Breaking Down The Basics Of Payday Loans
If you ever find yourself struggling to make ends meet between paychecks, a payday loan might help you get through the rough patch. The best thing about this loan is that it is typically quite easy to find out if you qualify.
However, there are a few important things that you should keep in mind if you want to get a payday loan with one of the lenders through us at Title and Payday Loans. Below, we will break down the basics of payday loans, so that when the time comes to pay a visit to the lender’s store, you walk in prepared.
What Are Payday Loans & How Do They Work?
Payday loans are short-term loans that can usually be repaid with your next paycheck. This means that you might be able to forget about the loan in only about 2-4 weeks. A huge benefit of payday loans is the fact that they’re what you would call an unsecured loan.
This means that borrowers are not required to provide any form of collateral in order to get access to quick cash. You would only have to bring in a few documents and sign the papers – and that’s it.
Such a loan can be rather convenient for those who do not own a valuable asset or those who do not want to put their house or car at risk. Our lenders may ask you to provide a blank check so that when it's time to pay off the loan, they can repay themselves by depositing the check to your bank or credit union.
What Do You Need To Qualify For A Payday Loan?
You must be over 18 to apply for a loan. To prove that you’re not a minor, you will be asked to bring in your state-issued photo ID or driver’s license when beginning the process. The document will also be used to prove your identity.
In order for our lenders to determine if you qualify, you need to show them your income. That means you have to provide proof of income, your most recent bank statement, and a blank check from your active checking account.
You cannot begin the process for a payday loan If you don’t have a bank account. But you might be able to qualify even if you’re currently unemployed – just make sure that you have the documents to prove the existence of an alternative source of income.
How Much Can You Qualify For?
Our lenders usually offer you a portion of your next paycheck if you are approved. So, the amount you may get approved for will mainly depend on how much you earn and, consequently, your ability to repay the loan.
The maximum amount that you can get from the lenders that work with us at Title and Payday Loans is $1,100. But, at times, even a few hundred bucks can make a huge difference.
How To Begin The Process For A Payday Loan
Now that you know more about this loan, you can move onto the actual process that you'll need to go through. This is the only way our lenders can determine if you can qualify for this loan. In the majority of cases, the loan process includes the following steps:
- You gather the required documents and head to the lender’s office.
- There, a representative will tell you more about the process and answer all of your questions.
- They will then check your documents and determine whether you qualify, and if yes, for how much.
- In case you get approved, you are asked to sign the final papers. You can then receive the money the same or the following bank day.
Where To Find The Right Lender?
Payday loans can offer quite a few benefits. But those can easily vanish if you fail to find a reputable lender. Fraud complaints keep increasing and, unfortunately, scammers are constantly coming up with new bags of tricks.
That’s why it’s incredibly important to thoroughly vet the lender that you’re planning on doing business with. But there is another side of the coin – it might take you days to find a trustworthy lender in your area, and you might simply not have time for that if you’re dealing with an emergency.
This is where Title and Payday Loans take center stage. We work with over 400 licensed vendors who can help you get the much-needed cash in the shortest timeframe.
Simply fill out a short form on TitleAndPaydayLoans.com, and a representative will quickly connect you with a suitable lender that is located near you, it's as simple as that.
Apply For Fast Cash Right Now!
The process of qualifying for a payday loan doesn’t have to be stressful and complicated. With TitleAndPaydayLoans.com, you wouldn’t even have to leave your house to begin the loan request process.
The professionals will connect you with a friendly loan representative who will call you to take you through the easy loan process. After that, simply take the necessary documents and arrive at the store to finalize the process, in case you get approved.
Avoid the unnecessary hassle – fill out the inquiry form right now and you might receive the cash you need as soon as today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.