A payday loan is a short term cash advance that you will need to repay typically when you get your next paycheck. Ordinarily you'll issue a check or instruct the payday lender to take the funds out of your checking account when you have your next payday.
Is there a limit to the amount that you can borrow from a payday lender? The size of loan you can get from a payday loan rests on two factors: one, the maximum allowed by the law and two, the discretion of the lender, who may choose not to lend at all.
Do all states permit granting of loans payable on payday? No, some states have laws where payday loans are not legal. Some states allow you to utilize cash advance loans or payday loans for brief amounts of time, typically two weeks.
Do I have to have good credit in order to apply for and get approved for a loan? That will depend on the loan lender. Typically, you can acquire a payday loan without the money lender checking your credit. Every pay day loan lender has their own requirements befor issuing a loan to an applicant. A number of key factors will be used to determine your qualification status.
Is it true you must have a job? That is true, payday lenders will probably require that you hold a job and will prefer that you have been working for the business for a minimum of 6 months (or a half year). The time period involved may be different for other lenders.
Can you get a payday loan online or will you be required to go to a local payday loan store? Most people should be able to get a payday if they have a job and have been employed for at least six months and are willing to pay the finance charges associated with the loan. Many people prefer to get a payday loan online, as it is easier and also increases privacy. They won't have to be anxious about bumping into family members or acquaintances.
Are there any expensive fees attached to a payday loan? It varies, it can be or not depending on the way you perceive the situation. You should be cautious of the risk of taking out one payday loan while you still owe on a previous one. Once you have started on this path, your fees will quickly add up and your payday loan will become more costly.
