One of the quickest ways to get money when you are in a financial bind is through by obtaining a payday loan. Many lenders offer these short term loans typically between the amounts of $50 and $1000. Once you fill out the application and are approved for the loan, you have two weeks to repay the loan or the amount borrowed (plus interest) will be debited from your checking account. To receive a payday loan, you must first meet certain qualifications.
You must be over the age of 18 to qualify for a payday loan. This is the age at which you are legally able to sign a contract. When you apply for the payday loan, you sign a contract stating that you will repay the amount of the loan plus the interest by the date it is due.
An active checking account is another requirement that must be met before you can qualify for a payday loan. The lender receives a postdated check from you as a guarantee of loan payment at maturity. When the loan matures, the lender will cash this check to receive the amount of the loan plus applicable interest. Without an active checking account, the lender has no way of guaranteeing payment from you.
Most lenders require you to have at least six months of employment history before they will grant a loan to you. The lender needs to verify that you are able to repay the agreed amount. Lenders may ask for recent check stubs to verify your employment history.
Some lenders require a minimum monthly income for a payday loan. This varies among lender so it is best to contact potential lenders for their qualification requirements prior to applying for the loan.
In the unfortunate event that you do not qualify for a payday loan, there are other alternatives available to you. If you need money to pay your bills consider asking your creditors for more time. In most cases, creditors are willing to work with you. Keep in mind there may be a charge for such a service.
Contact your bank to find out if you have some kind of overdraft protection program. In a dire situation, you can overdraft your account until you receive your paycheck. There may be financial consequences to overdrafting your checking account so be sure to ask your bank about this before taking any action. Even if you do not currently have overdraft protection, you may be able to apply for it.
A cash advance from one of your credit cards is a viable alternative to obtaining a payday loan. Make sure you fully understand the terms, conditions, associated fees, and interest rate of the cash advance before taking it
Now that you know that you qualify then see how to get the payday advance you need.