MORE ABOUT PAYDAY LOANS
get several inquiries daily from customers with similar questions
about payday loans. If you want to learn more about payday loans,
just read below to find answers to some of most frequently asked
1) How is a payday loan different from a personal loan
from the bank? First, payday loans are much easier to
be approved for than a personal loan from a banking institution.
A payday loan is meant to be a short-term cash loan which can
easily be paid off completely with a few weeks to a month. Banks
generally do not lend money for such a short period of time. Also
with a bank loan, loan officers will definitely pull your credit
report to see if they think you are capable of paying the loan
back. With a payday loan, on the other hand, your present nor
your past credit is an issue. Payday loans are not based upon
credit. Another major difference between a payday loan and a personal
loan is that if your credit is not good, you may be asked to find
a co-signer on the loan. When you apply for a payday loan, you
alone are on the loan. A co-signer is never a requirement. The
payday lender bases approvals upon your income (does it meet minimum
requirements?), you residency (proof will be required), the amount
that you are asking to borrow (can you afford it), and you age
(you must be at least 18 years old). This is a basically what
you will need to show the payday loan lender. Based upon your
individual circumstances, you may be asked to provide additional
information that the lender may want to see.
2) Can I use the cash from a payday loan to make major
item purchases, such as a car or a vacation? Generally,
we wouldn't recommend doing this, and most likely you would need
more money that what you can borrow on a payday loan. Payday loans
are used by many people who experience "emergencies"
(usually minor), who just need between $100 and $1000, and can
pay the entire balance plus fees back by their next payday. A
good example would be if you next payday is five days away and
your vehicle needed immediate repairs that will cost $300. If
you don't have the cash today, but will on payday, you might consider
getting a payday loan to pay for the repairs. Vacations and large
items should be financed at other types of lending institutions.
3) What is the quickest way that I can receive cash?
The quickest way is to apply online.
If you have your basic information available, you will be able
to submit the online payday loan application in less than 3 minutes.
When you submit your application it is instantly transferred to
a payday loan lender. Because the Internet never closes, applications
are accepted 24 hours a day, 7 days a week. Once approved, you
may also choose to have the cash directly deposited into your
bank account which makes the process even quicker.