How to Get a Payday Loan Quick
Since 2000, many people have found their financial situation more precarious. The economy is faltering, unemployment is high, and the dollar does not stretch as far as it used to. Payday loans are a resource to provide a safety net for between-paycheck emergencies. The process is fairly simple--prove that you are working, and the payday advance company will provide a short-term loan. Advance preparation and knowledge can make the process quicker.
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Things You'll Need
- Paycheck stub or income information
- Checkbook or account information
- Computer if applying online
Instructions
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Research
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Research companies in your area providing payday loans. Understand the difference in lenders, fees and other details. Decide which company works best for you.
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Gather materials necessary to apply for a loan. Payday loans applied for in person at the company's location will require visual confirmation of income from the paycheck stub. The entry of similar relevant information is required for online payday loans.
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Provide the paycheck stub to the payday loan clerk at the office location, or enter the relevant information in the online form. Give accurate, non-falsified information; verification will occur, and could delay the payday loan if not accurate.
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Deliver the paycheck to the payday loan office, to be cashed when the term of the loan expires. Enter checking account information if using an online payday loan service. Sign the agreement, and electronically submit if online.
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Receive cash from the payday loan agent, or await confirmation of approval from the online payday loan company. Access the deposited loan from your checking account upon online approval and delivery.
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Tips & Warnings
Payday loans at an office location will prove much quicker than online loans. Most payday loans online will take one business day. Also, be aware that payday loans incur very high interest rates and fees; borrowing $100 can easily cost an additional $25.
Understand that income and bank account information will be verified. Any falsification can result not only in a delay, but also in a probable rejection and possible legal consequences.
Make sure to inform the payday loan office if you are unable to pay the check when it becomes due. An extension can be obtained, and it will prove less costly than the check bouncing when the payday loan company submits it for payment.
References
Resources
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