If you need a fast loan without having to wait to be approved you may have considered using an online payday loan company. With no credit checks necessary and a clear agreement over fees, it can be a way to borrow for the very short term without impacting on your credit score. It also does not need to cost you anything once you have signed up to a company as many are now offering some rather excellent referral bonuses.
The astute borrower can obtain a payday loan from a bad credit loan company and then have the right to refer other people and earn a profit, which will more than cover the initial fee of obtaining the payday loan. Of course these programs are designed to bring more borrowers to the companies, yet at the same time expect you to refer only people you have a personal relationship with. Do not think this is an opportunity for you to mass scam people, but it is an opportunity for you to refer friends, family members, work colleagues, and day to day acquaintances.
As an example of how the referral programs tend to work let us look at the program advertised by MyCash now. You can apply for a payday loan of $100 and take advantage of the new customer fee to receive a discounted rate fee of $9.31. You then repay the $109.31 to MyCash now on the due date. This will give you a referral code you can use to refer someone else to the company who does not reside at the same address as you, and meets the other requirements of being over 18 and having a regular monthly wage. If your friend applies for a payday loan under your referral code you receive $100 bonus. The only stipulation is that you must be an existing customer as you will be if you have taken out and repaid your own payday loan.
PayDayMax is another company that also offers $100 bonus, free and clear, for account referrals, and encourages you to pass out your referral code to all your friends. BonusMaxCash also offer $100 for referrals and the loans are a minimum of 14 days regardless of any early pay off. You can apply the bonus payment to your own loan if you like. Yet another online company offering bonuses for referrals is Discount Advances who specialize in short term cash advances. Their standard fee for loans is $17.50 per $100 borrowed and they pay $100 for referrals. New customers receive 50% off the initial borrowing fee.
Payday one offer a standard $50 referral bonus to existing customers, but rates on borrowing fees vary widely from state to state. For instance if you are resident in Wyoming you may take a payday loan of up to $500, with the fee charged at $30 per $100. This is double the fee for the same amount borrowed by residents of Oklahoma. In Utah and Idaho the fees are $22.50 per $100 borrowed with a cap on $500, whereas in Kansas the fee is only $14.50. Payday one provide a handy state map you can click to find out your local fees. The referral bonus of $50 remains uniform across the states.
These programs don’t come with a warning to advise your potential referrals to deal with payday loans responsibly but it would be the right thing to do. You can earn your referral bonuses that way without worrying about your referral being sucked into payday loan debt.