When you find out you don't have enough money in the bank to cover your checks, even though you thought you did, you need cash right away. Payday loans are about the quickest way to get the cash you need. Here's how to get your money quickly.
Payday loans are a very easy and quick way to get cash. The money is put right into your checking account, which is nice. This means that if you made a mistake and wrote one more check than you meant to, you can have it taken care of when you need the cash.
Going online is a simple way to apply for a payday loan. If this is your first time getting a payday loan, you might be able to get up to $400 from some lenders. Once you have shown that you will pay, you can get more money, up to a maximum of about $1,500.
You need both a job and a bank account to get a payday loan. But your credit score is not something they will look at. Anyone can get a payday loan. You will need to have worked at the same place for at least six months, although some jobs may only require two months. Your checking account is the same way.
When you apply, you'll need to give the lender information about your bank account so they can put the money directly into it and take it out when it's due. To do this, you can either leave them a check with a future date on it or sign a form giving them permission to do it. Most payday loan companies will require you to pay it back in full when you get your next paycheck. Some people are now making it possible for multiple payments to be made over several paychecks without having to pay more fees.
You will have to show proof of employment and leave the name and phone number of someone they can call to check. You may also need to show them pay stubs that show you make more than $1,500 a month. Most of the time, you send them this information by fax, which means you have to go to a fax machine. A "no fax" loan just means that you don't send them anything by fax. This makes it take longer for them to check the same information.
Once you have given the necessary information, which usually doesn't take more than 10 minutes, your loan will be put into your account. This is something that many lenders can do in an hour or even less. This means that it is fast enough to keep that check from being returned as unpaid.
Check out the terms and interest rates of several payday loan companies. The interest rate can be anywhere between 15 percent and 30 percent. They can also check to see if you have more than one loan out at once, so make sure you can pay on time. You can roll it over to your next paycheck, but that is the same as taking out another loan. You'll have to pay the interest on the first loan when it's due, and then the balance plus new interest when you get paid again.
