If you are out of money and you don’t get paid for several days or even weeks, payday loans can help you bridge the gap. These short-term loans are intended for people who may not be able to get approval for a credit card or another type of loan due to past problems with credit. Payday loan providers do not check an applicant’s credit history when he or she applies for a loan. Your approval is guaranteed as long as you meet the established criteria of the lender.
Most companies that provide payday loans require you to be employed with the same employer for over two months, self-employed and be able to prove your income or collecting unemployment insurance. You also need to have an active bank account in good standing and be at least 18 years old. If you meet this criteria, you are free to apply for a payday loan for the purpose of paying overdue bills, getting your car repaired or for any other reason.
The funds on approved payday loans are usually provided to you the same day or by the next business day by way of direct deposit to your bank account. You repay the loan when you receive your next paycheck. Your lender will send you an email reminder approximately three days before your loan is due and will debit your bank account on the date you previously agreed to. The amounted debited will include the full principal balance, interest charges and any other miscellaneous charges that are due.
To receive a payday loan, you must first complete an application on the lender’s website or in person at their retail location. Most applications can be completed from start to finish in less than five minutes. You simply need to provide your name, address, social security number, birth date, email address and a telephone number. This information identifies you to the lender. You then need to list your approximate monthly income and the contact information for your employer. Finally, list your bank account details so the lender can automatically forward your funds upon approval.