You probably already know what payday loans are. Who hasn't seen the ads on the Internet, on TV, or in the mail? It seems like they are almost everywhere. Yes, some of them can have pretty high interest rates. But did you know that it's possible to get one for free? Here's how to get a payday loan for free.
Payday loans have to be one of the fastest ways to get cash. Some lenders will give you up to $1,500. An online application for one of these loans shouldn't take more than 10 minutes to fill out. Some of them don't even take very long.
What You Need to Know
The information you need to fill out the form is pretty straightforward. Here are the things that the lender will want to see. You must be at least 18 years old. Then, you'll need to have worked at your current job for at least three months and be making more than $1,000 a month.
Then there's the question of how the deal is going to be made. In this case, you must have had a checking account for at least three months in order to meet their requirements. Once you are approved, they will put the money here, and this is how they will get their money when the loan is due. If you go to one of their stores, you will need to write them a check with a future date on it, or you will need to give them permission to take the money from your checking account electronically.
Payday Loans for Free
Now, let's talk about how to get a free payday loan. Just look for this kind of ad when you're looking for a payday loan, and you'll find them. This is only true for your first payday loan, and you probably won't get more than $400 for it. After the first one, you'll have to pay for them.
A lot of interest
Payday loans can have very high interest rates. You should expect it to be anywhere from 15% to 30% of the amount you borrow. So, after your first free quote, make sure you do some shopping around to get those lower rates. Many payday loan companies use a network called TeleCheck to find out if you've ever had a payday loan before and if you still owe money on one.
Filling out the application for a payday loan takes about 10 minutes, and with some of them, you can have the money in your account within an hour. Payday loans come in two basic forms: fax and no fax.
Payday Loans as Usual
For a standard payday loan, you may need to fax them copies of your most recent paycheck stubs and bank statements. This is to make sure that your income and account numbers are correct.
No Fax Payday Loan
The same information will be needed for a no-fax loan, but you won't have to send anything by fax. Since you aren't giving them exact copies of the information they need, they will have to find other ways to confirm it. This speeds up the application process, but it could make it take up to 24 hours for you to get your money.
