Spring is here, and a man’s fancy turns to love and money. As the weather warms up and we all come out of hibernation, it’s also an excellent time to take stock of your finances and set some goals. Uh! Oh! The central heating just blew a valve.
Your need for money just went into emergency mode. And you haven’t got over your credit card and savings binge you spent at Christmas. Does this sound all too familiar? Lucky for you there are quick loans available called Payday Loans. It’s one of the favorite forms of lending in the USA, and for a good reason.
What Exactly Are Payday Loans Anyway?
They are a short-term loan that enables you to get cash when you need it. These loans are repayable on your next payday, or a similar type of arrangement. It’s a way to get cash between pays if an emergency arises.
How Can You Use a Payday Loan?
You can use the money you borrow for anything you like. Medical bills, home or car repairs, and there are no questions asked by the lender about the purpose of the loan.
Anyone over the age of eighteen and employed full-time qualify for a payday loan. You also need a bank account for deposits, or a check account or debit card linked to the account.
How Long Does It Take To Get A Loan?
It depends on the company you use, but it might be as short a time as a few hours for the loan to be granted.
How Much Can I Borrow?
The amount varies quite a bit. It depends on your borrowing status and your salary. If it’s your first time the lender might put a limit of $500, but some borrowers can get up to $1000.
Will They Run a Credit Check?
In the case of a payday loan – No Credit Check. Your credit score is not generally taken into account for these loans. Your employment status and having a bank account are far more important. The most important thing is your ability to repay the loan on your next payday. If you can prove your employment and salary, the loan is virtually guaranteed.
How Do You Get the Money?
After approval, the money is electronically transferred to your bank account quite quickly. What if you want another Loan? Do you have to go through the application process again? If you borrow through the same company, then no, you won’t have to re-apply. The only question that might arise is whether you are still employed.
Can I Pay the Money Back Over Time?
Yes. The preference is for immediate payback on your payday, but there is an option to repay over time by paying the interest on the loan, for example.
What Happens If I can’t Repay?
Always communicate with the lender and let them know you are having difficulties. The alternative of debt collection is not a recommended option.
Reasons to Apply for a Payday Loan
- A Quick And Easy Way to Get Out of Trouble
A Payday loan is the best method to handle an emergency that requires a money fix.
- Affordable and Simple Loan Procedure
Payback loans can be available to those with low income. The process requires little paperwork and simple banking operation.
- Your Credit History Does Not Matter
As a rule, payback lenders approve customers without going into a long process of checking your credit history, which makes the application easy and less time-consuming.
- It’s the Fastest Way to Get Cash
It is one of the reasons for this type of credit gaining popularity. Getting your money quickly can be of paramount importance if you have an emergency – car repairs, a family member has a medical emergency or the rent is due. Collection agencies stressing you out? Applying for a payday loan is one of the best solutions possible.
- It’s Cheaper than Other Alternatives
Rates and Fees are affordable. A $100 Payday Loan – $15. A reconnection fee for a utility – $28. Bounced check – $30. Missed Credit Card payment – $35. Missed rent – possible eviction. Missed mortgage payment – possible foreclosure.
- Using a Loan Company is Just Doing Business
Dealing with a credit organization is easier than asking for money from friends or relatives. Emotionless and hassle-free.
- Easy Application
Do you want to do it from home and not visit a bank or lender and talk to anybody? Find a reputable online lending company and do it within a few minutes.