Payday loans can be used for emergencies such as car repairs, medical bills or any other time that you wind up in a financial crisis. They are a short term loan designed to be paid back in a short period of time, and may have high interest rates, but are very easy to get.
To apply, there are many ways that you can do this. You can apply in person at a local check cashing places specializes in these types of loans, on the phone or even over the Internet. It is very easy to find a place they can assist you in giving the money that you want.
Many companies have requirements, and you will have to have a valid ID and in most cases, a valid checking account, although there are companies that allow savings accounts to be used. Some places require proof of income, although if you are self-employed you may still qualify for one. Each individual company has different requirements that they have for you to obtain the loan, so shopping around can help you find the right one for you.
If you apply in person, you can expect to write a check that is post dated until your next pay period for the amount of the loan plus the fees. Once you’re paid, you return to the store and pay cash and get your check back. This allows the company to be able to deposit the check if you default on the loan.
If you applied for a loan online, you may have to fax in your identifying paperwork and they will electronically deposit the money into your account within 24 hours. A scheduled repayment plan is determined by you when you apply, and they will electronically withdraw this amount on those days.
Most of the time, you’ll only be able to receive $300 the first time that you take a long out. You can get up to a thousand dollars after you have proven that you are a good customer. These loans are typically repaid on your next pay day, and the finance charge can be fifteen to thirty dollars for every hundred that you borrow.
Finding these companies as easy as an internet search, watching television ads or even looking in the phone book. The way you decide to apply for the loan will determine where you go for the loan application process. Many times, it is is very easy and you can have the money next day at the latest.
Be aware that not all states are eligible for these loans. If in doubt, look on the Internet for the state’s that are excluded. You are also able to find the legal terms of the loans, so that you can make sure that the fees are within the state limit so that you can protect yourself from being overcharged.
Payday loans are not a long term solution and should only be used in the event of an emergency. They can be a viable source for funds as long as you are a responsible borrower. Give us a try at paydayloantree.com