Month: February 2020

Payday loan qualifying

Ever wonder who qualifies for payday loans? Typically the manner of thinking has always been that those who are at a very stable financial ground are the only people who are worthy of applying for a loan of any sort. However, payday loans are quickly changing the way people think about getting money when they are in a pinch. For example, people who are looking for money are often unaware of the options that are available to them. Yet money is available for virtually anyone who is in need of a bit of fast cash.

Determining if you qualify for a payday loan might seem impossible, yet it is actually remarkably easy. Simply by proving that you have some income, as well as a few other items you can be well on your way to receiving the cash you need to cover a plethora of unexpected expenses quickly and easily without the hassles of searching around from place to place with little results. For those who are truly in need of some fast cash having a payday loan as an option is a great asset.

The biggest consideration for those who are trying to apply for a payday loan is the amount of income you have coming in. This means income from all legally verifiable sources. This can include a job, disability check, government check, or any other verifiable source. This can allow even those without a steady job to be eligible for a payday loan. While many traditional loans might require only actual salaries to count towards eligibility, a payday loan does count some additional income sources.
Pay Day Loan Qualifying
Additional requirements for a payday loan typically include residency requirements as well. This means it is important to have a stable address where you have lived for at least several months prior to applying for a payday loan. While it is possible to apply shortly upon moving, the result is usually being turned away. However, if you have lived somewhere for a very long period of time a payday loan will generally approve your application as long as you meet all other guidelines.

The last major considerations that a payday advance will typically take into account is your bank account. There are several things that are generally confirmed. The first is usually the balance in the account. Payday lenders are not looking to see large balances, but they are looking to ensure that you have not had a negative balance in the last 30 days typically. Additionally, they are looking to see an account that is in good standing and still open and working. Without this being verified, it is quite difficult for the payday lender to complete your application.

As you can see, while most loans are quite complicated and complex to be approved for, a payday loan is generally very simple. This can allow the greatest portion of the public to have access to the money that they need, as fast as possible. After all, what good is it to know that there is money available but you are unable to obtain the money because you do not qualify for the loan? Having fast access to cash that you can actually receive is very important for virtually everyone, regardless of their income.… Read here

Payday loan qualifying Continue Reading

Using payday loans as a financial tool

financial toolFor consumers who are having huge problems making their budget meet there are few problems harder to deal with than trying to make ends meet when you just do not have enough money. Having enough money to barely pay the bills can already be hard enough, but if you simply do not have enough money then you really need to struggle with ways to find the additional money that you need. Of course, what happens when you think that you are ok and suddenly find that you are very short on money? You are left with yet another huge disaster of course. This leaves a lot of people struggling to figure out what they are going to do, and how they are going to do it.

When you are looking at the costs of a payday loan, you are generally just looking at the average price of $30 in fees for each $200 that you borrow. This really does not seem that bad to most people. If you consider that this translates into a $15 fee for each $100 that you borrow it still really does not appear to be that bad either. However, if you consider that it will take you much longer than just a single term to repay the money suddenly it can start to look expensive. For example if you have to roll over your loan 9 times before finally being able to pay it off you are looking at a total of 10 fees and at $15 per $100 you borrow that’s a whopping $150 in interest alone for each $100 you borrow.

Starting to look like some terrifying numbers, I am sure. However, it is extremely important to remember that a payday loan is designed to help with short term financial needs. A payday loan is never the solution to a long-term cash need that you may have. If you do not think you can repay the loan in a period of no longer than one month it is generally advisable to start looking into different options that you can explore that will be able to help you in your money problems. The primary way that a payday loan can be helpful is when they are only used for short periods of time. Rolling over the loan continuously can make them very expensive quite quickly.

It is also important to remember that if you are just paying on the loan for a short period of time they can often be much cheaper than any fees or penalties that you might be charged for using a different method. For example, a bounced check fee can cost anywhere from $25 to as much as $50 regardless of the amount. If you bounce a check for $.25, yes just a mere quarter then you are looking at an enormous fee. However, a fee of that same size would have provided you with a payday loan, which would allow you to cover a larger number of bills for the exact same fee. Just imagine the chaos that could ensue if you accidently bounced three checks that were all for very small amounts. It would not take very long at all until your entire paycheck was eaten up just in bounced check fees. Moments like this is when payday loans can be your best choice, despite the fees that at first appearance may seem quite high.… Read here

Using payday loans as a financial tool Continue Reading