Life - it is unpredictable. Things may be going great when suddenly you find yourself in a financial crisis that requires immediate cash. Whether its your broken-down vehicle that has left you stranded beside the highway, a disabled appliance like your refrigerator that must be replaced immediately, or something as simple as a misplaced utility bill that requires immediate payment to avoid disconnection - you may be in need of a fast and easy way to get cash now.
Not everyone has flawless credit - the type of credit that allows you to walk into a bank and get a loan almost immediately, or to qualify for credit cards that allow cash advances when life throws you a curve ball and you need money now. Fortunately, a payday loan can help you make it to your next payday without all the hassle of stiff bankers and cold, uncaring credit card companies.
A payday loan is a short term loan that is the easiest in the industry to qualify for and receive. Nearly everyone can get a payday loan, regardless of past credit history or even bankruptcy. There is no credit check required for payday loans, which means that virtually anyone is approved. The only qualifications for receiving a payday loan are that you are actively employed and have a valid checking account with a positive balance.
Simple Application Process
Applying for a payday loan is very simple. You will present the payday loan lender with a post-dated check written out for the amount of the loan, plus interest and modest fees. The lender will agree to hold the post-dated check for a period of time - usually two weeks but perhaps as long as a month - upon which time the loan will become due. You will then pick the check up in person and pay the lender the face amount, or the lender will simply deposit the check into your checking account for reimbursement.
The paperwork for the payday loan is very limited. The payday loan store will need copies of your most recent paystubs for income verification. They will also need a picture identification - such as your state issued driver's license. Some lenders may ask for a couple of personal references.
Convenient Online Lenders
There are many reputable online sources that offer payday loans. You will fill out an application online over a secure server. You may be required to fax or email a scanned copy of signature documentation. You will not be asked to pick the post-dated check up in person - online payday lenders will deposit the check electronically on its due date into your checking account. Online payday loans are more convenient than traditional payday loans because you do not have to bother with going into the payday loan store to apply, nor do you have to come back to pay the loan on its due date.
Payday loans are very popular. Because they are only short-term loans, there is no ongoing monthly payment to worry with. And borrowers of payday loans tend to borrow only what they need, which makes the loan easier to manage in terms of the borrower's budget.
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