Borrowing cash is easy if you know how to get payday loans. Three basic requirements must be met and most people who apply will be accepted the first time they apply. To get a payday loan requires just a few qualifications.
- Income – you must have some type of regular, verifiable income. This can be from a job, government income, or self employment. Most lenders want to see a paystub or some other verification statement of regular income.
- Bank Account – most lenders require a bank account that will accept direct deposits. This is because the loans are backed up only by a check or automatic deposit permission form. They are unsecured loans, meaning there is no need to put up tangible collateral to get a payday loan. If the borrower does not repay their loan on time, the lender will process the check or ACH withdrawal. At that point the transaction becomes a checking issue rather than an unsecured loan. Any bounced checks will result in bank fees, bounced check fees and collection efforts.
- Personal Identification – a driver’s license is preferred, or other government issued identification.
These are the three basic requirements for getting a payday loan. Go to a local neighborhood cash advance store or an online payday loan website to get one of these loans. If you are at a store location, you will walk out with cash in hand. Online websites operate electronically. Your loan and repayment will be done automatically but not instantly. It may take minutes to a day to get a loan deposited. Repayments are done on the due date. To repay at a store location, simply go in and give them cash and pick up your uncashed check.
Other requirements may include providing several personal references. Your personal phone and address is also required by all lenders. Payday loans are convenient and can be used for any purpose. Most persons use them for emergency cash needs. Interest rates are very high but the loan term is very short. On a $100 loan, a normal fee runs about $15 to $25 dollars for a one to four weeks term. Loan limits and due dates are determined by a person’s income level and frequency of pay dates.
Getting a payday loan is easy as long as a person meets the three basic requirements. Many of people use payday loans every day around the globe. There are a few government restrictions that may apply; check with your lender regarding any limitations. Know how to get a payday loan. Three basic requirements are simple and being prepared to meet them makes getting your payday loan easier.
One important word of caution regarding payday loans. Although they are very easy for almost anyone to obtain, it must be emphasized that these types of short term loans do not fall under government regulations with regard to interest rates. These companies can charge whatever they wish, and most begin at an annual APR rate equal to just under 400%. This can be $15 to $25 per $100 every loan period, and it can trap a borrower quickly. Like anything else, buyer beware. Use these only in an emergency, and pay off immediately without reborrowing. If your income is short, find more income and do not get trapped in recycling payday loans.