There are times when you find yourself in dire need of instant cash to deal with an unexpected emergency. In such situations, a payday loan can often be a lifesaver, as it provides you with a financial boost until your next paycheck arrives. However, finding a reliable and trustworthy payday lender can often be tricky and it can take up too much time. As such, we decided to review WeLoans, a free online lending service that instantly connects borrowers to vetted payday lenders.
What Is WeLoans?
WeLoans is an online credit broker in the US that is dedicated to providing borrowers with access to lenders that offer loans for bad credit, which typically range from $100 to $5,000. And since WeLoans’ lending network focuses on “underserved” borrowers with less-than-stellar credit, this means that you can find no credit check payday loans here with WeLoans without necessarily having to put up collateral.
After submitting your loan application through this site, you will quickly get an offer from one (or more) of their partner lenders, along with details about what interest rates and fees they will charge. The entire loan process is designed to be quick and transparent, which provides borrowers with an easier time getting a loan rather than having to search for lenders on their own.
Also, since WeLoans’ online platform is completely free to use, this has allowed the company to steadily build a good reputation for itself as a reliable and trustworthy lending service.
How To Be Eligible For a Loan via WeLoans?
As a credit broker, WeLoans does not impose any specific restrictions on loans, as those will vary depending on the lender you are matched with and the state laws. However, in order to use the service to submit a loan request and be matched with one of their partner lenders, there are a few basic conditions that must be met.
- Be over the age of 18
- Be a US citizen or permanent resident
- Have a steady income stream
- Have an active bank account
It is also important to keep in mind that meeting all these requirements does not fully guarantee that you will be approved for a loan. Each lender has their own specific requirements that dictate whether or not you qualify for funding from them. Once you submit your loan application form, they will be the ones to decide whether or not to approve your request.
What Loan Options Can We Find on WeLoans?
One of the most commendable aspects of using WeLoans is the fact that it connects you to an extensive lending network that can provide you with access to several different loan products. Some of these include:
Bad Credit Loans: These loans are specifically designed to suit those that have a less-than-stellar credit history and may be struggling to borrow money from traditional lenders. This is because most bad credit lenders consider other factors aside from your credit score when determining if you qualify for a loan. The only downside is that they usually come with extremely high-interest rates since the level of risk to the lender is higher.
Quick Loans: These loans are ideally suited for borrowers that need quick access to funds to deal with unexpected financial emergencies. They typically come with low loan limits and are typically deposited in your account shortly after your loan request is approved.
Payday Loans: These are the most popular types of loans for bad credit and they are designed to provide borrowers with a cash boost until their next paycheck arrives. As such, they are usually available in small amounts, which means that they are best suited for small financial expenses.
Installment Loans: These are loans that allow borrowers to access funding that can be steadily repaid over a series of monthly payments within a set time period. They are a great option for those looking to access large amounts of money with fairly low-interest rates. Why not enter this site to get installment loans for bad credit?
Who Can Apply For A Loan on WeLoans?
WeLoans’ lending network is open to borrowers of all credit types. This means that even if you happen to have a bad credit score, there is still a good chance of you being approved for a loan. This is because most of WeLoans’ partner lenders are less interested in your credit history and more focused on your ability to repay the loan.
In other words, as long as you can prove that you will be able to repay the loan on time, you can successfully get the funds you need. However, keep in mind that this level of accessibility comes at a cost. Most of these loans are likely to come with higher interest rates than what is typically offered by traditional lenders.
As such, you should make sure that you are 100% confident of your ability to repay the loan before accepting any offer.
How Does WeLoans Stand Out?
WeLoans is ideal for anyone that is in need of urgent funding, as all loans processed via the platform are completed in as little as 24 hours. This is preferable compared to most other loan services which would normally take days to process an application.
WeLoans also doesn’t charge potential borrowers any fees to use its service, which helps you to save on a fair amount of money in membership costs. On top of that, the company is open to borrowers of all credit types, so it is accessible to more people compared to most other loan services.
Other commendable features include:
- Choice of loans
- Pre-approval application that doesn’t affect credit score
- No prepayment fees
- Secure lending platform
What’s the Process of Getting a Loan Online with WeLoans?
In order to apply for a payday loan from WeLoans, you will need to visit their website and fill out an online application form, which should only take a few minutes to complete. You will need to input your personal, professional, financial and contact information, at which point, the submitted form will be distributed to their lenders for review.
WeLoans lenders will usually determine a borrower’s eligibility by reviewing their broader financial picture, not just their credit history. However, you can often expect to receive an immediate decision on eligibility and if you qualify, you will receive multiple loan offers from different lenders. You can then compare them until you find the ideal offer and accept it by signing your digital consent. The money will then be processed and deposited within your account by the next business day.
What If Your Loan Application Is Rejected on WeLoans?
Even if WeLoans provides access to multiple lenders, there is no guarantee that your loan request will be approved. Lenders can often have different reasons to explain why your application was denied.
For instance, it could be that you have insufficient income to repay the loan amount you requested. In such cases, you can often resolve the issue by modifying your loan request and asking for a lower loan amount or even a shorter repayment term. However, if the issue is not easily resolvable, then don’t be discouraged. If that should happen, you will be referred to other potential lending partners that may be in a position to provide you with the funding you need.
WeLoans is a unique resource for anyone in need of cash but is struggling to secure funding, due to having a bad credit score. The platform is accessible across a wide number of states, the application process is fairly swift and you can also access high loan amounts within one business day.
On top of that, all lenders they partner with are vetted, so there is no risk of falling for any unscrupulous lending practices. In short, if all traditional lending options have been exhausted, then there is no reason to not give WeLoans a chance to help you fix your financial troubles.