Have you ever had that day where you needed to pay a bill, fix your car, go to the doctor or something that just couldn’t wait? You look at your bank balance or in your wallet and there just isn’t enough to cover what you need or to carry you over till your next payday? You don’t have anything for collateral or just not very good credit to get a bank loan? Well, there is one thing you can do and that is the route of the payday loan. You can go on-line now and find just about a thousand different places that offer these. I will try to answer the “who, what, where, when, how” and any other questions you may be asking yourself.
First off just what is a payday loan and can anyone get one?
A payday loan is considered a very short-term loan that is basically a cash advance on your next paycheck. On your next payday the amount borrowed is automatically withdrawn or if need be you can extend it till your next payday for a small fee. This can be done on average up to 5 times with some companies. Most states allow these types of loans over the Internet with only a few “rules” about how much you can get. The only states right now that don’t allow it at all at this time are Missouri, Kansas and Georgia.
Now how do you go about getting a payday loan?
Well you need to find a site that you are comfortable with. Make sure they are secure (the little padlock will show at the bottom of your screen). Apply for one by filling out their application with all the needed information…what kind of information? Well, you will need an income of at least $800-$1000 per pay period and a checking account (most will also require your paycheck to be direct deposited). Some even offer their help if you have bad credit, no credit or even a bankruptcy. Now they may say no faxing or paper work but, most times they will want you to send them a recent pay stub and your last bank statement. This bank statement must show a recent direct deposit on it also.
How long does it take to hear back about your loan?
It usually will take anywhere from a few minutes to a couple hours to find out if you are accepted. Then if they need more information ie: your statement and stub, they’ll email or call you with their requests for what exactly they will need.
How long till I get the money and how will I get it?
Some companies can get you your money that day. But it can take anywhere from a few hours till midnight to deposit into your account that night to actually receive the money. If you get everything done before a certain time (mostly by 4 eastern) this can happen. But, if not then you will normally receive it the next day. Again most will use direct deposit but some can also send it to you by Western Union too.
What fees are there?
First off you should never be charged an application fee to just fill out the information but there are normal lender fees. These can be anywhere from 5-30$ sometimes higher. This mostly depends on the lender dealing with the payday loan.
How much can I get?
Again state law, their limits and your take home pay regulate this. Some states limit the amount of payday advances to $100-$500 out of state within the state some may go to $1500.
How do I repay the loan or what if I can’t pay it at the time initially decided?
Usually the full amount is due when you receive your next paycheck. Some limit this time anywhere from 7 days to 1 month. Some have it to where you can pay just the lender fee or $50 if you can’t pay the total amount when first due. This can be done on average up to 5 times with some companies. Then pay the remainder on your next payday and your done.
Just remember this is one way to go about this. You can also find places locally that handle this type of loan. Just be carefull who and where you go and don’t give out any important information without first checking for that little lock on the lower right hand of the screen (this shows you are on a secure site) or better yet with the BBB if you can.