Applying For Pay Day Loans
It's amazing who relies on pay day loans nowadays
. Years ago, these loans were targeted towards the poor unskilled workers who never even had a checking account or credit card and were forced to live paycheck to paycheck.
With today's economy, these loans are used by even the upper middle class who have experienced severe financial losses and no resources to pay regular bills. The typical family making over $100,000 is no stranger to the local storefront looking for cash until pay day. Mortgages needs to be paid, groceries bought, and prescriptions ordered.
The loans themselves are pretty simple to get. One benefit is that there is no credit check ' which would more than likely disqualify almost everyone who needs the loan. What they do instead is check a national database of loan companies, and they check to see if you have current outstanding loans with other companies. This database also shows your payment record for previous loans. You will also need proof of employment with a minimum of $1,000 to $2,000 a month in salary.
You also need a checking account. Online companies who offer these loans will need your routing number so they can have your funds deposited directly into your account. Online companies will usually get your money to you within a few hours.
In addition you will need a checking account. If you are using an online company for your loan they will transfer your funds directly into your checking account. The timeframe varies from a few hours to one business day. If you are applying online late on a Friday afternoon, you may very well not see any money until the following Monday.
If you are applying in person, you will fill out the same type of paperwork, you will need to show identification, and you will need to (usually) show them your checkbook if they are paying you in cash or check. Even though interest rates for this type of loan are extremely high, you are paying for convenience. If this is the only way to get your electricity turned on or to keep your car another month, the interest is part of the solution.
Despite all that has been discussed so far, there are pretty good reasons for not ( Yes, we said NOT ) attempting to get a pay day loan.We probably do not need to truly list too many of them here, but here goes - Don't apply for a pay day loan if: You know you haven't finished paying the last one You are still finishing the paperwork to close out the last one Your boss just fired you You borrowed money to pay the last one just an hour ago This is your second pay day loan from yet another institution
Knowing when not to, can be as important as knowing when to do it. Pay Day or Salary loans aren't for everyone but when you need one they are really quite easy to get even online.
by: Trevor Weir.
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