Do You Need Help With Payday Loans?
Getting your budget short before the month ends is a situation that most middle class people experience; some manage it through cost-cutting or some even resort to taking out loans. People starting a small business (and are nearing bankruptcy) would prefer SBA loans but that may take too long. However, even if you are going bankrupt, about to pay a hospital bill, or the due date on rentals is closing in on you, there’s always a solution to that. What should you do in times like this? If you are a wise borrower, then you can make your situation better by getting to a payday lender. Here’s your complete guide if you need help with payday loans.
Why should I get a payday loan?
The reason is simple: if you want to have a fast way to come up with an emergency fund, then a payday loan is what you really need. For example, if you are $500 – $1,000 short, then taking that amount out from a bank would take you too long. In the payday loan system, you can get a loan like that in as fast as 1 hour – 1 day. The sources of payday loans are also varied and some don’t even mind if you are bankrupt or if you have an outstanding credit which is unsettled.
What do I need to do?
The first thing that you should do is to contact a payday lender. There are payday lenders which can be found locally and there are some on the internet. Sometimes, these lenders may post ads such as bad credit instant decision loans.
There are also other sites that have the impression of being able to offer payday loans but they work in a different way. A good example of these sites is the Project Payday site, which is not actually a payday lender but a pay-per-registration business.
Moreover, best way to select a payday lender is to read the terms and conditions that they offer, their amount limit, and the interest rate that they impose, then choose that lender which you think is the best fit for your situation.
What requirements should I bring?
For most lenders, the following are the standard requirements in applying for a payday loan:
- A stable job that makes at least $1,000/month
- A previous paycheck or pay stub
- Your Social Security Details
- Personal Information
- An accomplished application form answered truthfully
There might be other additional requirements depending on the state or country where the payday lender is based, however, these are the most common documents that payday lenders require. Of course, being of legal age and having a checking account are already assumed to be mandatory. If you need $5,000 to$10,000 then you might want to be really complete with the requirements because these are big loans already.
How do I pay a payday loan?
In paying a payday loan, you can choose between three methods. In the application phase, if you are granted a payday loan, you will be submitting a post-dated check that bears the principal amount plus the interest rate and the charges. This check can be cleared out by the lender when your next paycheck is deposited into your billing account. The allowance that they give for payday loan payments is approximately 7 – 8 days.
Another method that you can use is to mail them another check that is also of the same amount as the post-dated one. However, the third and most reliable way to pay a payday lender is to pay the debt in cash personally. In internet payday loans, you will need to do bank to bank transactions for loaning and paying.
What are the disadvantages of payday loans?
You have to know, however, that payday loans have high interest rates and surcharges compared to loans from banks or credit firms. This is because of the lack of security and the leniency of the lenders that help people in need. However, if you are truly in an emergency situation, like if you need 3000 fast, then you might find the cost negligible compared to how fast you can come up with a certain amount of cash.
Do you think that payday loans are great for people in need or would you rather go to another lending source? Tell us your opinion be dropping a comment on the box provided for your insights.