- What is a payday loan?
- What is the process to apply for a payday loan?
- Is my credit checked when I apply for a payday loan?
- Can I borrow as much as I want?
- How long does it take to get the loan?
- Who can apply for a payday loan?
- How much does it cost to borrow money from a payday loan company?
- What if I need another loan when I pay the first one back?
- If the bank account is in mine and my husband’s name can either of us apply for a payday loan?
- What if I just started to work? Can I still apply for a payday loan?
What is a payday loan?
A payday loan is money that is advanced to you by a business until your next payday. When you borrow this money, you write a check for the amount you need and the check is held until your next payday at which time you can pay off the check and retrieve it or the business can deposit it and the money will be taken out of your bank account.
When you apply for a payday loan, you will fill out an application. Your employer’s name and number must be included. A checking or savings account is required and a phone number where you can be reached is also a requirement.
Is my credit checked when I apply for a payday loan?
No, most places do not check your credit score.
Can I borrow as much as I want?
The amount varies between $100 to $1500 depending upon your income. Some companies do not lend as much as others, so if you need a specific amount you may have to apply at another payday loan company and get more than one advance.
How long does it take to get the loan?
Depending upon whether you go to a payday advance company in person or online, the time can vary from just a few minutes to overnight.
Who can apply for a payday loan?
Anyone over the age of 18 who is employed or self-employed for a specific amount of time. This can vary from lender to lender. The income must be verifiable and you must have a bank account.
How much does it cost to borrow money from a payday loan company?
The amount you will be charged will be different at each company. The only way you will know how much you will be charged is to apply for a loan and see what amount you are approved for. This will determine how much you have to pay back. If you do not feel it is an amount you can pay back, you are under no obligation to accept the loan.
What if I need another loan when I pay the first one back?
Some companies will allow you to write another check and obtain another loan right away. However, other companies have a ‘cooling off’ period in which you must wait a couple of days before obtaining another payday loan.
If the bank account is in mine and my husband’s name can either of us apply for a payday loan?
Yes, as long as the requirements are met, either one of you can apply for a payday loan.
What if I just started to work? Can I still apply for a payday loan?
Most companies require that you be employed for at least four weeks. If you have changed jobs and did not have a period in between the two that you were unemployed, this is considered continuous employment.
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