Published On:Monday, December 23, 2013
Posted by devil
What Steps You Have to Follow to Apply for Payday Loans By Niall Mckibbin
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Maybe you've heard of payday loans but don't know how to go about applying for one, or maybe you've never even heard of a payday loan. This is because short term credits aren't offered in every state. While they are easy to get since there is no credit check, they can be easily abused.
The Payday Loan Process
The reason it is called a "payday" loan is because it is designed to be a short-term loan which must be paid back by your next payday. If you can't pay it back in its entirety by your next pay date, you must at least pay the interest on the loan to avoid having it automatically taken out of your bank account.
This is where it gets tricky. Most people don't realize how high an interest rate of 16% can be. This is the average amount of interest charged by check cashing places. For example, if you take out a loan for $300 and cannot afford to pay it back in full, you must pay the interest of $50 every two weeks. $100 a month is a big extra bill to take on for some people.
This is why you should avoid short term credits unless you know 100% for sure that you can pay it back in two weeks or less.
Who Offers Payday Loans?
You can find places that give payday loans by looking in the yellow pages or Googling 'check cashing'. You will find many places that offer some services similar to a bank; however these businesses are not banks.
Check cashing companies mainly serve to cash checks, as their name implies. Some people with poor credit cannot qualify for a bank account. They pay small fees, deducted from their checks, to get similar services from these places.
Check cashing companies may also offer bill pay, registration renewal, and money orders.
These can be found in any neighborhood across the country. They are popular and retain customers because of the instant nature of the service and convenience they afford those that need cash.
What is needed to apply for Payday Loans?
When you go down to a check cashing place to apply for a loan, you'll need to bring several documents with you. If you are missing just one, you will be sent away. To avoid extra trips, take with you:
* ID card
* Social Security Card
* Checkbook
* Utility bill
* Bank Account Statement
* 2 most recent paystubs
If you have all of these items, you will be given a short application, usually just one page in length. The check cashing company will ask for at least three references, along with your employer's phone number. Make sure you pay the loan back, or they can call any one of these references!
Payday Loan Tips
Don't take out more money than you can afford to pay back. Just because you can get up to a certain amount, doesn't mean you have to take out the full amount.
If you are stuck in a cycle paying interest and can't get out, you can request to pay off your loan in four equal payments. However, this may mean that you cannot borrow again for up to a year.
Look for check cashing companies that offer zero interest on first time short term credits. Only you can decide if you need the money bad enough to pay a high amount of interest. If you have bad credit, this may be your only option for emergency cash, but make sure you know you can pay it back! Short term credits are easy to get, but not always easy to get out of.
I have been writing for many of the best websites offering expertise, and have acted as a rep for an industry leader in payday loans. I am passionate about the financial world and am based in Manchester, England.
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