What to Look for in Your Next Loan

Today, it’s not so unusual to rely on loans to get by when your paycheck is lacking. As the disparity between income and the cost of living continues to grow, financial flexibility is a pipe dream for many living in the United State. In order to make sure your paycheck lasts, you have to follow an exacting budget of scrimping and saving. Should something come along that doesn’t match this plan, you can be at a loss as to what to do. Your lack of flexibility can make it difficult to accommodate sudden financial hardships.


Unfortunately, life has a way of throwing you a curve ball when you least it expect it. Unforeseen charges, repairs, and bills will crop up from time to time to test your budget and your patience. When they’re unavoidable expenses (like a necessary repairs to your refrigerator, furnace, or car) you can’t put them off until your next paycheck when you have the money. You need to pay them off quick, before they can compound and make a small problem even worse.

For many Americans, the only way they can do this is by applying for a short-term loan from a direct online lender. These lenders don’t require in-depth credit reviews before they qualify your application, which allows even those with sub-prime credit ratings apply. Should you be approved, these they’ll provide a small cash advance that can help cover these surprise expenses. The full amount needs to be repaid by your next scheduled paycheck. Since their limited in size (typically falling between $200 and $500) their repayment is easier to accommodate within an already tight budget.

Before you open up another tab in Chrome to start your search, it’s important that you find a credible online lender to help you with this loan. Regardless of their small size, short-term advances are still borrowed money that you must pay back. The last thing you want to do is apply for a loan that’s outside of your means to repay. All that will do is exchange one debt for another. Investigating your options for those with reasonable terms and conditions can make its repayment easier on your budget.

Transparency is a way of determining the integrity of your direct online lender.  Too often, lenders will hide the full conditions of their loans behind fanciful, complex, or vague language. As a result, many Americans sign up for loans without realizing the full extent of its rates or terms, promising themselves beyond their means. Without full knowledge of these things, its repayment can become unmanageable. As you explore your options, stick to those that use clear and comprehensible language for all of their financial products.

To complement the writing on their website, they should also have representatives available to answer any of your questions regarding their products. The representatives at MoneyKey can take your questions by phone, email, or chat, and they’ll address any concerns you may have in order to keep any online payday loan from MoneyKey as clear as possible.

In terms of credibility, the law is there to help. Your state’s government has enacted rules and regulations regarding the size and frequency of a small dollar cash advance, and it issues licenses to those lenders who abide by their policies. They should also be members of esteemed lending organizations like the Community Financial Service Association of America (CFSA) and the Online Lender’s Alliance (OLA). Their engagement with these associations proves their commitment to providing responsible lending opportunities.

The economic conditions in America today mean you’ll likely have to borrow from time to time, but they don’t mean you have to borrow outside of your limit. Make sure your direct online lender provides transparent and credible cash advances, and you’ll have the flexibility to take on unexpected financial hardships without dooming your current budget.