With the New Year upon us and Christmas bills still following us, countless Americans are wondering how they will pay the bills and cover their taxes due in April. Payday loans are one solution to individuals feeling the crunch of bills and taxes. A cash advance may enable you to take care of impending finances without over-extending your credit cards or racking up non-sufficient fund fees.
To be approved for a payday loan, most lenders require you to meet specific guidelines:
- Be at least 18 years of age and а United States citizen.
- Have а job or be able to show that you receive ѕоmе kind of regular income.
- Have а checking account with direct deposit.
- Be willing to pay back your loan.
Some companies will include an additional requirement which is why you should research payday loan lenders before you apply. If you meet these conditions, you generally have to fill out the company’s online form to find out how much you will qualify to receive. Some states do not allow payday loan lending while those who do have caps on the amount a consumer can borrow. In general, the majority of the online payday loan companies do not disqualify you because of bad credit, bankruptcy history, or prior bad checks.
You don’t have to wait in line for a payday loan
Getting funded is fast because there are no long lines or delays while the company reviews уоur application. In addition, this process takes place from the comfort of your own home or office. Once you apply, a lender representative will contact you to confirm your information. Make sure you review the website completely, and read the details. You will then submit your e-signature and be funded within 24 hours or the next business day.
Direct payday loan lenders will take your application, and if approved, fund you directly whereas non-direct lenders will take your application and help you find a lender.
Keep in mind that payday loans are meant to be short-term and paid off with your next paycheck. It’s not like taking out a credit card where you can make the minimum payment and take months to pay off. If you are not able to repay your loan when agreed upon by you and the lender, you can “rollover” your loan, which means your payment terms will be extended.
Fees and interest rates for payday loans are very high. If you are not able to pay off what you borrowed in a reasonable amount of time, you may want to rethink using this source as a means of getting fast cash.
Some have criticized the payday loan industry for charging excessive fees and interest rates. They may not cost more when you compare borrowing short-term with a high interest rate to borrowing at a lower interest rate but taking much longer to pay the debt off. Consumers should always look at their budget and consider whether or not repayment is realistic and within their budget.