If you've ever tried to get a loan but had bad credit, you've probably been turned down. You don't have to worry about getting turned down for a payday loan if you have a job and have been there for at least a few months. Here's how to get a payday loan when you need cash quickly.
Your credit score has little to do with whether or not you can get a payday loan. In fact, they won't even look at your credit history or how much debt you already have. This means that even if you have bad credit, you can still get the money you need.
They will, however, look carefully at how much you can pay. This means they will want to know where you work now and how much money you make every month. They want to see that you have worked at the same place for at least six months, though some will only need two months. They will also want to know that you make at least $1,000 per month, and some will want you to make $1,500 per month. You might have to fax them a copy of your pay stubs or they might call your employer to make sure.
Most payday loans offer up to $1,000 in cash, but some go as high as $1,500. Most of the time, though, your first payday loan will be less than $400. If you pay it back on time, you can get more the next time around.
When you apply, you will also need a checking account. You will be asked to fill out a postdated check for the full amount, or you will need to give them permission to take it out of your account electronically on the date due.
You can get another payday loan as long as you pay back the full amount on time. You can move them to the next pay period by paying the interest that is due. This will mean that you have to pay more interest, but you will have more time. Obviously, you wouldn't want to do this if you didn't have to, but the option is there if you need it.
Different payment plans may be available from other lenders. Even though they are still fairly new, some now let you pay it back in several payments. You might have to look for a while to find this option, but it might be worth it.
Before you apply for a payday loan, make sure you shop around to find the best deal. The interest rate can be anywhere between 15% and 30%. The amount of time you have to pay back the loan also changes from lender to lender. If you need that emergency cash, make sure you shop around enough to get a good deal.
