A payday loan is easier to get than one might think! There are many advantages to this kind of loan, such as time in which is gets approved which is very short, as well as the the fact you will not be asked many questions on how you plan on using the money. You can use the money you receive for any urgent and sudden expense you need to make, or a trip. But, before you get one, you should know what this kind of loan entails, and this is what we are going to shed some light on.
First of all, you need to decide what bank you are going to apply at. There are many banks out there that US citizens can choose from, and you should opt for on with the lowest interest rates. One thing known about fast cash loans is that the interest rate charged by the bank is much higher than ones for a long term loan. If you need to know how high your monthly rate will be, you should use a free loan calculator that will help you get a clear idea.
If you want to apply online, you can do so on the site of the chosen bank. You will find an application form there, and you will be required to fill in some info such as your name, address, telephone number, place of work, income and of course – age. If you are not at least 18 years old, you cannot apply for a payday loan. Your income should be at least $500 a month or more – depending on how much money you plan to apply for. A short term loan usually will not grant you more than a few thousands at most. Your source of income must come from an employment place, and not any other source.
Depending on the day of the week you apply for your loan, it can get approved in as fast as 20 minutes. If you apply during the weekend, it may take until Monday, but this is usually not the case. Also, if you apply online, things will go faster than by going to the bank first.
An advantage of getting a short term loan is the flexible pay back. While many people choose to pay back their loan on the day they get paid, this is not required. This type of loan cannot last for more than one year or even less, and if you wish, you can pay it back before the term.
If you have any further questions, you should pick up the phone and talk to a bank rep who will clarify everything for you. The bank should also have a FAQ section in which the most important issues are being addressed, so you may wish to look into that.
Getting a payday loan will save you the embarrassment of having to ask for an advance payment from your work place, so more and more people use this method when they are in need of some fast cash!