Facts About Payday Loans
Do you need money for an emergency or to pay a bill in a hurry? Then consider applying for a payday loan. This short-term loan allows money you borrow to be based on your income and not your credit history. You won't have to use your assets as collateral to secure this loan. There are many online lenders that offer payday loans. Learn about applying for this short-term loan to see it fits your needs.
To qualify for a payday loan, you must be at least 18 years of age. A first time borrow can usually get anywhere from $100 to $1,000. Repeat borrowers can sometimes borrow a few thousand dollars. It's a requirement for an applicant to be a United States citizen or permanent resident. Typically, an applicant needs to have a net income of at least $1,000. You will also be required to have a verifiable place of employment, home phone number, and bank account.
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When you apply for a payday loan, a lender will ask you for your name, contact information, and bank account details. Your bank account will need to be in good standing with the bank it's in. It's necessary to provide your bank account number and routing number to the lender. Money will be sent electronically to your bank account if you are approved for a loan. When an applicant has defaulted on a payday loan in the past, he can still get a payday loan but he must disclose this information to his potential lender.
Filling out an online payday loan application takes about two to five minutes. You will probably have to fax a pay stub and your bank statement to the lender. Also, you will need to print out loan documents you receive from the lender. State laws regulate the fees and interest rates a lender can charge you for having a loan. Traditionally, a payday loan was meant for an emergency situation. However, you can often get one for any purpose such as a doctor visit or an outing at the Georgia Aquarium. For more information on web-based payday loan companies, visit a website to review information on payday loans so you can have cash until next paycheck.
