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Payday loans are meant to help you meet your daily expenses for a short period. This period lasts until you get your next paycheck, meaning it is a short loan.
Lenders expect to be paid back as soon as your salary, or any other form of income is deposited into your account. The loan will, therefore, typically last you about two or three weeks or similarly short terms.
At least 32 states in the US have legalized payday loans, sometimes referred to as advance loans or cash advance loans. Therefore, before deciding to take out a payday loan, you should first consider your location.
Location is not the only factor to consider if you are thinking about requesting a payday loan. These loans often have very specific terms, depending on the lender and your own situation. That being said, there are many important facts you should know before requesting a payday loan.
What is a Typical Payday Loan Request Process like?
There are two ways to apply for payday loans. You can either do a convenient online request or submit a request in person at a storefront. GetCash is not a lender, but we offer a simple online form which can connect you to a lender fast. For online requests, you may need an active email address to handle important communication and an active checking account.
If you are looking for payday loans online with no credit check and instant approval, unfortunately, you may be out of luck. Most payday loan lenders will need to take a look at your credit score before they determine what loan amount if any, they are prepared to offer you. Online payday loans with no credit check are extremely difficult, if not impossible, to find. That’s because a potential lender needs to mitigate their risk when determining whether or not they can loan you money. Still, some lenders are prepared to work with people who have less than perfect credit, and they may offer payday loans for bad credit in the right situation. But like any loan, you’re more likely to get the best payday loans if you can prove you have a history of paying back credit on time, with a good proof of income, and low debt to credit ratio.
Am I Eligible for a Payday Loan?
Most lenders usually have minimum eligibility criteria that applicants must meet. Failure to do so can result in rejection of your loan application with them. To know if you’re eligible for a payday loan, consider the following:
Source of Income
Payday loan lenders usually require potential borrowers to have a source of income. Money flowing into your account helps demonstrate you are capable of paying back the borrowed amount.
Some lenders require their customers to be in stable employment positions. This means their salaries are flowing in regularly, thus reducing the chance of failing to pay back the loan. Some payday lenders also look at where the money you are receiving as income is coming from and how much you are receiving.
Your credit history is a record of your ability to repay debts. In other words, it demonstrates responsibility for paying back lenders and managing your finances. However, payday lenders have different restrictions when it comes to this particular criterion. Each has a degree of bad credit level they are willing to accept. Knowing your credit score before requesting a payday loan is important. You can request a copy of your report from credit reporting agencies. Examples of such agencies are Experian, Equifax and TransUnion.
An Active Bank Account in Your Name
When applying for a payday loan, one of the things a lender may ask for is a blank check from an account in your name. This helps them confirm your identity and physical address. When opening a bank account, you are required to provide personal information regarding who you are and where you live. A payday lender can confirm these details from the blank check you send them.
Aged 18 or Above
In most countries, this restriction is usually put in place by the law. People below this age are not considered to be old enough to make decisions they can legally be held accountable for.
For this reason, you will likely need to present identification if you request a payday loan, so you can prove you are of legal age.
No Outstanding Payday Loans
Lenders might reject your payday loan request if you have any other outstanding loans. Owing someone money and borrowing from another person indicates you are less likely to pay back.
A payday lender will only approve a potential borrower if they are confident you will pay the principal and interest. To avoid being considered unqualified due to this reason, clear any outstanding loans. Doing so will also improve your credit score, improving the chances of your loan request approval with these lenders.
Repayment Terms and Fees
Before you get indebted to a lender, ensure you are well informed about all the fees you may be required to pay.
Understand the annual percentage rate (APR) and the total amount you will be required to pay at the end of the loan term.
How Long are Normal Approval Periods?
Payday loans are typically used for getting out of a financial emergency. Therefore, the approval time can be critical. A faster approval rate is very convenient as it gives you the much-needed quick fix in a short time.
Important Facts to Know about Payday Loans
High Interest Rates
Payday loan lenders do not ask for collateral from their applicants. This makes the business a risky venture for them since payday loans attract a significant percentage of people with bad credit scores. To equate the riskiness to the returns, lenders often charge a high-interest rate.
Requests Can Be Made Online
You do not need to walk into a physical building or office to request a payday loan. Many lenders can be found online. All you need is a computer and the internet. This also means you do not have to waste time waiting in line to submit your request. In addition to that, you can request payday loans any time, day or night, and you can get the process started with GetCash’s easy online form.
Loans usually have a payment plan. That is, you pay back a certain amount at specific intervals until the entire loan is cleared. Payday loans, however, may not work this way.
Payment is made once. This is inclusive of the principal amount and interest. Before requesting this type of loan, be sure you will be able to pay the entire amount in one installment on time.
The Amount Given is Limited
This type of loan is not meant for investment purposes but rather to help you meet daily needs. It should also be paid back in a few weeks. The amount given is, therefore, not significant. The maximum amount you can get is usually around five hundred dollars. Lenders, however, sometimes give between two hundred and three hundred dollars. When determining how much to give you, these lenders look at many factors. Some of them include how much your income is and what your credit score is. If your salary is high and your credit score is impressive, then you are more likely to get a larger amount.