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How to Get a Payday Loan Quick
Since 2000, many people have found their financial situation more precarious. The economy is
faltering, unemployment is high, and the dollar does not stretch as far as it used to. Payday
loans are a resource to provide a safety net for between-paycheck emergencies. The process is
fairly simple--prove that you are working, and the payday advance company will provide a
short-term loan. Advance preparation and knowledge can make the process quicker.
Research companies in your area providing payday cash. Understand the difference in lenders,
fees and other details. Decide which company works best for you.
Gather materials necessary to apply for a loan. Payday loans applied for in person at the
company's location will require visual confirmation of income from the paycheck stub. The
entry of similar relevant information is required for online payday loans.
Provide the paycheck stub to the payday loan clerk at the office location, or enter the relevant
information in the online form. Give accurate, non-falsified information; verification will occur,
and could delay the payday loan if not accurate.
Deliver the paycheck to the payday loan office, to be cashed when the term of the loan expires.
Enter checking account information if using an online payday loan service. Sign the agreement,
and electronically submit if online.
Receive cash from the payday loan agent, or await confirmation of approval from the online
payday loan company. Access the deposited loan from your checking account upon online
approval and delivery.
Payday loans, also known as cash advance loans, post-dated check loans or deferred deposit
loans, can put customers in a bind because of their high fees and short repayment period.
Payday loans generally charge around $15 to borrow $100 for two weeks, although the amount
varies depending on the state. These fees can get very expensive over the long term, so people
having trouble paying their loans should look to other options.
Although the fees when first getting a payday loan might not sound too bad, the
problems come when people use a new loan to pay off the old one. This is because the
lenders charge fees on each loan. If, for example, someone pays $45 in fees for a twoweek loan of $300 and extends this loan every two weeks for a year, this is equivalent to
an APR of 390 percent. Consumers who understand the long-term financial implications
of this practice are more likely to turn to alternative options than those who do not.
Anybody who has a credit card with available credit should use this instead of a payday
loan. Even if the credit card has an APR of 30 percent, this is still exponentially less
expensive than a payday loan. Consumers can either use the credit card for everyday
purchases, such as groceries, to free up cash to pay off the payday loan, or they can get
a cash advance on the card to directly pay off the loan. Cash advances sometimes have
higher interest rates than regular purchases. Consumers who use credit cards to break
the cycle of payday lending should then focus on paying down the credit card balance
with the money they would have spent on payday loan fees.