Imagine you are all set to throw a surprise birthday party for your girlfriend or you need an emergency fund that could help you get your college books! And the stature of your savings account is in drastic position and all you need is a little money which you can pay back within a week or two. For this kind of situation, there is this priceless facility called ‘Payday loans’.
Well, what precisely is ‘a Payday loan’?
It is a cash advance that will be provided for any individual to fulfill the emergency financial needs. A Payday loan is also perfect for those times when you need a little extra cash for unexpected bills or special occasions.
These loans can also be called as cash advances, instant loans, and short-term loans, but, the worst thing they withhold is the duration. You have to pay back the money within a very short span.
How to get a Payday loan?
The process is simple, but, and there is a catch, just before taking the payday loan, you have to write a postdated check for the amount you want to borrow plus a finance charge or lender’s fee.
At the beginning itself, the lender gives you the amount of the check minus the finance charge and agrees to hold the check until your next payday. If things don’t go too well with you, you will end up not paying the loan, and the lender will cash out the check.
If you are in a necessary need of the Payday loan, you can apply for one at our ‘loanshop’. The procedure is pretty simple, all you have to do is give a simple click, and you’ll be redirected to the respective page where you have to give your details starting with Social Security Number. If your loan gets approved, you will be notified and a lender will be in touch with you soon. If not, then we will trace a candid alternative finance opportunity for you.
Documents required to apply for a Payday Loan
If you are applying for the loan through online, you have to scan and send certain documents to the lender
a. A list of recent paystubs (two or three preferably)
b. The recent bank statement
c. Proof of loan clearance
d. The identity proof
e. Your SSN proof (Optional)
f. Proof of Address
How long will it take to get a Payday Loan?
Now that there is a good Internet, getting a loan isn’t a hectic process. If you do it offline, it might take a couple of days to get the approval and the subsequent amount. But, if you do the same through the online application, the results are instant, soon after getting approval, you can witness the money deposited in your bank account on the following business day.
There are certain lenders who provide money through checks and you have to cash out the check at the same person, or at the respective bank.
Are there any limits on the Payday loans?
Yes! there are certain limits on the payday loans, you cannot ask for as much as you need. There are questions regarding the capability of repayment, and the state of residence. Thanks to the Internet, now, you can get a higher amount of money as the Payday loan through the online application.
a. The Income Range: These loans are completely income based, proof of steady employment is a must for any individual to acquire the required Payday loan. The amount that is shown in your proof determines the amount you are capable to get as the payday loan. There is a pro in this, with this, you can safeguard yourself from stepping to the trap of inability to the loan, as the total loan you can get is always less than the salary shown on your proof.
b. State of Residence: Rules vary with every state in the United States, where you belongs to determine the amount of money you can borrow. Here at Loanshop, we provide you the maximum amount of loan your state can let you borrow, depending on your income.
How to choose the perfect lender?
While factors like interest rates and security play the vital roles, it is this x-factor which makes one sure if the priorities of the loan provider which should be lenient towards the interests of the borrower. A lender must always strive to provide a better service to his borrower. To further build an opinion on the conduct of the provider, do basic research on the Internet. Make sure that your provider has certain certifications and recognition according to both state and national authorities. There are a couple of organizations that represent the authenticity of the loan provider, his legitimacy, and the value.
If he is a member of the Governing Organizations like FISCA & CFSA
Promoters of the payday loans in America, the Financial Service Centers of America (FISCA) and Community Financial Services Association of America (CFSA) has certain norms and regulations before adding up a loan provider in its family. A loan provider will be given the membership only of he upholds a strict set of best practices for the most beneficial, responsible payday loan experience possible.
Take a look at the details, and it can be a YES if the lender has the membership, but pop up a big NO if he isn’t.
Can you retrieve the Payday loan after taking?
The above factor about choosing the perfect lender plays a prominent role in this case. A loan provider with genuine virtues often provides this facility for the borrowers. He will offer the opportunity, of the right to rescind, or return, a payday loan, of course, there are certain conditions to do so, and most probably it must be done before the framed time.
All that the borrower has to do is return the whole sum he received. For everyone’s good, the best way to tackle such a problem is not letting it happen. Always keep an eye on your financial stature and proceed for a payday loan only if you will be able to repay them, or only if you really need.
We at loanshop, provide you the comprehensive details of the lenders who will provide you the genuine loans at the righteous rates which are in your favor.
How good is it to take the Payday loans?
You can bluntly go for a payday loan if it is an emergency. But, make sure that you are able to answer some sensible questions posed to you, if you do it at the instance, then you’re fine and can go ahead with the loan.
Do you have enough cash-flow to repay the loan in the fixed time?
Are you sure about borrowing the money within your limits?
Do you see Payday loans as a long-term solution?
If you have valid answers for all these situational questions, you will automatically come up with an answer. Whether it is yes or no, just make sure you stay realistic and calculate the funds in the safe zone.
How to pay back your payday loan?
There are two ways to do this. You can either pay it back through Auto Withdrawl procedure where the lender can withdraw the money from your account electronically. Your postdated check will be deposited back soon after the required amount is withdrawn.
Some even maintain an In-store payment procedure, here, you have to go to the store to pay the loan, and the respective check will be directly given back to you in person.
What will your lender do to you if you don’t repay in time?
The first thing lender could do is cashing out the postdated check you signed before taking the payday loan. Absurd things like making the continuous phone calls and multiple visits will happen if your check gets bounced.
As per the rules, the lender may ask for and collect only the court costs and attorney fees if you fail to pay him back and he files a legal case against you. All this happens only if he wins the court case.
If you’re looking for Payday Loans? Loanshop offers you $1000 hassle-free loan with a simple documentation process. Fill the form here