Of the roughly 60 percent of loan requests that are funded, 70 percent are repaid. By comparison, a 2015 study by the Center for Responsible Lending found that 46 percent of payday-loan borrowers default within two years of their first loan. The APR on online installment loans can still be quite high, resulting in a high total overall repayment.

Today, the intermediary between borrowers and lenders is most often a bank, and banks, in exchange for providing this service, take a cut amounting to more than $1.5 trillion per year. So, one of the promises of peer-to-peer lending, on a larger scale, is that it could greatly reduce banks’ roles as intermediaries, and pass on the savings to borrowers and lenders alike. When Americans need money, they often turn first to banks for a loan, but their options there are only as good as their credit.

It will be helpful if you have difficulty obtaining a loan because of your credit score, past bankruptcy, or your non-traditional form of income, such as government benefits. Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and are ariats waterproof your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lenders and lending partners immediately and discuss how to handle late payments. Our online service readily serves your need to connect with a lender.

I use GetCash occasionally to borrow money for unexpected purchases or just to hold up till the next payday. Sometimes, it takes a bit longer than one day for the money to be deposited, but never too long. To get a loan approved, you need to have an active bank account and an SSN; being a US citizen is not necessary.

It doesn’t matter the size of the loan you’re looking for. 79Cash be able to connect you with a lender that can help. Fill out the information in the application form to get started. This is largely in part because 79Cash works with a multitude of online lenders, whom all have varying loan rates, fees and requirements. Whether you agree to repay the money in two weeks or a few months, know your payment date and how the lender will collect the money.