Sometimes unexpected situations arise that call for extra
cash. Whether it's car troubles, emergencies, or whatever else life throws your
way; you might need more money than you have. That's where a payday loan comes
in handy! These short-term loans are a convenient way to access funds you
wouldn't be able to otherwise.
Typically, the payday loan lender advances you a portion of
your next paycheck with a high interest rate on top of the principal amount.
Every state has it's own laws in place governing the payday loan process,
though most follow a similar set of guidelines.
To qualify for a payday loan, you will need to provide proof
of income, most likely employment income. Though some lenders also advance a
smaller amount if you receive social assistance benefits. You must give the
lender copies of your government-issued identification along with any other
documentation requested of you. These might include a bank statement, paystub, or
proof of address.
Most loan providers operate with physical locations where
onsite applications and approvals are available. Though, there are some online
lenders available now, too. With online payday loans, the process is very
similar to onsite applications. The only difference is that you would need to
submit any documents electronically. You might also have to wait a little
longer to get your cash.
Approvals aren't usually based on your credit score, but
rather on your proof of employment and income. So anyone with less than perfect
credit can still expect an approval so long as you can prove you're able to
repay the loan.
A cash advance might come in handy if you find yourself
short on cash. You won't need to explain yourself or justify needing the loan.
Most times, the staff is friendly and helpful, and the whole process takes less
than 30 minutes.