Payday loans have been in the news a lot recently, but not all short-term loans carry the same risks. IndyLend Loans are an alternative to traditional payday loans from a licensed lender.
No hidden fees. We show you the terms of your loan upfront. With IndyLend, you’re shown the terms of your loan before entering into an agreement so you can make the best decision for you.
No hard credit check. Applying for a IndyLend loan will not affect your FICO credit score.
Get rewarded for good behavior. Traditional payday lenders offer you the same loan regardless of your positive payment history over time. At IndyLend, you can benefit from the IndyLend ladder (where available). As you repay your loans on time, you can get access to more money at lower rates over time.
No rollovers. Many traditional payday lenders trap borrowers in a never-ending cycle of debt by forcing them to take out a new loan to pay off an old loan - a practice called “rollovers”. IndyLend does not allow rollovers. Instead, we work with our customers to find a payment plan that’s best for them.
Securing your data. IndyLend will not sell your information to anyone. Many online payday lenders are actually lead generators who sell your information to other companies; IndyLend does not sell any customer data.
Quick processing time. You'll get an instant loan decision when you complete our online application.
Direct deposits. If approved for a loan, the money could be deposited into your bank account in as little as one business day, depending on your bank and when you were approved.
A typical payday loan is exactly that: You borrow money against your next paycheck. However, borrowing against your paycheck often imposes several restrictions on this type of lending:
You can't borrow more than you earn in a pay period.
You need to be able to repay the loan quickly.
You need to have enough free cash flow to continue to meet your other financial obligations.
If you take out a payday loan that is equivalent to your next check, you won't have anything left to pay bills or make it to the next paycheck. That leaves you in a cycle where you are lining up your next loan as you pay off the first. Payday loan alternatives can help you avoid that debt cycle and still get the money you need.
Some payday loan companies gather your personal information and then shop around for a lender. That means your information could go out to third parties as part of the lending process. Other companies will even sell contact information, leaving you dealing with sales calls and spam emails. IndyLend protects customer information and will never sell it.
As an alternative to traditional payday loans, IndyLend also has several different types of loans. A traditional payday loan means you must repay the full value of the loan with your next paycheck. That could leave you in a financial tight spot. IndyLend offers up to 30 days for repayment. The added flexibility makes it much easier for you to repay these alternative loans without failing to meet other financial obligations.
IndyLend does not have rollovers (taking out a new loan to pay off the old one, which means you never really pay off your loan, leaving you constantly paying on debts). If you can't pay your loan on time, we'll work with you to find a solution — without the dangerous debt traps rollovers can lead to.
Poor credit or a limited credit history can make it difficult to find financing from traditional sources. You might not be able to get a credit card or buy a car without a credit score that meets minimum requirements. That can make it tough to handle emergencies.
Giving you access to financial educational materials
Allowing you to set flexible repayment terms, even for short-term financing
High rates often go hand in hand with short-term loans, and payday loans often come with some of the highest. As a transparent company, IndyLend has no hidden fees. The total cost of the loan is shown upfront, so there are no surprise payments due at the end of the loan or when you pay off the balance.
As a IndyLend borrower, you get a personalized dashboard with your loan details laid out clearly. You can log in at any time to see your loan balance or track recent payments. That puts control of your loan in your hands. If you see anything that raises a question, a quick email to customer support can get you an answer. At IndyLend, loans are all about your convenience.
A streamlined and quick application process leads to an instant credit decision. Submit the application and get a yes or no right away. Good credit is not a loan requirement. An instant decision means you'll know about your loan right away, so you'll have time to pursue alternatives if you don't get approved. All you need to get started is
Current contact information, including an email address and telephone number
Employment or other income information
A bank account that accepts electronic transfers
You don't have to worry about any embarrassing phone calls to your employer; IndyLend does not call them. Take the five minutes to put in an application online or using a mobile device and you could have money in as few as within one business day. IndyLend can't guarantee receipt of your funds within a certain timeframe, though, because although we initiate a transfer of money to you, your bank controls when you'll have access to it.
Q: What are the reasons for taking out a payday loan online?
A: A payday loan (also known as a "cash advance", "payday advance", "payroll advance", "check advance", "paycheck advance", or "deferred deposit") is a common solution for immediate, short-term financial needs often caused by unexpected changes in income and/or expenses. Below are a few reasons why people might take out a payday loan:
Unexpected emergency expenses like medical bills, household expenses, auto repair, etc
Help paying for everyday expenses like rent, food, and utility bills in between paychecks
Note: Payday loans are expensive lines of credit and should only be used for short-term financial needs. We do not recommend taking out a payday loan for the purpose of paying off credit cards or other types of unsecured or secured debt.
Q: What information do I need to provide in order to be considered for a payday loan approval?
A: To be considered for loan approval, you'll need to supply the following:
Your home address
Your income amount
Social security number
Information for a checking account that can accept electronic transfers
In some states, we may request documents to verify your income. These documents can only be accepted through an upload to our website
Note: Depending on the type of loan you apply for, we may evaluate your ability to pay off the loan to make sure you do not get stuck in a loan you cannot afford.
Q. Can I get a payday loan if I have bad credit?
A. Even if you have bad credit, you can still apply for a IndyLend loan. Our average applicant’s vintage score is only 550, and we look at other data points that go beyond traditional credit scores when making a decision on an application.
Q. Do payday lenders run a credit check?
A. Payday lenders in many cases don’t run hard credit checks. Payday lenders will often use applicants’ income as an alternative way to assess the risk of issuing a loan. IndyLend’s application process does not involve a credit check that impacts your FICO credit score.
. Can I apply for money at a place near me?
A. Our application process is entirely online for your convenience. There’s no need to leave your home to apply at a location in your area. Decisions are instant, and if you’re approved we can send money straight to your bank account.
Q. Do you accept loan applications 24/7?
. Yes. IndyLend.com is an online lender, so you're welcome to apply for a payday advance through our website 24/7. If you're approved for a loan before 5 p.m., money could be deposited in your account in as little as one business day. If you're approved for a loan after 5 p.m., or on weekends or holidays, it can take a little longer to receive your funds.
Q. If I need a payday loan today, why should I choose IndyLend?
A. IndyLend offers a short-term personal loan that we believe is a better alternative to a traditional payday loan. Below are some benefits of loans from IndyLend.
You don’t need to worry about hidden fees or debt traps. We want our product to solve a need, not take advantage of you
You don't need to go to a local payday loan store. As an online lender, IndyLend lets you get a loan from the comfort of your own home
We have an in-house, U.S.-based customer service team available to answer questions online and during our extended phone hours
We’re committed to forging long-term relationships with our customers. If you have ongoing financial needs, we want you to feel like you can rely on IndyLend to help
You have the opportunity to rebuild credit and get a lower interest rate on the IndyLend Ladder (where available)