Getting a payday loan is easy, and here are some tips to know before you go in to get your first payday loan. Remember that millions of people take advantage of this financial tool every day, and they use them repeatedly because they are so convenient. A payday loan can save you money on overdraft fees, late credit card payment penalty fees, and over the limit fees.
First, be sure that you have a recent bank statement to take in to the payday loan store. If you are borrowing from an online lender, they will have all the information they need on their application. It used to be that you would have to send copies of your bank information and driver’s license, and pay stub to them via facsimile, but most of them now are fax-less.
Second, you will need to provide proof of employment. This can be a pay stub, or some other receipt from your income source. If you are getting disability or retirement checks from the government, that will qualify also.
Third, it is necessary to have a bank account that will accept direct deposits and withdrawals by ACH transactions. You will be asked in a store to fill out the check for your loan amount plus any fees they charge, and date it with the current date. The store will hold onto your check until you return with your repayment cash. If for any reason you cannot return on the due date, you should call them in advance. They may be able to give you another day or so to come in. Otherwise, they will go ahead and cash your check. If it does not clear, you will have to deal with it as a bounced check. For online lenders, the repayments are done electronically with the ACH form you submit. The repayment is automatically taken on the due date. Again, if you have insufficient funds that day, it is treated just like a bounced check.
Fourth, you need personal information including name, address, telephone, references, and a photo ID. Online lenders ask what they need on their application.
Fifth, you get cash immediately upon approval at a store, and in an hour to a day electronically from online lenders. All these processes are easy, and most people get approved for their loans. These loans are not credit and no credit history is necessary or checked.
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