Payday loans can help you get through tough financial times and also remedy emergencies when you require prompt financial assistance. There are several companies that provide payday loans and while finding them should not be a problem, not all offers are exactly admirable. In fact, some offers mask high-interest rates behind convenience and quick cash delivery and have heavy penalties that can see your loan grow significantly due to a slight delay. Nevertheless, such loans are to be deducted from your next payday as long as your net income can cover them. It should not take much time learning how to get a payday loan as it involves filling a short form and submitting your request.
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Payday loan requirementsMany payday loan offers have specific eligibility requirements Click To Tweet
As aforesaid, there are many payday loans offers in the market and most of them have specific eligibility requirements that must be met before your loan request is approved. Some of the popular requirements involved in how to get a payday loan include the following:
1. Minimum age requirement
Most states require that applicants meet a minimum age of 18 years for their request to be approved.
2. Active checking account
Since most payday loans are awarded as checks, it is important to have an active open checking account before you apply for a loan.
3. Proof of income
You must have proof of income in form of your most recent payslips. Some companies will need slips of a couple months leading to the current date so having slips for two or three months back is recommended.
4. Valid phone number and address
These contact methods that can be used to reach you in case of anything. Most companies require at least one valid phone number. Others may request your email address and physical contact address.
There may be other requirements such as a job or steady income, but these are not mandatory requirements for all payday loan companies.
Step by step process on how to get a payday loan
To get a payday loan, simply lookup existing offers in your city, then make inquiries about the service. You can then compare these offers and find one that meets your requirements. There is always a cap on the amount of loan you can borrow depending on your payslip or income details as well as company policies. Most do not check the traditional credit history, but having one that supports your money-borrowing eligibility (trustworthiness) is something you may need to think about. Once you have a couple of reliable money-lenders, simply contact them to get the detailed process of how to get a payday loan from their service. You can then complete the loan application form, avail/attach the required documentation and wait for approval. Consider features like cash-to-check especially if you urgently need the money.
Payday loans and cash advance services have become quite popular and can be used to meet various urgent cash requirements before your salary is due. It is advisable to compare the interest rates and make sure you are comfortable with the repayment plan. Some loans can be deducted over two months (or two paydays) although most are small loans paid in full from your next salary. Only choose credible licensed creditors that are known to provide payday loans in your area.
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