We have all found ourselves in financial troubles before. Often, these troubles come from unexpected emergencies such as medical bills, car bills, or our utilities being turned off. Conveniently, these emergencies always seem to occur in-between paychecks. If you have these emergencies, you can rest easy because payday loans are designed to take care of these situations and are simple to pay back.
A payday loan is a short-term loan that covers small expenses that may occur unexpectedly. You get the money fast and you simply pay the loan back on your paydays. Payday loans are similar to personal loans because lenders don’t need to know why you need the money, however, you get the money immediately and pay it back usually within 30-days from when you borrowed the money.
If you are in the market for a payday loan, you can get them through almost any lender. Most banks offer payday loan services, but it could take some time to get the money. Your best bet to get a payday loan is to go through a private lender or small lending business. These lenders focus on getting you your money as fast as possible and make it simple for you to pay the money back.
Depending on where you go, you may need to bring different things with you, so it is always best to call before you go to confirm what you need in order to get a payday loan. Most places simply require you to bring proof of employment, such as your pay stubs. You will probably need valid id and a blank check for your bank account. Most places require that you have a bank account where they can send the funds and pull the funds for repayment. Some lenders require your paychecks to be direct deposited, but many lenders are more flexible.
Getting a payday loan is pretty simple. If you are going to a physical lender, you are going to have to bring all the stuff with you. They will have you fill out an application and probably take a copy of your pay stubs and drivers license. They will have you fill out the blank check and probably send the funds to your bank account within 24 hours.
Payday loans aren’t usually based on credit. A payday loan is a short-term loan, so lenders care more about your employment then your credit history. If you are going through a traditional bank or other credit lender, they may run your credit. Most private or small business lenders are satisfied with your pay stubs and will not deny you for a payday loan because of your credit score.
As we mentioned, the lender will require a few of your pay stubs for proof of employment. When you fill out your application, the application is going to ask you for your next couple of pay dates. Depending on the payday loan you are getting and the lender, they may give you an option of how many paydays you want to take to pay the loan back. The agreement will allow the lender to pull a select payment from your bank on your payday, until the money is paid back. Payday loans are simple and are great for those emergencies that always seem to fall between pay periods. The process is simple, you get your money fast, and you don’t have to worry about your credit getting in the way.
