How to Obtain a Payday Loan: Several Easy Steps
The easiest solution for tight financial issues is taking out a fast payday loan. These cash advances are frequently referred to as ‘deferred-deposit check loans’ or ‘check advance microcredits’. Irrespective of the term you select, the sense of payday loans remains the same: they are simple, quick, but quite expensive.
As a rule, payday cash advances online are given to the borrower within 24 hours after the application approval and repaid within a limited period of time. The only challenge here is that the interest rate of such loans is extremely high, so you should be ready to settle your debt as quickly as possible.
Here are three simple steps to take out a guaranteed payday loan:
Gather all the required information
1. First, you need to find the proof of your income. You can offer the lender your recent earnings statements or banking records, so that he could see how much you earn per month.
2. Second, prepare some of your personal papers. The specialists of your financial organization will want to see if you are a resident of the state where you’re planning to obtain a bad credit payday loan. Besides, you will need some state-issued identification documents.
3. Prepare other relevant financial data. The lender you’ve chosen may want to get acquainted with other aspects of your financial state, along with your income. For instance, you may be asked whether you have a valid bank account.
4. Do not forget to take a blank cheque. This paper will provide a guarantee to your lender that you’ll surely repay your one hour payday loan. Having a blank cheque, you’ll easily fill it out to the necessary sum as soon as you’ve agreed with the lender about your cash advance and its interest rate. Prepare your banking account routing number. Some companies prefer to withdraw the necessary amount of money right from the borrower’s balance. Find out if your lender uses this method and give him your routing number from any of your bank cheques.
Receive your payday loan
1. First, you need to find a lender. Today, there are many financial organizations ready to offer you payday loans for poor credit. In order to make this search easier and faster, you can use the services of our website: we’ll match you with a reliable lender from your state in no time and for free. All that you have to do is to submit your online application and wait for our service to find a suitable company.
2. Be careful when selecting a lender. Remember, that there are many scammers in this area. Naturally, our website partners with reliable companies only; but if you are going to select a lender yourself, do not forget to check its reliability. Find out if there are any complaints against the firm you’ve selected in the Better Business Bureau and make a general Internet search to evaluate its reputation.
3. Ask your lender about the fees and interest rate. As we have already mentioned, the major nuance of fast payday loans online is their expensiveness. Therefore, it’s a good idea to ask a loan officer about the interest rate, as well as all possible fees you’ll have to pay. For instance, you may be charged for simply having applied for a payday loan. This “service fee” can amount to as much as $65 if you borrow $250. The annual percentage rate in this case will be about 625%, which is really high.
4. Discuss the term of your small cash advance. Make sure you have a pretty clear sense of when your loan is due. Some financial organizations prefer to hide important information from their clients, so that the latter have to pay penalties and additional fees. Take time to ask your loan officer about the term of your loan and write down this data, so that you won’t get confused.
5. Check out all the repayment options. Again, the more you know about this aspect of your payday advance, the better. Different lenders offer different options for loan repayment, and it’s up to you to learn them in due time. For instance, you may want to pay back your microcredit in advance: find out if your lender offers its clients such an opportunity and if he charges any fees for that.
6. Fill in and sign the agreement. Now that you know everything about your payday loan for bad credit, it’s high time to e-sign the agreement with the chosen lender. He may want you to indicate your hirer, date of birth, phone number, address, and so on. Different companies require different information, so this list may vary.
7. Receive your money. In most cases, unsecured payday loans are deposited right to the borrower’s bank account within 24 hours after the agreement was signed. Less commonly, lenders hand it over to the client.
Repay your cash advance in due time
8. Repay in due time. At the end of the loan term, the lender will either withdraw the necessary sum from your bank account or remind you about your debt. Make sure you have enough money to pay back your unsecured payday loan plus interest and additional fees without delay.
9. Extend/renew your loan. If you don’t have the necessary sum, inform your lender about it in due time. He may agree to withdraw smaller amounts from your bank account, so that you could repay your debt over a longer period of time. Some financial organizations agree to extend or renew their payday loans online. However, you should remember that in this case the sum you owe will increase, as well as the interest rate and other charges. Take time to ask your lender about all the details of the extended/renewed payday cash advance.