Qualifications are pretty simple. Most payday loan companies only require that you have a steady source of income, that you are at least 18 years old, and that you have been living at the same residence for at least 3 months.
If you want to borrow $500 your monthly income should be able to more than cover that when it comes time to pay your loan back. However, most cash advance companies are looking for you to earn at least $800 to $1,000 per month after expenses.
You can apply for a payday loan online. There's a simple application to fill out. It probably won't take your more than ten minutes.
Most companies will call you up to verify that you want the loan. If your income is from an employer they will also call them, just to verify that you've been working there for three months or more.
You will need either a checking account or a savings account because your loan will be electronically transferred into your bank account within 24 hours.
When your next payday comes around the amount you borrowed plus fees and interest will be debited from that same bank account.
The interest rates for a payday loan are a lot higher than they are for a loan from a bank. That's because there is no credit check done and the lender has a higher risk of people defaulting on the loan because the borrowers are more likely to declare bankruptcy.
These loans should only be used in an emergency because the interest rates and fees are so high. When people use them just to have some extra cash in their pockets they usually get into worse debt.
If you've never borrowed from a payday loan financial institution there are a number of things you should look out for because some charge more than others.
Payday loans, also known as "cash advance loans" are being used by more and more consumers to meet month-end financial obligations, when there is simply not enough cash to pay the gas bill, rent or auto loan. In essence payday loans have become a necessity for most people, at certain points in their lives.
If you need $500 to $1000, your best source of quick cash, is an online payday loan lender. Since most consumers are turning to the web for loan of all kinds - most payday loan stores are also offering payday loans, online to their customers usually in 24 hours or less. This is good business of the lender and a great convenience for clients, who would like to get a loan quickly and discretely.
No Credit Check
A no credit check payday loan allows you to bypass the credit verification process. In short, you credit history does not matter. This is true whether your credit score is 300 or 450 or you simply don't have a credit history.
For obvious reasons this feature is attractive to clients who need a fast loan. They don't have to complete extensive paperwork and wait for their credit report to be pulled. In addition, there is no history of the loan on your credit report.
No Faxing
A no fax payday loan also known as a "faxless payday loan" offers 100% of the loan application process online. a payday loan
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