Payday Loans Can Provide Assistance
If you need to apply for a loan, chances are you need it quickly, most likely for an unexpected bill that suddenly occurred. Emergency bills are expenses that cannot be predicted and can upset the financial applecart. If you are in need of quick cash and are not certain where to obtain it, quick payday loans may be able to help you.
An unexpected bill usually requires prompt payment, but it may come at a time when you do not have adequate funds to handle it. If you have just been paid and your paycheck has been depleted, you cannot wait until you get paid again. Your emergency bill will not disappear, so you need to rely on a way of getting quick cash in order to take care of this financial dilemma. Quick payday loans can provide you with money as fast as the next business day, if approved.
There are requirements that have to be met in order to get this type of loan, whether you are using an online lender or going to a cash advance store.
- Your age must be at least 18.
- You must be a resident of the U.S.
- You will need to provide a home and work phone number and have a valid email address.
- You will also need to have a steady source of income of at least $1,000 a month after taxes have been withdrawn.
A store will require you to also produce photo ID. An online lender will require you to have a valid checking account so that your funds can be electronically deposited. This will provide you with faster service. If you do not have a checking account but do have a savings account, ascertain whether the lender will accept it, as some lenders do use savings accounts in the place of checking.
Since this is an unsecured loan, collateral will also not be required. The loan is meant to be for a short period of time, usually paid back when the next paycheck has been received unless an extension has been requested from the lender.
Payday lenders may issue loans in amounts ranging from $50 to $1,000. Sometimes, a higher amount can be obtained. Loan periods can range from ten days to thirty-one days, though there are lenders who will issue loans for a period of 100 days, giving borrowers ample time to get adequate funds together for a repayment.
Through online lenders, quick payday loans can provide borrowers with the following benefits.
- It is a convenient way of getting quick cash without having to use a bank or a credit card.
- Both deposit and repayment of the loan can be handled electronically. With automatic repayment, borrowers will not have to worry about forgetting to pay back the loan, thus incurring additional fees.
- The loan request process is quick and convenient. After the request has been submitted, a loan decision can be as fast as a few minutes.
- Online lenders can also provide secure sites with encryption of personal information, allowing borrowers to transmit their sensitive and private data safely.
When those times occur where a bill needs to be paid and the money is not available, you will want to consider quick payday loans to help you out of a tough financial situation.