How to Get a Payday Loan Today
A payday loan is a small, short-term loan. The loan will
typically be for a few hundred dollars and the loan term will be
one to four weeks, until the borrower's next payday. It is an
unsecured loan, meaning you do not need to put up any collateral.
Payday loans are also called "check advance loans," "cash
advance loans," "post-dated check loans," or "deferred deposit
loans." The idea is that the lender gives you an advance against
your next payday check. When payday arrives and your pay is
deposited to your checking account, the lender debits your
account by the amount of the loan plus the loan fee.
Many cities have payday loan offices and you'll find plenty
searching on the Internet. If you're approved, the money is
wired overnight into your checking account. The loan is usually
for one to four weeks — until your next payday.
When the loan is due, the company takes the amount you owe
— plus a fee — out of your bank account. You can
"roll over" the loan to the next payday, but you have to pay
another fee.
What stops most people from getting a payday loan online? Two
things:
1) Confusion about which company to use and how to go through
the process.
2) Not being able to meet the requirements.
Each company has slightly different requirements you have to
meet. Here are some of the basic requirements:
- You live in the U.S.
- You've had a job for at least three months, or you receive
monthly benefit income (such as Social Security)
- You make at least $1,200 per month if employed, or $960 per
month if on a fixed income
- You have direct deposit
- You have an active checking account
- You have a home phone where you can be contacted
If you meet all those, you have a pretty good chance of getting
approved for a loan right away.
There are a number of differences between the companies offering
payday loans. For example, not all companies lend money to
people in all 50 states. And some have higher or lower income
requirements.
You can improve your chances of being approved by doing three
things:
1) Get all your information together and fill out the form
completely and accurately.
2) Be totally honest when you fill out the application. They
will check to make sure what you tell them is true.
3) Don't apply to more than one company. If a lender sees that
you applied to several companies, they'll think you're too much
of a risk and not give you a loan. That's a common mistake you
must avoid.
You now know more than 95% of the people looking for loans. And
you're well-armed to find a lender you can trust, and to get a
payday loan approved today. That gives you a huge leg up on
everyone else who tries to apply for a loan online.
Wishing you all the best in solving your cash flow needs!