called “egregious mishandling of complaints” by management – as well as organizational failures that made it so the victims were not protected.

As CBS 2’s Tara Molina reported, the reports detail scathing accusations of everything from sexual harassment to bullying among Chicago lifeguards, One woman called it a “culture” of violence and claimed there was a “code of silence.”

Read The Reports Below (Warning: Reports contain offensive language and detailed descriptions of assault and abuse)

Report By Park District Office Of The Inspector General

Report By Arnold & Porter Law Firm

LaVelle has previously said she apologized to the girls and young women who were assaulted, abused, and harassed; but before Wednesday had said she wouldn’t step down.

She also pointed the finger at Kelly for failing to immediately launch a full investigation into complaints of widespread sexual assault, abuse, and harassment of girls and young women who worked as lifeguards at the city’s pools and beaches, while assuring LaVelle and others that he was handling complaints properly.

“I was assured repeatedly by former Superintendent Mike Kelly throughout the process that management was taking corrective steps to address these problems systemwide,” LaVelle said last week. “What I never expected was that it would take so long to get to the point of holding accountable those who are responsible.”

However, she also acknowledged she shares in the blame for the district’s handling of the scandal.

“It is not acceptable that any of this continued to happen. It is not acceptable that this started long before any of us, that I’m aware of were, here. It’s all unacceptable, and I accept my responsibility as a person who was sitting in this chair at the time that this was exposed,” she said. “I can’t be responsible for the people who came before me. I can be responsible for my part in it, and I have accepted that. Mistakes were made. It was a dysfunctional investigative process. It was a dysfunctional response process.”

LaVelle’s resignation comes after interim Park District CEO and General Manager Rosa Escareño last week asked for the resignation of Park District Chief Programming Officer Alonzo Williams, who was notified by Kelly about a sexual misconduct complaint as early as August 2019 and did not take corrective action. Escareño also fired two senior managers – Assistant Director of Recreation Eric Fischer and Beaches and Pools Unit Manager Adam Bueling – for also failing to take proper action with regard to sexual misconduct allegations.

The latter two top managers, were both were placed on emergency suspension last month, based on information Kelly received from the inspector general.

Kelly resigned as Park District superintendent last month, after Mayor Lori Lightfoot demanded the Park District board fire him for his handling of the scandal.

Kelly’s resignation came just weeks after Chicago Park District Inspector General Elaine Little resigned amid her office’s ongoing investigation into widespread sexual harassment targeting female lifeguards.

Little’s resignation came after WBEZ, Chicago Public Radio reported Little was herself under an investigation into “alleged conflicts and wrongdoing” upon leaving a post as director of investigations at the Cook County Juvenile Temporary Detention Center three years ago.

In August, Kelly said the investigation by Little’s office had resulted in disciplinary action against 42 employees since the probe into harassment among lifeguards began last March.

A total of 14 Park District employees have now been fired or prevented for rehire since this started, while four employees still under emergency suspension as investigations continue.

The two reports went into detail about multiple specific allegations of sexual assault and abuse, as well as harassment and hazing. There are a total of 27 open investigations right now.

The OIG report details four allegations that date back as far as 2015.

The report alleges that year, 20-year-old natatorium instructor sexually assaulted a 17-year-old female colleague at a party, and the victim was taunted and mocked about the assault by her coworkers the next day. The victim said she did not report the assault because she was ashamed and afraid, and had no faith that Park District supervisors would properly handle the complaint given the culture of the Aquatics Department.

Investigators later learned of another allegation involving the same instructor and another female lifeguard in 2019. This female lifeguard, 21 at the time, also said she did not report the incident because she did not think anyone would believe her, the report said. The Inspector General recommended that the instructor be fired and be designated as “do not rehire.”

READ MORE: Chicago Weather: Wet And Windy Thursday

In another complaint dating back to 2016, a then 18-year-old male lifeguard is accused of sexually assaulting a female colleague after offering to driving her home when she became intoxicated at a party. This victim was also mocked by her coworkers when she returned to work, the report said. The report added that the following summer, the same male lifeguard harassed her and gave her undesirable work assignments in what she believed was retaliation.

The female lifeguard declined to file a police report, and the male lifeguard was first placed on emergency suspension and then resigned, the report said. He declined to be interviewed for the investigation, but the OIG recommended that he too be placed on the “do not rehire” list.

Another 16-year-old female lifeguard reported that in 2020, she began a consensual intimate relationship with an 18-year-old male lifeguard and provided nude photos to him – only to have them shared widely on social media. This female lifeguard also reported the male lifeguard later sexually assaulted her in his car while driving her home.

Another female lifeguard, 19, also filed a complaint with the Park District claiming the same male lifeguard repeatedly harassed her, hectored other employees, and yelled at parkgoers. This lifeguard also went on to resign, and was recommended for the “do not hire” list.

The fourth complaint in the OIG report is the only one that has resulted in criminal charges so far. The report said this past August, investigators learned that a 32-year-old male lifeguard supervisor engaged in a sexual relationship with a 16-year-old female lifeguard under his supervision.

Authorities announced last week that the supervisor, Mauricio Ramirez, 32, has been charged with one felony count each of criminal sexual assault and aggravated criminal sexual abuse.

Mauricio Ramirez (Credit: Chicago Police)

Cook County prosecutors said Ramirez was the girl’s supervisor as she was working as a lifeguard this summer, and was well aware of her age when he began talking to her in July, when she told him she was a 16-year-old junior in high school. Prosecutors said, on two occasions between July and September, Ramirez picked the girl up from her school in his car, and later pulled over and sexually assaulted her, before taking her home.

In August, he also drove her home from work, and on the drive home, he sexually assaulted her, prosecutors said.

In response to the OIG report, Escareño moved immediately to ensure the one male lifeguard still working for the Park District would be fired, and none of the four would be hired by the Park District in the future.

Meanwhile, the Arnold & Porter report went into further detail about multiple allegations of sexual assault and other misconduct among Park District lifeguards. The law firm said it found sufficient evidence that Kelly violated the Park District policy on sexual harassment by failing to report a complaint to the OIG until six months after he had first received it.

Williams, Fischer, and Bueling were likewise accused of failing to take proper action.

The complaint in this case came from a female lifeguard who reported that she was subjected to sexual harassment, assault, hazing, bullying, and other abuse while working at the Oak Street Beach.

The law firm report said on Aug. 30, 2019, Kelly received an email from the father of a female lifeguard – who was described as a friend of Kelly’s and someone with whom he did business. The father advised that Kelly should send someone to remove a “fight song” that was posted on the wall of the lifeguard trailer at the Oak Street Beach “before press or somebody runs with it.”

The female lifeguard’s mother went on to detail the allegations. She said the lifeguards were required to memorize the “fight song,” which is composed of a litany of graphic vulgarities, and chant it as they did push-ups every morning. The mother also said lifeguards – most of them female – were regularly thrown in a five-foot-deep hole in the sand where they were degraded by having sand thrown on them.

Lifeguards were also threatened with hazing – involving such indignities as having to stand on a ledge for five hours straight, the mother reported. She further reported that her daughter was thrown against a locker by an older male guard, and that lifeguards were given mocking, degrading awards at a staff banquet – which were so humiliating that one young woman went into the restroom and cried for the rest of the night.

The law firm report said Kelly responded to these complaints by forwarding the email to Williams with the message. “Take a look and let’s discuss.” The law firm said it found no evidence that any further action was taken at that point.

More than five months later on Feb. 7, 2020, the female lifeguard emailed Kelly and Fischer herself with the details of what she said had happened the summer before – when she was 17 years old. Her own report lined up with what her mother had reported the prior August, but she broke down more detail – including the names of about seven lifeguards who she said had participated in the misconduct.

The young woman also reported hazing rituals in which rookie lifeguards – who were usually underage – were forced to drink alcoholic beverages while singing the vulgar fight song repeatedly in push-up position until getting all the words right. She reported that pints of beer were taped to each rookie lifeguard’s hands, and when she refused to drink them, a guard tried to force a bottle of vodka down her throat.

The young woman also reported being verbally abused with degrading names and other remarks, hit on the back of the neck “extremely hard” by a male lifeguard, and being threatened with retaliation if she did not drink alcohol or smoke marijuana, the law firm report said. She also detailed the practices of female lifeguards being thrown in a hole and having sand thrown at them, and the mocking awards at the end-of-the-season banquet.

The young woman expressed concern that someone could be killed or permanently injured by “the stupidity of the so-called professional lifeguards,” that a girl could be sexually assaulted by lifeguards who are “high and not in the correct mental state,” and that the abuse could drive someone to suicide, the report said.

Kelly sent the young woman’s complaint to the OIG on March 19, 2020 – 41 days after he received it and six months after he first heard from the young woman’s parents, the law form report said.

The law firm report also another female lifeguard who had been working with the Park District for six years sent a complaint to Mayor Lori Lightfoot about her experience on March 6, 2020, and sent the same complaint to Bueling three days later. The Mayor’s office forward the complaint to Kelly on March 19, 2020, the report said.

In her complaint, this young woman reported she was sexually assaulted by a male lifeguard five years earlier when she was 17 and he was about 20, and was mocked for it by her coworkers afterward.

The young woman wrote, “there is a huge incidence of sexual violence within the Park District – from sexual harassment to sexual assault and rape,” and reported that sexually inappropriate comments and jokes were common even during work hours. She also described a code of silence within the Park District in which no one spoke up about the inappropriate comments and there was little support for those who wanted to file reports.

“Employees see how the perpetrators of sexual violence are either getting promoted to management positions or being allowed to continue working at their current positions even after complaints are made about them,” she wrote as quoted in the law firm report. “When complaints do get filed, repercussions are often mild. Most often employees are transferred to another location for a few days as ‘punishment’ but then prance right back where they came from.”

Based on the response by Kelly and the other Park District officials, the report concluded they failed to take proper action with regard to the female lifeguards’ complaints.

“We have a responsibility to take allegations of sexual misconduct seriously, and those in power failed in that duty and for that,” Escareño said. “On behalf of the Chicago Park District, I am sorry.”

The Park District said it will utilize the findings from the reports to overhaul policies and procedures for investigating complaints of sexual harassment or assault. The plan calls for a new Office of Protection that will investigate sexual harassment and misconduct and all other prohibited acts.

LaVelle’s full announcement Tuesday is below.

Mayor Lori Lightfoot released this statement:

“I thank Ms. LaVelle for her decades-long service to the City of Chicago.

I have full confidence in the Chicago Park District Board’s ability to move forward. Per state statute and further detailed in the Chicago Park District Code, the Vice President of the Board, Tim King, will assume all powers and duties as interim President of the Park District Board. Ms. LaVelle’s permanent successor will be named soon.

As the Park District moves forward in the days and months ahead, I am confident that important and essential work of restoring trust between the Park District and Chicago families will continue. The Board, the City of Chicago and the Park District, with the leadership of Interim General Superintendent Rosa Escareño, will leverage their collective strengths to protect patrons, strengthen organizational culture, and continue delivering the high-quality programs and environments that Chicagoans expect.

LaVelle previously served as the Vice President of Corporate Affairs for Northstar Lottery Group – which handled external affairs activities for Northstar and the Illinois Lottery.

LaVelle also runs the form A. LaVelle Consulting Services, which she founded in 2003. The firm helped lead grassroots campaigns that led to the reform of payday loan shop practices and electric energy rate deregulation, among other things.

MORE NEWS: Olivia Cobbins Says She Came To The Harvey Police Department To Fight Corruption, But Now She Has Quit In Disgust

LaVelle also served as press secretary to retired Mayor Richard M. Daley in the early 1990s – handling crisis communications for the 1992 Chicago Flood and the planned Lake Calumet Airport. She went on to serve as National Pres Secretary for the Clinton/Gore presidential campaign in 1992, and served as U.S. Assistant Secretary for Public Affairs under President Bill Clinton.

]]> 0
NortonLifeLock inc (NLOK) Q2 2022 Earnings Call Transcript Thu, 11 Nov 2021 11:39:21 +0000 Image source: The Motley Fool. NortonLifeLock inc (NASDAQ:NLOK) Q2 2022 Earnings Call Nov 4, 2021, 5:00 p.m. ET Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Good afternoon, everyone. Thank you for standing by. My name is Jerome and I’ll be your conference operator today. I would like to welcome everyone to the NortonLifeLock […]]]>

Image source: The Motley Fool.

NortonLifeLock inc (NASDAQ:NLOK)
Q2 2022 Earnings Call
Nov 4, 2021, 5:00 p.m. ET


  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:


Good afternoon, everyone. Thank you for standing by. My name is Jerome and I’ll be your conference operator today. I would like to welcome everyone to the NortonLifeLock Fiscal 2022 Second Quarter Earnings Call. Today’s call is being recorded and all lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session.

At this time, for opening remarks, I would like to pass the call over to Ms. Mary Lai, Head of Investor Relations. Miss, you may begin.

Mary LaiVice President-Investor Relations

Thank you, Jerome, and good afternoon, everyone. Welcome to the NortonLifeLock’s fiscal 2022 second quarter earnings call. Joining me today to review our Q2 results are Vincent Pilette, CEO; and Natalie Derse, CFO.

As a reminder, there will be a replay of this call posted on the IR website, along with our earnings slides, press release and materials defining our non-GAAP metrics. I’d like to remind everyone that during this call, all references to the final metrics are non-GAAP and all growth rates are year-over-year, unless otherwise stated. A reconciliation of non-GAAP to GAAP measures is included in our press release, which is available on our IR website at

In addition, we previously announced the merger of NortonLifeLock and Avast. The information shared today will be limited to what has already been disclosed in the documents published on our website in connection with the deal. Today’s call contains statements regarding our business, financial performance and operations, including the impact of the ongoing COVID-19 pandemic on our business and industry, which may be considered forward-looking statements and such statements involve risks and uncertainties that may cause actual results to differ materially from our current expectations.

Those statements are based on our current beliefs, assumptions and expectations and speak only as of the current date. For more information, please refer to the cautionary statement in our press release and the risk factors in our filings with the SEC and in particular, our annual report on Form 10-K for the fiscal year ended April 2, 2021.

And now, I will turn the call over to our CEO. Vincent?

Vincent PiletteChief Executive Officer

Thank you, Mary. Welcome, and good afternoon, everyone. We’ve come a long way since we became a consumer-focused stand-alone company exactly two years ago today. As I reflect on NortonLifeLock transformation, I’m extremely proud of our team.We committed to operating within financial discipline and bringing meaningful and sustainable growth to this business, and we have delivered. We have relentlessly been building a strong track record and remain focused on meeting our long-term objectives.

As you’ve heard me share before, we are focused on driving growth by improving customer experience, scaling our integrated cybersafety platform and accelerating the pace of our product innovation from core security to trust-based digital solutions. By putting our customers first and relentlessly executing to our plan, we believe our long-term goals are within reach.

Our strategy is working. And as we delivered another quarter of solid and consistent growth, Q2 revenue was up 11%, with high single-digit growth in bookings. We are delivering strong profitability and continued EPS expansion, up almost 20% year-over-year.Our high single-digit bookings growth was in line to our long-term objectives and is reflective of our normal seasonality, with the first half of our fiscal year historically being seasonally lower. The start of Q2 was impacted by expected weaker summer demand and COVID reopening as more people mobilized or prioritized to travel and other activities.

As we balanced all of our operational metrics and investment, we finished the quarter with strong momentum, delivering our eighth straight quarter of net direct customer adds sequentially. Our direct customer count grew over 178,000 sequentially, and we added over 2.6 million customers year-over-year, bringing our total customer count to 23.3 million.In Q2, our direct-to-consumer revenue, which represented the majority of our business, was up 9%, with ARPU growing slightly quarter-over-quarter and unit retention stable. We have continued to build a richer and more robust product portfolio, as we reach more consumers on a global basis, while driving higher engagement with our existing customers.

Our Net Promoter Score continues to improve from low 40s last year to 49 this quarter, reflecting our focus on customer experience and providing peace of mind to our customers as they live their digital lives. Our international expansion efforts continued in Q2 and grew double digits similar to last quarter.

We continue to invest in our freemium model as it increases our consumer reach and awareness, and we are encouraged that our nascent expansion into identity internationally is now available in more than 20 countries across Europe and Asia. It is a critical component of our ability to provide more value to our customers outside of the US, replicating the success we have had with ID Advisor in Japan, where we combined dark web monitoring with elements of restoration.Our partner business posted double-digit revenue for the quarter — for the actually fourth straight quarter, up 25% in Q2. All channels contributed meaningfully to these results. Amongst those, the employee benefits channel delivered another very strong quarter. We’ve expanded beyond the United States, offering our employee benefit solutions to Canadian employers and unlocking a broader customer base.

Our investment in this area are paying off, as we have strengthened our sales team and market coverage in the last few quarters. We intend to expand our overall partner business, and we will continue to invest in our multichannel approach evaluating all potential opportunities and markets globally.Overall, we are on track to our plan and committed to investing in what we see as a long-term secular growth opportunity to develop the best cybersafety portfolio for consumers. As a result, we continued to accelerate the pace of our product innovation pipeline, as we work to bring cybersafety to every digital user and release products that help protect consumers’ devices, privacy and identity.

We opened the quarter with the release of Norton Utilities Ultimate, a new performance maintenance offering that helps create a faster and smoother and more secure experience for consumers whether they’re gaming or browsing or streaming content or more on their Windows PC.We expanded Norton family with new features, including Favorite Locations, to help parents establish approved geographic locations and receive notifications when their child’s device arrives or departs those set locations. We also introduced Alert Me, which helps parents inform about their children’s location by setting specific dates and times to receive automatic check-in alerts from the location of their child’s device. Both of these new features were quite timely as many kids headed back to school in person.

On the Identity front, we added payday loan lock to selected US LifeLock plans to help block the opening of fraudulent payday loans and other short-term loans. And we’ve added new features like social media monitoring in more markets to provide consumers with broader protection as their digital footprint expands. As awareness grows globally for identity protection, we continue to evolve our road map to protect our customers and provide the most relevant products and features to new audiences.As we continue to strengthen our privacy pillar and help provide additional ways for consumers to control their online privacy, we released Norton AntiTrack in the US, a new app and browser extension that helps prevent websites from tracking and profiling users in ways normal private browsers or VPNs cannot do. That way, people can protect and control their digital footprint from companies and websites that track online activities and collect or sell their personal data.

We’ve seen positive momentum from this new product release as consumers are seeing ways to protect their privacy. And I’m pleased to share that Norton AntiTrack has expanded now to APG and EMEA earlier this week. Privacy overall is one of the three pillars of our cybersafety portfolio, and we should continue to see investment in this area to help consumers manage their privacy and reputation online.In Q2, we also released our first environmental, social and governance report. This report highlights NortonLifeLock’s ongoing pledge to bring together our team, expertise and technology to help build a safe, inclusive and sustainable future. We are making good progress on this front, and I’m proud of all of our employees, the commitment we have made together to develop a responsible company. I encourage you to check all of our achievement in that area on our IR website.

Additionally, we were recognized by the Business Intelligence Group 2021 Sales and Marketing Technology Award or what they call the semis, which ranked NortonLifeLock as one of the top medium-sized companies of 2021 for innovation in sales and marketing technology. We were recognized for our efforts upgrading customer service operations with the development of a new internal sales platform that was built by our own in-house engineers and launched in the spring of 2021. This technology enable us to better deliver key customer services within a single easy-to-use interface.The platform also replaced a legacy vendor-supplied solution, driving cost efficiencies for the company. This is a great example of the team’s living our value. They advocated for the customer. They were empowered to take initiative to identify the opportunity, and they delighted customers while improving our business operations. And more importantly, they delivered.

Before I turn the call over to Natalie to discuss the financial results, I would like to provide an update on our proposed merger with Avast. We have made great progress, and we continue to be enthusiastic about the combination of the two companies and the opportunity to accelerate innovation in cybersafety. We crossed an important milestone today with NortonLifeLock shareholders voting to overwhelmingly support our ongoing transformation through the proposed merger with Avast with the next key step being the Avast shareholder vote scheduled for November 18.We’re also actively and collaboratively working through the antitrust and other regulatory processes in all relevant jurisdictions, and we believe we are on track to close mid of next calendar year 2022, as previously stated. Our strategy has been to protect and empower consumers as more and more of their lives move online, and this transaction will allow the combined companies to invest in and accelerate innovation for new cybersafety products.

And now, let me turn the call over to Natalie for more details on the financials.

Natalie DerseChief Financial Officer

Thank you, Vincent, and hello, everyone. To all our customers, shareholders and listeners around the world who are celebrating Diwali today, may the festival of lights bring joy and happiness to you and your families?

For today’s discussion, I will focus on non-GAAP financials, starting with our Q2 results and then provide our outlook for Q3 and full year. We delivered another solid quarter, rounding out a strong first half of our fiscal year. Our Q2 revenue was $695 million, up 11%. Our growth remains broad-based across geos and products. Bookings growth of 7% was supported by our renewal efforts, expanded product offerings and continued international expansion.

Our total direct customer count increased to 23.3 million, adding 2.6 million customers year-over-year and adding 178,000 net new customers quarter-over-quarter. This was our eighth consecutive quarter of sequential net direct customer adds.In a quarter, where there is seasonally lower demand, our strong net adds in Q2 is evidence that there is growing demand for our products, and we feel proud to have added over 300,000 net new customers in the first half of our fiscal year. Our operational metrics remain strong, with 85% unit retention and our monthly average revenue per user, or ARPU, increased on a sequential basis to $8.85.

As a result, our direct business maintained consistent growth momentum, up 9% in revenue. We continue to drive higher engagement with our existing loyal customers through the accelerated pace of new product releases, while scaling up our cross-sell efforts. We are also reaching more audiences with the expansion of our identity protection offerings into more international markets, providing broader cybersafety protection to newer cohorts of customers.

As Vincent mentioned earlier, our partner business again posted strong results in Q2, up 25% year-over-year with continued strength in employee benefits, as well as growth from other distribution channels. Although it accounts for approximately 10% of our total, our partner business remains a key tenet of our long-term growth strategy and will continue to be an important investment area for us, and we are encouraged by the year-to-date growth unlocks thus far.

Turning to profitability. Q2 operating margin was 52%, up 200 basis points year-over-year. We operate with a growth-focused approach in our investment decisions. With sales and marketing, we are constantly evaluating the effectiveness of our spend to optimize how we reach consumers and market our products to maximize the return on these investments for both the short term and long term in an increasingly competitive advertising environment.

With R&D, we have focused our efforts on increasing the pace of new product launches, while maintaining a robust evolving product pipeline for our customers. And we self-fund these investments through productivity gains and lower infrastructure costs, operating at 87% gross margin and with G&A less than 5% of revenue, as we drive long-term sustainable growth.Q2 net income was $255 million, up 19% year-over-year. Diluted EPS was $0.43 for the quarter, also up 19% year-over-year and at the high end of our guidance range. We remain focused on EPS expansion and achieving our long-term EPS objective of $3 that we shared back in May this year.

Turning to our cash flow and balance sheet. Q2 operating cash flow was $60 million, and free cash flow was $59 million, which included seasonal tax payments. Year-to-date operating cash flow was $318 million, in line with our net income improvement and growth. We ended Q2 with over $1.5 billion of total cash, which includes the cash proceeds from the July sale of our Mountain View Ellis building. We remain levered at approximately two times net debt and maintain both a strong liquidity position and a healthy balance sheet.

In Q2, we also returned approximately $73 million to shareholders in the form of our regular quarterly dividend of $0.125 per common share. For Q3, the Board of Directors has approved a regular quarterly cash dividend of $0.125 per common share to be paid on December 15, 2021, for all shareholders of record as of the close of business on November 22, 2021, as described in the press release. And a reminder that while we still have approximately $1.8 billion remaining in the current share buyback program, we cannot deploy it in the short term due to the pending Avast transaction.

Now, turning to our Q3 and full year outlook. We expect Q3 non-GAAP revenue in the range of $695 million to $705 million, assuming stable currency rates quarter-over-quarter, which translates to 9% to 11% growth year-over-year. We expect Q3 non-GAAP EPS to be in the range of $0.42 to $0.44 per share.

For the full year, we expect non-GAAP revenue growth of 9% to 10% year-over-year in constant currency and non-GAAP EPS in the range of $1.70 to $1.75, narrowing the range to the high end on both revenue and EPS versus what we shared with you back in May at our Analyst Day. We look forward to building on our growth momentum and consistent profitability in the second half of this year, and we are well positioned to deliver on our objectives.Even with the macro impacts around inflation, foreign exchange rate fluctuations and the evolving pandemic conditions, we have successfully navigated through and continued to hit expectations. As we look forward, we will continue to challenge ourselves to anticipate, prioritize and meet customer needs in a growth-focused manner.

Thank you for your time today, and I will now turn the call back to the operator to take your questions. Please do keep in mind we are not able to answer any questions related to any specific M&A at this time. Operator?

Questions and Answers:


Thank you. [Operator Instructions] Your first question comes from the line of Saket Kalia from Barclays. Your line is now open.

Saket KaliaBarclays — Analyst

Hey good afternoon. Hey Vincent. Hey Natalie. Thanks for taking my questions here. Natalie, maybe just to start with you. I was wondering if you could just double-click a little bit into the billings metric. I think we heard 7% growth in bookings, which was really good to hear. I think the billings growth is a little bit lower than — I come to that 5%. Can you just walk through maybe some of the puts and takes there? I know that maybe there was a slightly tougher compare. There’s always currency. I mean just maybe you could just touch on that growth kind of compared to bookings, kind of compared to billings growth in prior quarters.

Natalie DerseChief Financial Officer

Sure. Thanks, Saket. Look, I’m not surprised with the question around 7% bookings. I’m going to focus on bookings in the response to your question. But I’m also not surprised at our Q2 results as it’s in line with our models, our internal models. As you know, we don’t guide bookings, but we did share that Q2 is historically a seasonally lighter quarter. We also recognized early on that even if you look at the external search traffic metrics, either on Google metrics, analytics, etc, and you hone in on our branded and non-branded terms, we knew that search volume was lower than prior quarters than what we saw last year. And then we also saw very early on that the advertising spend being put into the market across our competitive landscape was up.

The other thing I’d encourage you guys to look at is, as you know, with our recurring business model, and as you know, with customer acquisition, when they get to the first year retention and renewal, there’s a healthy step-up in terms of the bookings amount that we get as those customers choose to renew with us. So you really have to date back to last year. In Q1, we added 379,000 net new customers. Again, factor in the seasonality component from Q1 to Q2, last year, at this time, we added about 117k net customers. When you factor into the model the step-up in the renewal bookings that we get from that renewable customer base, it would point you to a 7% result for us.

Vincent PiletteChief Executive Officer

If I can add just a few step back, Saket, quarter in, quarter out, obviously, we represent bookings so investors can understand the underlying metrics. But revenue and bookings trend about the same way not every quarter, but on a multi-quarter trend. And we guided revenue for next quarter, 9% to 11%. Again, we don’t guide bookings, but we see this trending somewhat in that range.

Saket KaliaBarclays — Analyst

Got it. Got it. That’s very helpful. Vincent, maybe for my follow-up for you. A lot of good things happening internationally. Can you just remind us how big is international currently as a percentage of the business? And sort of what’s — I guess how big can you see international long term as a percentage of total? And is that more of an antivirus type of market? Is that more of an identity monitoring market? Is it a little bit of both? Curious, how you sort of see international sort of longer term?

Vincent PiletteChief Executive Officer

It’s a good question, Saket. I’ll give you the short Belgium answer. International is not big enough. Today, it represent about 30% of our business. As you know, we acquired Avira to accelerate our growth internationally. As you said, a lot of good efforts initially are offering in those outside of the US countries did not include identity elements. We now start to build up the portfolio to move above and beyond that security, moving into protecting the digital lives, exploring element of restoration and so what I call solutions, which includes services. I think on a long-term perspective, outside of the US, we have a huge structural growth opportunities.

Obviously, the proposed merger Avast will boost all of that. It will be more balanced. When I look at different industry technology or even the demographic, as you know, we should be more 40 in the US, 60 international versus the reverse on a unit basis, and we’re going to continue to expand.

Saket KaliaBarclays — Analyst

Very helpful. Thanks guys.

Vincent PiletteChief Executive Officer

Thank you.


Thank you. [Operator Instructions] Your next question comes from the line of Hamza Fodderwala from Morgan Stanley. Your line is now open.

Hamza FodderwalaMorgan Stanley — Analyst

Hey good evening guys. Thanks for taking my question. So I’ll keep it to one question. Natalie, since you alluded to inflation, I’m curious what NortonLifeLock is thinking about in terms of pricing on renewal, particularly into the next fiscal year. Thank you.

Vincent PiletteChief Executive Officer

If you don’t mind, I’ll take it and I’ll step back a little bit in a broader context. First, as you know, we’ve acquired Avira. Our number one objective is to scale our cybersafety platform. And you’re going to see us continue to invest into the freemium model, expanding the freemium model to board security, expanding to other countries, and that’s our first point of entry, we would love that the five billion Internet users are all fully consciously protected from cybercriminality.

When it comes to then our ongoing prices, obviously, pricing structure and how do you upsell and move to a premium model have different structure. First, your price, as you know, as a promotion to get in the first time you get in. And then you have the renewal price at the normal MSRP that we have set. And then we’re tracking the dynamic of cost, inflation, competition in every country. It is a dynamic environment. It is a competitive environment. And so our pricing philosophy follows the value we provide to the members. As we continue to add new product and new value to that membership, then customers opt to higher level of membership, and that’s the whole business model that we have this time.

Hamza FodderwalaMorgan Stanley — Analyst

Thank you.


Thank you. [Operator Instructions] At this time, there are no more questions. I will turn the call back to Vincent Pilette, CEO, for closing remarks.

Vincent PiletteChief Executive Officer

Why don’t we wait one minute to see if there’s nobody? Last time, there was no more question. We had, two minutes later, plenty of questions trying to get in. So let’s check one more time, operator, if you don’t mind.


Sure. [Operator Instructions]

Vincent PiletteChief Executive Officer

Okay. Well, we obviously are always, as management, very open and available for any questions our investors or analysts would have. We’ll have plenty of one-on-one sessions between now and the next few days. I do want to thank our shareholders that have overwhelmingly approved the issuance of shares to — for the acquisition or the merger with Avast. We see that as a vote of confidence, confidence into our strategy, confidence into the specific transaction, confidence into the Board and management. So, thank you, everyone, and we’ll be connecting very soon.


[Operator Closing Remarks].

Duration: 28 minutes

Call participants:

Mary LaiVice President-Investor Relations

Vincent PiletteChief Executive Officer

Natalie DerseChief Financial Officer

Saket KaliaBarclays — Analyst

Hamza FodderwalaMorgan Stanley — Analyst

More NLOK analysis

All earnings call transcripts

AlphaStreet Logo

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

]]> 0
Best Cash Advance Apps | Top 5 Payday Loan Apps With Bad Credit Thu, 11 Nov 2021 11:39:18 +0000 Cash advance apps are advance payday providers that eligible borrowers can use to connect with proper lenders who would approve their request by incurring high-interest credit based on one’s income. The best cash advance apps usually process within a day or two and therefore it is a great method to fulfill one’s financial needs at […]]]>

Cash advance apps are advance payday providers that eligible borrowers can use to connect with proper lenders who would approve their request by incurring high-interest credit based on one’s income. The best cash advance apps usually process within a day or two and therefore it is a great method to fulfill one’s financial needs at any moment.

#1 Best Cash Advance App – Viva Payday Loans

5 Best Cash Advance Apps in 2021 – Quick-Pick

Following are some of the alternatives that may help you to get guaranteed loans with no credit check.

  • Viva Payday Loans – Best for very quick cash advances
  • Credit Clock – Best for lower loan amounts ($100 – $500)
  • Money Lender Squad – Best for wide range of lender options
  • Very Merry Loans – Best for accepting those with low credit scores
  • Heart Paydays – Best for high approval rates

How do I get started with the Best Cash Advance App? Quick 4-step guide:

A payday loan is a high-interest, short-term, variable-amount loan, dependent on your earnings. With websites like, users can avail loans between $100 and $5,000 that come with 5.99% to 35.99% interest rates.

  1. Visit Viva Payday Loans – Consumers throughout the United States can take the benefit of sanctioning a loan of up to $5000 by visiting and simply fill up an online form with the required details. Viva payday loans allow individuals to take a loan irrespective of the occasion, requirements, and budget – all within just a few clicks.
  1. Complete the application form – Upon visiting the website you can simply choose the amount of cash you would like to borrow along with the tenure of the loan without any upfront fees. Complete the application form by submitting additional details such as your email address, full name, DOB, and more.
  1. Get your decision – After submitting the form with the required details Viva Payday Loans will provide you with a decision regarding the loan approval. The website keeps all the information provided confidentially and shares it with the designated lender only. In most cases, the whole process takes around 2 minutes – from the submission of the form to connect with a suitable third-party lender.
  1. Receive your loan – With Viva Payday Loans, individuals get access to the required loan amount regardless of their credit record. In most cases, it takes 1 or 2 days for the funds to be available with detailed instructions from the lender.

What Are Cash Advance Apps & How Do They Work?

Depending on your earnings, a payday loan will provide you with a short-term credit where a creditor offers high-interest credit. Such short-term financial borrowings are dependent on your upcoming paycheck. In other terms, instead of using a third-party source of funding, you are lending money against your future earnings.

Certain major Cash advance apps assist you to go from one payday to the next by providing you access to your salary a few days ahead of time, thanks to advanced technologies. This way, if you need funds immediately, you may acquire them without charging outrageous interest payments.

Although if your paycheck is still a few days away, a payday loan application compensates you for part of the effort you’ve already put in that week. The software, for instance, sends the $100 you require to loan to your bank account, and then deducts $100 from your next paycheck to settle the fee. It operates similarly to a payday loan, except there is no interest. Once you get your paycheck, you just get the $100 you were given with no interest included. The applications’ developers generate revenue in a variety of ways, such as through optional tips and monthly subscription charges.

Best Cash Advance Apps – Fully Reviewed

1. Viva Payday Loans – Best For Very Quick Cash Advances

Viva Payday Loan app is considered one of the best Cash advance apps due to its ease of use, variety of loan amounts, and variable APR for eligible borrowers. Their website serves as the main portal where anyone could find payday loans for a specific amount by submitting a loan application quickly. It might be easier for people to go with this payday loan app instead of the other alternatives present in the market because this is a more transparent process.

Once approved, borrowers can take out up to $200 to $5,000 as loans from reputed lenders with a repayment period of 2 to 24 months. Usually, it takes 2 minutes to fill up a loan application on the Viva Payday Loans website. In case of approval of your payday loan application, you will be redirected to connect with the various payday loan bad credit lenders who would then decide to lend you the amount requested. Interest rates on Viva payday loans start from 5.99% to 35.99%.

The interest rate varies depending on which direct lender has approved the loan application. These Cash advance apps would sometimes ask for basic information from a borrower to ascertain whether they can repay the loan within the stipulated time or not.


  • Same day payout is available
  • The application process takes hardly 5 minutes
  • Up to $5000 can be loaned


  • People from all states cannot apply
  • Automatic monthly debit is used
  • Lenders might do a credit check in some cases

2. Credit Clock – Best For Lower Loan Amounts ($100 – $500)

If you need a short-term payday loan then credit clock could be your best bet among many others who claim to be the best Cash advance apps. This broker offers not only payday loans but also bad credit payday loans, personal loans, and emergency loans to borrowers found eligible based on their applications. Fast payouts, easy procedure of loan approval, and allowing even bad credit make credit clock a great payday loan app to check out in your time of need.

The credit clock is not only famous for being extremely helpful in times of need but also for its quick loan approval process that saves a lot of time and disburses cash when the borrower is on a time crunch. All you have to remember before opting for this payday loan app is that you must meet the minimum earning criteria fixed by the credit clock to proceed with a loan application.

All registered and permanent residents of the USA who are above the age of 18 are allowed to use this portal to get financial help from verified lenders that welcome borrowers even with bad credit scores. One might have to prove their residence and income during the process should the lender demands it.


  • Approval is quick
  • Disbursement of funds occurs within 24 hours
  • People with a bad credit score are allowed
  • Available for all 18 above permanent residents of the USA


  • Might ask for personal information
  • The minimum earning criteria is $1,000 so eligibility depends on affordability

3. Money Lender Squad – Best For Wide Range Of Lender Options

Money Lender Squad is another quality option for those looking for a payday loan online. It offers low APR with no guarantor for US-based residents. With instant approval of loans, Money Lender Squad focuses on borrowers who are usually ignored by other mainstream Cash advance apps. Those who have a bad credit score can also apply for a payday loan with over 60 days to 24 months repayment period and receive funds quickly.

An online form is available on the web portal of Money Lender Squad that needs to be filled up properly and then submitted to be shared with many types of lenders associated with the app. As there are no credit checks required, affordability is a primary concern for most borrowers. The entire process of loan approval and payout is fully automated and all you have to do is wait for a few minutes during which a lender might connect with borrowers with an agreement.


  • Loan terms are extended
  • Quick procedure for loan application
  • No guarantor needed
  • In case of any difficulty, a panel of money lender squad comes forward to assist


  • A lower credit score translates to higher interest
  • Maximum APR is well over 400% on this app

4. Very Merry Loans – Best For Accepting Those With Low Credit Scores

The online platform of Very Merry Loans helps eligible borrowers to connect with capable lenders in the US. Access to its payday loans even for those with bad credit scores is quickly available through this portal. You can get a same-day loan payout within just a few minutes after submitting your loan application properly. Typically it takes almost 24 hours for payday loans to be paid out.

Borrowers need to be above 18 years of age, residents of the USA, have a minimum earning of $1000 per month. Some lenders might ask for proof of residence or identification. Very Merry Loans is known for its simple loan model that presents a panel of verified and well-known lenders that are matched with loan applications from borrowers to pay out their loan requests quickly yet legally. Loan amount on Very Merry Loans ranges from $200 to $5000 so based on one’s requirement they can request a payday loan matching their financial situation.

Applicants repay their payday loans taken from this website over 7 to 31 days but extended loan terms are also available that allows one to repay their loans within 24 months. It is recommended to read all the terms and regulations associated with taking a payday loan from any payday loan app including Very Merry Loans to avoid issues later.


  • Lenders accept unemployed and bad credit borrowers
  • APR varies from 5.99% to 35.99%
  • Extended loans are available


  • Applicants need to be American residents
  • High-interest loans have to be repaid within 30 days

5. Heart Paydays – Best For High Approval Rates

Heart Paydays has been an active payday loan app for people living in certain hubs of the US for quite some time now. Their web portal is very easy to use for new visitors because it does not overcomplicate the process of applying for a payday loan online.

The online loan application process can be completed in a short period from the comfort of your home. Borrowers interested in getting a loan for $200 up to $2000 can access the heart paydays portal despite their bad credit score. It takes just over 2 minutes to submit a completed loan application online and usually under 60 minutes, borrowers receive a response from the app regarding their loan request approval and disbursement begins. Heart Paydays is one of the best Cash advance apps because they tend to accept and help out borrowers already rejected from other platforms.

This platform does not distinguish among potential borrowers who are unemployed, have bad credit, and living on government benefits. Heart Paydays offers as much as $5000 loans with 24 months to repay it along with the interest.


  • No phone calls or paperwork needed
  • Short term payday loans can be paid within 24 hours
  • Loan disbursement takes hardly an hour


  • High fees on some loans
  • Long term loans incur high interest

Features of Cash Advance Apps

Best Cash advance apps, if utilized correctly, can prevent you from getting a bank overdraft charge and offer immediate cash to get you through until your next payday. Some applications also offer budgeting features, low-interest credit-building borrowings, and other functionalities.

Speed of approval: The approval process may vary from app to app that can range between minutes and even 3 days in some cases. At, users can expect a decision regarding their loan approval within 2 minutes.

Loan amount: Payday loans borrowed from certain apps are generally of small amounts that can range from $5 to $5000. For instance, viva payday loans grant loans amount from $100 to $5000 for customers throughout the United States.

Repayment options: Typically the amount is usually deducted out of your account on the day you’re supposed to get your following payment, which is usually your upcoming payday. In case the account is insufficiently funded, the apps will attempt to withdraw the funds multiple times until a certain period. You’ll be charged a late fee if your payment is delayed more than the limited period set by the app’s guidelines.

Fees: Usually these apps generate revenue from voluntary tips and monthly subscription charges.

While most Cash advance apps only provide access to paycheck prematurely, some of them also offer features like online banking services, investing, and more.

Types of Cash Advance Apps

Cash advance apps that work with Chime: Dave, Cleo, Albert, Empower, MoneyLion, Varo.

Cash advance apps that don’t use Plaid: Applications except for SoFi, Figure, Petal, Avant.

Cash advance apps that work with Netspend: Usually with a Netspend account, users cannot take a payday loan. However, with Netspend prepaid cards, one can take cash credits to their card account directly and can also have the option to deposit credit proceeds from other institutions to their account.

Cash advance apps that work with Varo: Varo Bank app, also known as Varo Advance. Users can also connect Varo with Chime.

Cash advance apps that work with PayPal: Apps such as PayPal working capital, CashspotUSA, are to name a few.

Cash advance apps that work with prepaid cards: Applications such as Brigit and Empower.

Advantages and Disadvantages of Cash Advance Apps

The preference for Cash advance apps in today’s time comes down to the array of benefits they serve.

With technological advancement, it’s never been easier or faster to get a payday loan. Some applications may deposit funds into your bank account right away, although they may charge a premium for this service. Easily log onto the app, pick the amount you want to borrow and your application will be either be granted or not in minutes. If it’s pre approved, the funds are transferred to your checking account right away. However, dependent on the creditor, the approval period may vary in most cases.

The credit check is used when requesting personal loans. But in the case of payday apps, most of them don’t even check your credit. The majority of financial applications make decisions based on how much you make and how much you want to loan before your next payday. When you ask for funds, the application evaluates to see whether you can repay it and either accepts or refuses your application, allowing you to get no credit check loans.

  • Opportunity to build credit

Even if you’re taking out loans through an app and it doesn’t seem like you’re getting a regular loan, the process can still affect your credit rating. Since most financial applications only provide borrowing of just a few hundred bucks, you may take out many loans throughout the year and repay them off promptly and completely. Each time you properly settle a loan, you accumulate points toward your credit rating.

Apart from the benefits, as a consumer, you must also be familiar with the drawbacks of such apps to properly evaluate your decision of opting for such applications.

  • Chances of getting into a debt loop

Since applications enable lending from your upcoming paycheck simple, users who depend on loans to cover monthly costs may find themselves in a cycle of debt. It’s easy to have financial support at your disposal, but it’s also risky in most cases. You could find yourself asking for personal loans more frequently than you are supposed to, which isn’t good for your salary when it arrives in your account.

Eligibility Criteria

At Viva Payday Loans, individuals fulfilling the following criteria are eligible for payday loans through the app.

  • An individual must be over the age of 18 to apply
  • Need to have a permanent address proof
  • Earns $1000 or more as a regular monthly income
  • Holds a valid checking or savings account with direct deposit

Application Process

At Viva Payday Loans, users can apply for payday loans in three simple steps.

Step 1: Select your loan amount & term

Viva Payday Loans are brokers who lend users up to $5000 for 3 to 6 months. To apply for the process, simply visit their website and choose the required loan amount with appropriate tenure.

Step 2: Complete the application

After submitting the basic information, you are required to put additional details like name, email address, cell phone number, and more.

Step 3: Wait for a decision within 2 minutes

After final submission, viva payday loans will evaluate the information to provide the decision whether your loan can be approved or not. The whole process typically takes up to a minute or two. Upon connection with a suitable lender, you will get access to the funds within 24-48 hours.

Request Payday Loan at Top-Rated Provider – Viva Payday Loans


What credit score is required for getting a payday loan online?

What are the things to prepare before applying for payday loans?

How does no credit check payday loans work?

How to apply for a payday loan?

Are payday loans going to affect my credit score?

About Jayme Wium PRO INVESTOR

Jayme is a professional freelance writer specializing in personal finance, business, nutrition, botany and mental health. She has studied extensively in these fields and spends a considerable amount of her time creating content to help simplify complex concepts for the everyday person.

]]> 0
Kinzinger’s presidential proclivities – POLITICO Thu, 11 Nov 2021 11:39:15 +0000 TGIF, Illinois. This could be the big day when Congress finally passes the twin infrastructure and Build Back Better bills, national Playbook reports. We’ll believe it when we see it. Former Gov. Rod Blagojevich channels Elvis with his attorney, Leonard Goodman, left, and the Drawers band. | Photo from a fan of the Drawers ABOUT […]]]>

TGIF, Illinois. This could be the big day when Congress finally passes the twin infrastructure and Build Back Better bills, national Playbook reports. We’ll believe it when we see it.

ABOUT LAST NIGHT: Rod Blagojevich took the stage at Martyrs’ in Chicago to channel Elvis, forever his favorite singer, in a rendition of “Don’t Be Cruel” with The Drawers. The band’s lead guitarist is Leonard Goodman who also is the former gov’s attorney.

We hinted at this last week, and now Rep. Adam Kinzinger is acknowledging he’s considering a 2024 run for president, according to CNN.

The Illinois Republican also said he’s considering a run for Tammy Duckworth’s Senate seat or the governor’s mansion against J.B. Pritzker. Kinzinger said he will “probably” have an answer about a possible statewide run by early January, in time for the signature process that begins Jan. 16.

“The key is, how do we restore the honor of the party in the country?” he told CNN, adding that he “definitely” wouldn’t rule out a White House run in 2024.

Of course, a presidential primary pitting Kinzinger against former President Donald Trump, whom the Illinois congressman voted to impeach, would be a political smorgasbord for Playbookers.

And a statewide race would be just as delicious if he were to make it out of a primary. That, of course, is the big question. Does he have a broad enough base, given his anti-Trump philosophy, to win over enough Republicans to get into the general election?

Back in February, Kinzinger told reporters, “It’s not my intention to run for anything statewide. I think there’s probably less of that chatter. At the beginning, I heard people speculate that I was taking the positions I was taking to set myself up to run statewide. And I’ll tell you, people who speculate that don’t know me.”

Kinzinger’s latest comments come a week after his 16th Congressional District was redrawn by Illinois state lawmakers as part of the 2021 redistricting process. The remap plunks him into the same district as his friend Rep. Darin LaHood. Kinzinger ruled out such a race and is now leaving his options open — wide open.

Congresswoman Lauren Underwood is at the center of a debate among Democrats about how to respond to GOP campaign attacks, including on “critical race theory,” which has become a blanket term Republicans now use to criticize schools for how they’re trying to discuss racism, identity and diversity.

From CNN: “Democratic Congressional Campaign Committee last week presented research and debated how to handle the once-obscure topic that is primarily taught at the university level but has become a focus on the right, according to multiple people familiar with the matter.”

The report says Underwood and Georgia Rep. Carolyn Bourdeaux of Georgia, who is white, disagreed on what the response should be. “Underwood wanted to forcefully counter the GOP’s misinformation head-on, while Bourdeaux was leery about elevating the issue, according to sources familiar with the matter. Rep. Jahana Hayes of Connecticut, another Black woman, sided with Underwood during the meeting,” according to CNN.

“We have a rising American electorate that are Black and brown people,” Underwood told CNN when asked about the episode. “We should be able to speak to their issues, their experiences as Americans in this country, without feeling like it’s a liability for other audiences.”

Critical race theory is top of mind this week among Democrats who saw Terry McAuliffe defeated in the Virginia governor’s race, in part because Republican Glenn Youngkin pushed back against teaching about racism in schools.

Have a tip, suggestion, birthday, anniversary, new job, or any other nugget for Playbook? Get in touch: [email protected]

In London to advance Illinois’ interests, including meetings with international business leaders.

At Comer Children’s Hospital at 9:15 a.m. for a Covid-19 update.

No official public events.

Biden vaccine mandates will hit after holiday season, offering relief to businesses: “The announcement follows weeks of pressure from business leaders who complained the rules would wreak havoc on the supply chain and possibly aggravate worker shortages,” by POLITICO’s Rebecca Rainey.

Vaccine skeptics score big in Green Bay: Green Bay quarterback Aaron Rodgers, the reigning NFL MVP, tested positive for Covid-19 and has been ruled out of games until at least Nov. 13. He’s an influencer and unvaccinated. “Perversely, Rodgers may now be encouraging people to remain unvaccinated,” too, writes Tyler Weyant in POLITICO Nightly.

Cook County Health to begin vaccinating kids 5 through 11: “Patients can walk in to any Cook County Health site for a shot for a child, or make an appointment at (833) 308-1988,” by Sun-Times’ Mitchell Armentrout.

Chicago kids are rolling up their sleeves for shots, by WBEZ’s Susie An

And in the suburbs, too, by Daily Herald’s Jake Griffin

LINCOLN IN LONDON: Gov. J.B. Pritzker, House Speaker Emanuel “Chris” Welch and Senate President Don Harmon were hosted at a reception put on by the London campus of the University of Chicago Booth School of Business and London & Partners, which is that city’s business growth agency. Pritzker, Welch and Harmon each spoke, focusing their comments on the economy and the climate legislation that has made them part of the discussion at COP26, the Glasgow climate change conference. Also spotted, Madhav Rajan, dean of the Booth School (visiting from Chicago) and Laura Citron, CEO of London & Partners. London is a leader in the climate tech sector, so the climate talk was a hit in the city of royalty. The Illinois lawmakers also stopped by the Lincoln statue in Parliament Square in London. It’s a replica of the one in LIncoln Park created by Augustus Saint-Gaudens.


The Movement That Almost Changed the World: “An idealistic climate campaign promised to transform the whole conversation in Washington. They ended up chanting ‘F— Joe Manchin’ in a parking lot,” by POLITICO’s Ruairi Arrieta-Kenna.

How a grieving Southwest flight attendant expanded Illinois’ paid sick leave law: “Southwest flight attendant Corliss King lost her husband during treatment for kidney failure, ending a 24-year marriage. She was stricken of course. But by the time that Terrance Hale died in 2020, King was battling not only to establish his legacy but also to change an Illinois law that blocked airline workers from using accumulated sick leave to care for sick relatives. Only now is her four-year fight nearing a successful end,” by Ted Reed for Forbes.

State law causing payday loan stores to close: “Consumer advocates say the short-term lenders preyed on the poor. Such businesses in Evanston were closing even before the state law took effect,” by Evanston Now’s Jeff Hirsh.

In blow to union detractors, SCOTUS declines to hear three post-Janus cases over dues collection: “The plaintiffs in the first two cases, Troesch v. Chicago Teachers Union and Fischer v. Murphy in New Jersey, said that so-called “escape periods” — short windows of time in which employees can opt out of paying union dues — are allowing states to avoid compliance with the court’s 2018 decision in Janus v. American Federation of State, County, and Municipal Employees, Council 31,” by Linda Jacobson in The 74, an education-focused nonprofit website.

Lawmakers back teacher sick pay bill, but will Pritzker sign it? Center Square’s Andrew Hensel reports

State Rep. Zalewski: Daylight Savings time ‘drives people crazy,’ by Dave Dahl via WJBC

Springfield Veterans Day parade returning after hiatus, by State Journal-Register’s Steven Spearie

Lightfoot staying above the fray in messy ward remap battle — for now: “Lightfoot promised to create an independent commission to draw new ward boundaries to coincide with the 2020 Census, but has taken no steps to honor that promise,” by Sun-Times’ Fran Spielman.

CPS facilities chief out amid dirty schools complaints: “Clarence Carson’s departure comes less than a week after the Sun-Times documented conditions that were so bad at a Southwest Side elementary school that teachers and administrators had been wielding mops and brooms themselves,” by Sun-Times’ Lauren FitzPatrick and Nader Issa.

For the Blackhawks, an icy road ahead: “A damning report showed the human cost of one of the greatest turnarounds in sports business history. New leadership must now try to change the team’s culture and performance without losing what made it a success,” by Crain’s Danny Ecker.

Timeline: The Chicago Blackhawks video coach scandal — and what’s happened next, by Tribune’s Christy Gutowski and Phil Thompson

Rev. Jesse Jackson rallies with Black UIC law students days after hospitalization in D.C.: “Three days after hitting his head in a fall during a trip to Washington, D.C., the civil rights leader was protesting Thursday in Chicago, saying feels ‘fantastic.’ Jackson joined Black UIC law students at a rally outside the school,” by Sun-Times’ Jason Beeferman.

Christmas tree lighting ceremony returns to in-person event, with concert and fireworks: “Last year’s celebration was a virtual affair due to the COVID-19 pandemic. This year’s event features Brian McKnight as the music headliner,” by Sun-Times’ Miriam Di Nunzio.

‘We are in crisis mode’ | Museum workers are turning to unions over conditions they say are untenable: Employees of the Art Institute of Chicago and School of the Art Institute filed representation petitions with the National Labor Relations Board in Chicago. “The filing will trigger an election in the coming weeks in which employees can vote to officially form their union,” by Mark Guarino for the Washington Post.

CME Group, Google in $1B cloud computing venture, by Sun-Times’ David Roeder.

Commander of Future USS Hyman G. Rickover visits kids In Pilsen ahead of sub’s final preparations: “Kids at the Union League Boys and Girls Clubs in Pilsen got a chance to meet with the commander of the Navy’s newest submarine,” via NBC 5. With VIDEO

Search continues for DePaul alum and Nigerian immigrant reported missing in October, by Tribune’s Sylvia Goodman

Indicted alderman taps clout contractor on city-financed Bridgeport project as a character witness: “Patrick Daley Thompson’s friend Michael Meagher is president of McHugh Construction, which is restoring the old Ramova Theatre with City Hall’s financial backing,” by Sun-Times’ Tim Novak and Robert Herguth.

Feds seek 45 days in jail for Inverness tech exec who participated in U.S. Capitol attack: “Bradley Rukstales, 53, pleaded guilty in August to willfully and knowingly parading, demonstrating and picketing inside the Capitol, a misdemeanor that carries a maximum penalty of six months imprisonment and a $5,000 fine,” by Tribune’s John Keilman.

Chicago police officer charged with involuntary manslaughter in fatal shooting of her husband, also an officer: “Police say the shooting occurred as Jacqueline Villasenor, 39, and her husband struggled over a gun in their home in the 8500 block of West Winona Street Tuesday,” via Sun-Times wire.

Judge tosses 5 more convictions tied to ex-CPD detective Ronald Watts, by WTTW’s Matt Masterson

Cook County guns and ammo tax, struck down by Illinois Supreme Court, is back on the books for now after board vote: “In a 12-2 vote, with three commissioners absent, the county board approved the amendment, which states all revenue from the firearm and ammunition tax must go toward programs or operations geared toward gun violence prevention. The passage follows an Oct. 21 ruling from the state’s highest court that found the levy was unconstitutional,” by Tribune’s Alice Yin.

Lisle school district investigating remarks about race, immigration, deportation: A 15 says a “paraprofessional’s comments became more personal and she began to feel singled out,” reports Tribune’s Tatyana Turner.

MARIJUANA MILESTONE: Cresco Labs’ Sunnyside dispensary in Buffalo Grove launched adult-use cannabis sales Thursday. The opening of the shops is worth documenting. Of the 60 legacy medical cannabis dispensaries in Illinois, Sunnyside Buffalo Grove represents the final medical dispensary in the state to be granted permission for adult-use cannabis sales. Among those at the ribbon-cutting ceremony were state Sen. Adriane Johnson and Julie Morrison, state Reps. La Shawn Ford and Daniel Didech, and Buffalo Grove Village President Beverly Sussman.

— State Sen. Steve McClure, the assistant minority leader, announced his reelection campaign at the Sangamon County GOP headquarters Thursday. “Nearly three years ago, when I first took office, no one could have predicted how America and Illinois would be tested,” the Springfield Republican said in a statement. “I am committed, now more than ever, to standing up for our communities against the radical liberal agenda that is driving the chaos across Illinois.”

Conservative Republican runs for Mark Batinick’s seat: “Shorewood resident Tom McCullagh said he is a pro-family candidate, who intends to continue to advocate for public safety,” by Patch’s John Ferak.

The making of a respectable lobbyist: “Randy Witter, the principal of Cook-Witter Inc. of Springfield, retired Oct. 1 after a lobbying career that began in 1973. Although his experiences could fill several volumes, Witter confessed, ‘I’m not going to write a book, I don’t want to say this or that person was crazy.’ But he has picked up some wisdom along the way about how things really get done under the Capitol dome,” writes Illinois Times’ David Blanchette.

We asked which celebrity has a political opinion you care about: Andy Shaw, an observer of Illinois politics and culture, says he watches Meryl Streep and Tom Hanks “because even though I haven’t heard them opine very often, if at all, I continue to marvel at their apparent ability, even as two of the biggest and most celebrated movie stars in the world, to live relatively normal lives, with only one spouse each, seemingly nice children and no allegations of scandalous behavior. Remarkable, and commendable enough in our tabloid-hungry day and age, to assume they have political opinions worth listening to, if they chose to offer them.”

For Monday, I’m binging on HBO’s “Succession” tonight, so I can get the inside jokes when Kieran Culkin appears on SNL. What’s your latest TV binge? We’ll list the top five on Monday. Email to [email protected]

Pelosi amps up domestic-agenda pressure campaign, pressing Friday votes, by POLITICO’s Sarah Ferris, Heather Caygle and Nicholas Wu

This truck driver just defeated New Jersey’s most powerful lawmaker, by POLITICO’s Matt Friedman

How MLB continues its focus on growing the sport among African Americans, by The Undefeated’s Richard Harris

San Francisco DA Chesa Boudin, a Chicago native, faces a likely recall, by the San Francisco Chronicle.

Kyle Rittenhouse case: The shooting, the arrest and the fallout as his trial continues in Kenosha, by Tribune’s Stacy St. Clair and Kori Rumore

Stephen Carlson, Chicago lawyer who mentored Michelle Obama at Sidley Austin, dead at 70: ‘I just treated Michelle as I would have anybody,’ he once wrote. ‘I regard it as simply what a Princeton gentleman should do to anyone who asks for his help,’ by Sun-Times’ Maureen O’Donnell.

— Saturday 11 a.m.: A citywide prayer event will take place in all of Chicago’s 77 neighborhoods. Mayor Lori Lightfoot will join in the prayer event for Covid-safe holidays.

— Saturday at 7 p.m.: Actor and former White House staffer Kal Penn (who has been making all kinds of news this week) makes an in-person appearance at Chicago Humanities Festival at the Harris Theater for a conversation with Suroosh Alvi from Vice. Tickets here

— Sunday at 10:30 a.m.: Doctors Terry Mason, Damen Arnold, Sajjad Mutaza and Maya Green discuss the Covid vaccine, from booster shots to vaccinating children. On “N’Digo Studio with Hermene Hartman” on NBC 5.

THURSDAY’s ANSWER: Congrats to Argonne National Lab speechwriter Ben Noble and political consultant Frank Calabrese for correctly answering that Rutherford B. Hayes was the first president to visit the Illinois State Fair.

TODAY’s QUESTION: With a h/t to the governor being in England, what did Oak Brook founder Paul Butler give Prince Philip when the prince and Queen Elizabeth left Chicago during their 1959 St. Lawrence Seaway Royal Tour? Email to [email protected]

Today: Law Bulletin editor Andrea Hanis, Latino Restaurant Association CEO Lily Rocha, attorney Meryl Holt Silverman, and Crain’s assistant managing editor Cassandra West.

Saturday: Assistant House Majority Leader Jay Hoffman, Emerson Collective managing partner and former Education Secretary Arne Duncan, former Illinois House spokesman Steve Brown, political and campaign consultant John Geahan, Wood Family Foundation events manager Laurie Dimakos, WCIA Capitol bureau chief Mark Maxwell, and arts critic Hedy Weiss.

Sunday: DuPage County board chair Dan Cronin, philanthropist and political donor Eleni Bousis, Harry Caray CEO Grant DePorter, crisis communications consultant Randall Samborn, Secretary of State policy adviser Bob Yadgir, and Sportico reporter Daniel Libit.


]]> 0
Payday Loans For SSI Recipients Thu, 11 Nov 2021 11:39:11 +0000 A payday loan is a short-term loan of less than $2000 generally targeted towards those which need cash in an emergency, and with fees for each $100 borrowed often ranging between $10 and $30. Borrowers receive payday loans without any deposits and the loan is repaid by their next payday. On the borrower’s payday, the […]]]>

A payday loan is a short-term loan of less than $2000 generally targeted towards those which need cash in an emergency, and with fees for each $100 borrowed often ranging between $10 and $30. Borrowers receive payday loans without any deposits and the loan is repaid by their next payday. On the borrower’s payday, the lender debits the customers bank account and receives the principal and fees.

If you receive Social Security Administration (SSA) earnings and prove your payments, you may qualify for a payday loan. That said, let’s look at some of the best payday loans for SSI recipients.

#1 Payday Loan For SSI Recipients – Viva Payday Loans

Best Payday Loans for SSI Recipients

  1. Viva Payday Loans – Overall Best Bad Credit Loan Provider. Visit now.
  2. Money Lender Squad – Best For No Guarantors. Visit now.
  3. Credit Clock – Best for Fast Approvals. Visit now.
  4. Very Merry Loans – Best for Same Day Payouts. Visit now.
  5. Heart Paydays – Best for Low APR. Visit now.

How To Apply For Payday Loans With SSI

Although each loan seeker website performs differently, they are all linked in the application process. The application process for Viva Payday Loans is outlined below.

Step 1. Visit Viva Payday Loans – To obtain a simple layout, go to and click the “Apply Now” button at the top right side of the screen.

Step 2. Complete The Application Form – The online application form will require your name and personal information, employment/income information, banking information, and a description of your monthly costs.

Step 3. Get Your Decision – It just takes two minutes to authorize — don’t quit your screen before you receive the feedback. And if you’re not approved for a loan, they’ll notify you in writing.

Step 4. Receive Your Loan – Once your application is accepted, you’ll receive an email with a loan agreement to review and sign. It is essential to read and understand the terms and conditions carefully. After signing and submitting the agreement, the loan funds are instantly deposited into your bank account.

Step 5. Not Approved? Try Another Option – Whenever your quest for bad credit online is rejected, you can try other alternative loan-lending sites, including Credit Clock or Heart Paydays, or any of the providers mentioned above.

Don’t worry about your credit history being affected since these sites never do a rigorous credit report and are free to use.

What Are Payday Loans for SSI Recipients?

Payday loans for SSI recipients are loans targeted to those who require a supplemental security income. These loans are best suited for persons with either limited or fixed incomes and are mostly issued to the disabled, the blind, and people aged 65 years or older.

Most people prefer these loans because there’s no eligibility used—so all you might need to do is verify your source of income. And because these loans are payable in 30 days or less, most people with a monthly salary will often qualify for them.

Social Security manages Supplemental Security Income. Usually individuals with limited income, disabled, blind, or older, receive monthly assistance from the programme.

Best Payday Loans for SSI Recipients – Fully Reviewed

1. Viva Payday Loans – Best for SSI Recipients is a prominent online payday loan agency that services all sorts of bad credit consumers who desperately need fast cash from a credible source. Viva Payday Loans provide loan amounts varying from $200 to $5000, with a repayment duration of between 24 months.

An eligible borrower must fill up and apply to the dealer. This application is instantly evaluated and shared with trustworthy lenders who have been known to award loans in just a few minutes.

Applicants should fulfill the loan broker’s requirements and present personal details such as credit statements, evidence of residency, revenue, and other verifiable information. Once the loan is approved, the funds are instantly deposited into the borrower’s bank account.


  • There are same-day payments services on this site.
  • The application process is simple.
  • It only takes about two minutes to approve your loan.
  • You can utilize the money the way you prefer.
  • Even applicants with a bad credit history can be accepted.
  • There is nothing pledged for loan repayment.


  • Many countries do not use the service.

2. Credit Clock – Best For No Guarantors

Many folks understand Credit Clock as a reliable short-term loan provider specialising in payday, bad credit, and other forms of self loans between $200 to $5000. Are you looking for a rapid authorization e-payday loan with no credit check? Credit Clock is a great option.

This lending institution is exclusively available to permanent residents of the United States. The approval procedure is fast and straightforward. Customers who meet the minimum earning requirements listed on Credit Clock’s webpage are qualified.


  • Your loan is approved in a matter of minutes.
  • Clients receive your loan within 24 hours.
  • It’s a lawful and safe gateway.


  • Applicants must have a monthly income of at least $1000 to be qualified.

3. Money Lender Squad – Best for Wide Range of Loan Options

If you are a United States resident, Money Lender Squad may help you get a low-interest loan without requiring a guarantor. Besides, This website also provides no-credit-check payday loans—repayment is possible in two years, or just over two months—for quick payday loans.

Application for a loan through Money Lender Squad is a simple online process that saves you time and documentation. Their computerized loan application process distributes loan applications to potential lenders who can authorize the loan swiftly.


  • Loans with extended repayment terms are available.
  • The process of application is quick, trustworthy, and easy to use. The
  • Applicants do not need a guarantor.


  • Interest rates would be expensive if you had a bad credit score.

4. Very Merry Loans – Best for Same Day Payouts

Very Merry Loans is another digital website that aids borrowers in discovering and interacting with some of the largest creditors in the United States.

This gateway assists people who have a financial emergency and want urgent cash despite having a low credit score. The applicant benefits from the rapid acceptance of the online loans, which take as little as a minute to apply and an hour to receive.

This online loan service follows a simple business model and works with several reliable lenders in the sector. The loan amount ranges from $200 to $5000, enabling applicants to acquire the acceptable amount for their financial situation. Repayment terms for $200 loans range from seven to 31 days, while prolonged long-term loans span from two to twenty-four months.


  • Individuals with poor or no credit are also permitted.
  • There is long-term credit offered.
  • Approval of the loan request is quick.


  • Interest rates and fees differ according to where you reside.

5. Heart Paydays – Best for No Guarantors Required

In the United States, Heart Payday is a famous lending firm. It allows individuals in the city’s crowded districts to receive instantly approved internet loans, irrespective of their bad credit.

While banks and other financial institutions will not accept mortgage applications from persons with poor credit, this firm provides loans ranging from $200 to $2000, which must be repaid within sixty days.

Heart Payday offers a platform and various services that enable consumers to carry out online poor credit loan applications in just a few minutes. Heart Paydays is famous for approving applicants for an online bad credit loan that other creditors have initially rejected—disbursement of your loan might take an hour or a day at most.


  • The applicants do not need to make unnecessary phone calls or provide documents.
  • Loan payout typically takes one hour.
  • It provides the lowest APR for short-term loans.


  • Some loan deals come with excessive fees.

Features Of Payday Loans For Ssi Recipient

1. Flexible Loan Amounts

The majority of online payday loan platforms offer fast cash loans ranging from  $100 to $5,000.

Although the amounts vary per lender, organizations like guarantee to pair their users with ideal lenders who can satisfy their unique loan needs.

That said, it’s wise to borrow according to your needs, although it’s always tempting to apply for the most significant amount possible.

2. Fewer requirements

Many no credit check payday loans have lenient application restrictions than traditional personal loans. To obtain quick approval, they usually require proof of income (pay stub), an existing and legitimate bank account, personal information such as ID proof, and proof of age.

3. No credit check

Contrary to traditional loans, payday loans have zero interest in your credit background. As a result, there will be no complex credit queries, which can lower your credit score by a few points.

However, payday loans will not help you improve the credit you’ll need to advance to better financial options in the future—except in a few exceptional cases.

4. Easy to apply

Easy accessibility is a crucial aspect of a payday loan. Most lenders disburse the loan within just 24 hours—referred to as quick approval payday loans.

Some websites even include application forms and are available 24 hours a day, seven days a week. Unlike traditional loans, you can complete payday loans without a credit check in a matter of minutes.

5. Quick Borrowing Decision

Traditional loan applicants have to wait for a long time for their loan to be approved. For example, Viva Payday Loans’ online system is designed to provide clients with an almost immediate response to their credit applications. After completing the application, it is usually only a matter of minutes before applicants receive their requested funds.

Advantages Of Payday Loans

1. Easy To Find

The most crucial benefit of payday loans is the ease with which you can obtain them. Unlike more typical loan options, you may apply online in a matter of minutes, and you can receive funds in your bank account the same day.

This is precisely what many individuals are searching for because these loans are frequently used to pay unforeseen expenditures such as vehicle repair bills or emergency house repairs.

Furthermore, borrowers have a wide range of options. Many lenders provide payday loan solutions, making this type of borrowing even more accessible.

2. They Have Fewer Restrictions Than Other Types Of Loans.

Many applicants are drawn to payday loans since the approval requirements are sometimes less stringent than in other types of financing. Borrowers with bad credit and low earners are frequently authorized by payday lenders, even though they do not fulfil the fundamental eligibility standards of banks and other high-street institutions.

3. You Can Get Approved Even If You Have Bad Credit

Payday lenders are more inclined than specific traditional lenders to grant payday loans with adverse credit. That’s because they’re less concerned with whether a borrower has a shady financial history and more interested in if the loan is manageable to them in the present.

4. It’s A Loan With No Collateral

Applicants with an adverse credit history can be accepted for a payday loan without using an asset as collateral. Some large high-street lenders ask customers to put up their vehicle, home, or other significant assets as collateral if they cannot repay what they owe.

On the other hand, payday lenders provide unsecured borrowing, which means you are not immediately putting your possessions at risk.

5. A 14-Day Cooling-Off Period Is Available

Like all types of borrowing covered by the Consumer Credit Act of 1974, payday loans have a 14-day cooling-off period—which implies that if you change your opinion, you have 14 days to terminate the agreement.

If you terminate a payday loan, you must repay the loan balance as well as any interest that has accumulated, but the lender must reimburse you for any levies or fees you have paid.

Disadvantages Of Payday Loans

1. SSI Payday Loans Count Towards Your SSI Income

There is an additional risk for Supplemental Security Income (SSI) beneficiaries, a program operated by the Social Security Administration to help persons with little or no income.

A loan does not decrease your SSI benefit, but any monies borrowed and not spent the following month count toward the $2,000 resource limit for an individual (or $3,000 for a couple). If the value of your resources exceeds the allowed limit at the start of the month, you will be unable to receive SSI for that month.

2. They Are Costly

Payday loans, for example, might be prohibitively costly at times. Some lenders charge interest rates of up to 1,500 percent APR, leading the total lending rates to spiral out of control. Many alternative types of borrowing have lower interest rates, and it’s simple to see how some individuals struggle to reimburse payday lenders whenever the fees are so high.

3. Payday Loans Are Seen As Predatory

Payday loans are viewed as predatory by some since they target those with low incomes and poor credit. While many other borrowers and financial organizations do this, payday lenders have a terrible reputation for aggressively chasing unpaid loans in the past.

Although the industry is more controlled than before, it is still vital to research your alternatives before applying for a loan.

4. It Is Quite Easy To Become Trapped In A Debt Cycle

Failure to return your payday loan on time may lead to a debt cycle. That’s where you find yourself needing to take out another loan to settle your previous financing, which can easily lead to an adamant position. Payday loans, which typically have incredibly high-interest rates linked, can put consumers at a higher risk of slipping into a debt trap.

Eligibility Criteria

You must fulfil the following conditions to be able to apply for payday loans with bad credit online through any of the websites mentioned above:

  • 18 years of age or older
  • US citizen or registered (legal) permanent resident
  • Proof of a monthly income of at least $1,000 from any source
  • Have a valid government-issued ID and the following documents: bank statements, pay stubs, and address proof
  • An active bank account

How to Get Payday Loans for SSI Recipients

Obtaining a loan from Viva Payday Loans is as simple as three steps:

Step 1: Visit Viva Payday Loans

Fill out the form above to specify how much you’d like to loan and how long you want to pay it back. Viva Payday Loans provide loans of up to $5000 for 3 – 6 months. To avoid future difficulties, make sure that the loan conditions you choose are reasonable and that you can consistently pay this back on schedule.

Step 2: Complete The Application Form

Once you’ve determined how much you want to borrow, you’ll need to supply them with some more information so that they can decide whether or not you’re eligible for a loan. All information you submit will be kept strictly secret and will never be shared with anyone except you and your lender.

Step 3: Receive Your Loan

After completing the form, you will receive a verdict on whether or not you can be granted a loan within two minutes. Regardless of credit history, the majority of individuals are easily linked with a third-party independent lender. You can access your funds as soon as possible if you are connected with a third-party independent lender, and further instructions will be supplied.

Request Your Payday Loan at our Top Rated Provider – Viva Payday Loans


Can I Get A Payday Loan With SSI?

Are There Loans For People On SSI?

Can You Get A PPP Loan On SSI?

Can You Get An Advance On Your SSI Check?

How Many Can SSI Checks Be In 2021?

How Fast Can Ssi Be Approved?

About Jayme Wium PRO INVESTOR

Jayme is a professional freelance writer specializing in personal finance, business, nutrition, botany and mental health. She has studied extensively in these fields and spends a considerable amount of her time creating content to help simplify complex concepts for the everyday person.

]]> 0