Do you find that you’re coasting on fumes or rummaging through the pantry in an effort to make ends meet until payday comes? You’re not alone.
12 million Americans find they need some type of assistance to help them coast until payday. This usually comes in the form of easy payday loans.
If you’ve never taken out one of these loans before, you might feel scared and not know what to expect. Here’s a breakdown of the process when it comes to getting one and what you need.
Understand What You’ll Need to Get Approved
Applying for a payday loan usually only requires a few items that you likely already have.
Most folks need:
- A bank account
- A Social Security card
- Proof of recurring payments, such as paycheck stubs or proof of direct deposit
Some companies provide you with a check that you can cash. In many cases, it’s still helpful to have a bank account. If you don’t have one, check with the company you’re working with, that it doesn’t make this a strict requirement.
In the case of payday loans, these companies aren’t looking for collateral, such as cars or houses, otherwise it would be a secured loan. As long as you have a source of income that comes in on a regular basis, you can qualify for one of these loans. They are much easier to get than installment loans.
Know Who Easy Payday Loans Work For
Payday loans are best for folks who only need a short supply of cash and can pay it back quickly. They’re ideal when you need to borrow less than what you make, the situation is an emergency, or you can pay it back all in one lump sum quickly.
Of course, problems occur when you default on a payday loan. You can have your wages garnished if you’re not careful. By taking less than you normally make, you can ensure your lending experience is successful, and pay it back as quickly as possible.
Managing Money Once You’re Approved
After you’ve gotten approved for your payday loan, understand what the repayment schedule looks like. You’ll typically get an amount you’re supposed to pay within a certain amount of time. Pencil it in on your calendar or planner so you don’t forget.
Choosing to pay more or pay off the entire loan at once is the best way to ensure that you’re not getting charged additional interest. Otherwise, you’ll find these similar to making payments on an installment loan.
If you’ve never dealt with installment loans before, check out this post to get a better understanding of what they’re like.
Now you know what’s needed in order to get approved for easy payday loans. Make sure to have all your paperwork in order, and understand the importance of managing and paying your loan on time.
This prevents problems and makes it easy to maintain a good relationship with the payday loan location if you need to return to them again.
Still worried about getting approved? Check out this blog post on how to increase your chances of getting a payday loan.
Here are some other articles you might find interesting:
How Instant Loans Can Help in Times of an Emergency
More about the best online payday loans
Loans Customized for You: Online Installment Loans
Let your Credit Score Work for You: Unsecured Personal Loan