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March 17, 2022

4 Best FinTech Solutions For Payday Loans



Waiting in long lines and filling out stacks of paperwork has been the traditional payday loan process. But over the years, technology in the lending business has offered many solutions.

Financial technology or FinTech entails adapting the latest technology to ease up lending processes.

Some payday companies have a series of prompts that let you indicate your purpose and then draw on the app to verify your identity.

This post will briefly highlight some of the best payday loans companies that offer FinTech solutions in their lending processes.

4 Best FinTech Solutions For Payday Loans

1. Viva Payday Loans

Viva payday loans take a completely different approach than the traditional lending process. They have streamlined the entire process, making it convenient and quick to get your loan. As one of the first fintech lenders, they've been able to innovate faster, giving you access to cash in less than 24 hours with just a few clicks.



If you need an instant cash loan in 1 hour, Viva Payday Loans is the best source for that. They have a vertically searchable and geo-targeted database, where they can connect you with a reputable lender who's ready to help. Whether it's a $100 to $5,000 loan or a short-term loan of 3 months to a long-term loan of 12 months, you can get that at the comfort of your house.

Pros

  • They offer vast loan amounts from $100 to $5,000.
  • It takes 1 hour to 24 hours for a cash payout.
  • All applications are fully made online.

Cons 

  • Available in a limited number of states.

2. Heart Paydays

Heart Paydays is another easy and transparent way to borrow up to $5,000 with competitive rates, no hidden fees, and up to a 2-year term. So easy, you could do it all from the comfort of your couch as every application process is done online.

Your loan will be approved, and once you have agreed to the terms, it will be transferred directly into your account. You'll then repay the loan through a monthly autopay, which is an advanced financial technology solution that avoids overdrafts and other financial problems down the line.

Interest rates vary depending on the lender and how much you're borrowing. With Heart paydays, the typical range is 5.99%- 35.99%.

Pros

  • Quick online application process.
  • They have an advanced FinTech solution for the prevention of overdraft.

Cons 

  • Late payments lead to penalties. 

3. Credit Clock

Credit Clock is another online-based payday loans company that makes finding a loan easy and hassle-free. It is a decentralized credit platform that matches borrowers with a panel of top lenders that provide loans ranging from $100 to $1000.

With bank-level security and a slick interface, Credit Clock strives to simplify the process of borrowing money and offer convenience to borrowers.

You can now get a loan without going to a bank or having your credit checked! Lenders use more advanced criteria than just credit scores to decide potential loans.

Pros

  • Quick and simple online applications.
  • A lot of lenders are available in several states.
  • Convenient loan terms of up to 12 months.

Cons 

  • Not available in Montana, Connecticut, New Hampshire, and Arkansas.

4. Money Lender Squad 

Money Lenders Squad is a new online lending platform that provides quick and easy loans to borrowers in need. Borrowers with bad credit or no credit history can also qualify for loans here.

The platform has a simple online application process with quick responses. Their loans range from 3 months to 2 years and are approved without a credit check. The lenders pay out the loans within the same business day after approval.

Pros

  • Amounts of loans range from $100-$5000.
  • Payouts are done on the same day.
  • Available in various states. 

Cons

  • Limited loan for unemployed applicants.

Conclusion 

Conclusion paragraph: Payday loans can be an essential financial tool for many people. They provide a way for people to access money quickly in emergencies and help people stay out of debt. While payday loans should not be used as a long-term solution, they can be helpful in certain circumstances. Have you ever used a payday loan? What was your experience like?



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