When you don't get paid for a while, money can sometimes get a little tight. You work, and you will get paid, but payday is still a week away. Something came up, and you need some cash until your next paycheck. A short-term loan could be very helpful in this situation. Here's what you need to know to get the right one for you.
Short-term loans are also called payday loans, cash advances, fast cash, and a few other names. With these loans, you can get the money you need quickly, sometimes in as little as an hour, but in some places it can take up to 24 hours.
To get a short-term loan, all you need is to have been working at the same place for more than three months. You will also have to make more than $1,000 a month. They will ask for your employer's name and phone number and may call to check. In some situations, you may need to fax them copies of some of your recent pay stubs to show that you have money. There may also be a need for a bank statement.
You'll also need to be ready to give some important information about your bank account. This is where your money will be put right away when it comes to you. Also, the money will probably be taken out of the account on the due date of the loan. Another way to pay is to go to the loan office and pay it off in person. This account must also have been open for at least three months.
Payday loans are short-term loans that have to be paid back quickly, usually on your next payday. Your first loan from a payday loan store or website will probably be less than $400 and will be small. You should also make sure to pay it back on time, as this will make it easier for you to get more money from payday loans in the future. If you don't pay it back, you'll soon be in trouble and won't be able to get any more payday loans.
Know that the interest rate on these payday loans can be quite high. This number can be anywhere from 15 percent to 30 percent. At this price, you'll need to do some shopping around to find a good one. You should also look around because some payday loan companies will give you your first loan without charging you interest.
Some payday loan companies have different rules about how long you have to pay back the loan. This is a fairly new feature, and not many people have it yet. Some, on the other hand, will let you pay it back over three or four instalments instead of all at once. Because there is a lot of competition between lenders, they are slowly adding new features to their loan products to make them more appealing. You might find even better deals if you look around.
