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What are Payday Loans?
Payday Loans are small unsecured loans that have relatively high-interest rates and short repayment terms. The lending period is typically from one month to six months, and the amounts apply to the amount of money involved in each interaction. If a lender offers a 15-day loan instead of a 30-day loan, they will charge much higher interest. Some lenders guarantee a loan within minutes of being submitted. Others take up to one hour before they reach a decision.
Types of Payday Loans
There are several different types of Payday Loans. The most popular would be loaned for bad credit, a short-term loan with the largest fees and interest rates. Next, there are title loans secured with documentation of personal property (such as car titles). The next type would be an unsecured loan typically found at a payday lender. If the customer doesn’t pay back the loan on the full due date, a fee is charged on their account and usually provokes collection attempts. Another option would be to apply for an installment loan. These loans have more favorable terms than Payday Loans but typically offer much lower amounts than a secured personal loan.
Payday Loans Process
It’s actually quite simple. You are usually expected to provide proof of income, such as pay stubs or a dealer license for self-employment. If a company employs you, you would be required to give the name of your employer. When you apply for a title loan or an installment loan, they will draw up a contract with you that will require monthly or weekly installments over a certain amount of time, depending on the terms of your agreement.
Payday Loans Rates and Terms
There are several different interest rates for Payday Loans. The first-rate to be calculated would be the fixed-rate. Most lenders will charge a flat fee, such as a $10 fee for every $100 borrowed, but it can sometimes be higher. Furthermore, some lenders offer variable rates that follow the prime rate. This rate is based on the fluctuation of the prime rate. There can also be a boosted charge (also called a penalty fee) based on late fees or over-limit fees.
Characteristics of Payday Loans
Simple, fast, and easy is the best way to describe a Payday Loan. Many lenders offer online applications that are submitted within seconds. The customer must provide their account number, bank routing number, checking account number, and driver’s license number. This information is sufficient enough to verify the identity of the customer and their bank account. The lender will wait for a paycheck (or some form of income) before receiving a loan. If the customer applies after their paycheck has been transferred to the bank, they will not receive the money until their next scheduled check.
Pros of Payday Loans
Payday Loans can be a lifesaver for those customers who need money immediately, but unfortunately, they are not for just anyone. Anyone with poor credit will get denied for a payday loan, and there are certain rules as to who is eligible. Each lender has strict guidelines that determine if a person gets a loan or not. Generally, someone with bad credit must have an emergency that requires immediate financial assistance.
Cons of Payday Loans
Payday Loans have the ability to get you into deep trouble in a heartbeat. Before applying for a payday loan, be sure to understand the repayment process. Repayment terms will vary from one payday loan to the next, but oftentimes they are between 2-4 weeks. If you fail to repay this loan, your late fees can skyrocket. In some cases, customers who do not pay these loans may be sued for their debt or even have their wages garnished. Whatever happens, to fail to pay back the loan, it is easy enough for someone with an unstable financial situation to get themselves into enormous expenses that they cannot afford.
Options to Help You Qualify for Payday Loans
Even if you have bad credit, there are still options for you to receive a payday loan. One lender may deny you because recent financial events have damaged your credit. However, applying for a second loan from another lender will improve the chances of being approved. It is a good idea to apply at more than one place to increase your approval rate. Another option would be to approach a friend of yours about getting a loan with you.
How to Apply for Payday Loans?
To apply for a Payday Loans, you must first complete the online application. A loan representative will ask you some questions about your income, debts, and savings to determine whether you are eligible for the loan. Once you apply online, your lender will typically contact you about your loan application’s outcome 24 hours. The lender may approve your loan application or decide to ask for additional information from you before granting the loan. You need to pay attention while filling an online application to ensure you provide all the required information requested by lenders. Make sure you have your ID card with you because you might be asked to present it at least during the final stage of the pre-approval process.
Documents to Apply for Payday Loans
Payday Loans approval process is carried out based on the borrower’s income and current financial condition. The lender will mostly ask for the list of documents to determine if you are eligible for the loan. In cases where you provide a past employer’s reference sheet, make sure it is yours, and you have permission to use it. There may be other requirements depending on your personal bank’s policy. The following are the most common documents lenders require while processing Payday Loans applications:
- income verification;
- including pay stubs;
- W2 forms;
- award letters your bank account statements that are dated within 30 days of applying for the loan last two or three months of credit card statements proof of residence, such as a utility bill or lease agreement.
Best Tips for Taking Out Payday Loans
Payday Loans are typically granted against the value of your next paycheck. The amount of money you can get from a Payday Loans lender largely depends on your income and financial situation. If you default on your payments, the loan provider has the right to use the general garnishment procedure.