Payday Loan – Bank Teller Boot Camp
A payday loan is a short term unsecured loan.
Payday loans are also referred to as:
- pay day loans
- check loans
- short term loans
- same day loans
Payday loans are offered by a number of payday loan companies.
Payday loans are available for a variety of amounts.
$200-$1500 are the most common amounts borrowed from payday loan companies.
In order to get a payday loan, borrower’s will need to provide personal information.
Personal information required for a payday loan includes:
- City, State and zip code
- E-mail address
- Home telephone number
- cell phone number
- Date of birth
- Social security number
Personal financial information is also required for a payday loan. Borrower’s must be able to provide:
- Housing: Payday loan companies will need to know if a borrower owns their home or rents their home
- Bankruptcy: As a part of the application process for a payday loan, borrower’s are required to disclose information concerning pending bankruptcies.
- Military: There are special provisions and protections for members of the armed services. Therefore, borrower’s are required to disclose if they are a member of the military.
Most payday loan companies are able to get loan proceeds to borrower’s within 24 hours.
Loan proceeds from payday loans are deposited into a borrower’s account by direct deposit.
Loan repayment for payday loans are automatically deducted from a borrower’s account on the next payday.
In order to receive a payday loan, borrower’s must be 18 years old or older.
Borrower’s must have an active checking account.
The minimum monthly salary to receive a payday loan is $1000 for most payday loan companies.
Payday loan companies will not provide loans to borrower’s who are unemployed.
Employment is a requirement for most payday loan companies.
Payday Loan Credit Requirements
Credit is not a factor for payday loans.
Borrower’s simply must be employed with an active checking account.
Payday Loan Comparison
If you are in need of a payday loan, be sure to compare payday loan companies to verify:
- Fees: Ask about fees associated with getting a payday loan.
- Penalties: Be sure to read disclosures in order to understand potential payday loan penalties.
- Interest rates: Interest rates for payday loans are generally high and rates will vary from one payday lender to the next.
Alternatives to Payday Loans
- Credit card: using a credit card is a great way to pay for unexpected expenses.
- Borrowing from family
- Yard sale
- Bake sale
For short term financial needs for amounts from $200 to $1500, potential borrower’s can use their talents to earn extra money.
Additional ways to earn extra cash include:
- Yard work
- Baby sitting
- Personal assistant
Professional skills and abilities can be used to earn extra cash during times of financial emergency.
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- Payday Loans-A Closer Look
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- Credit Cards
- Credit Cards for Bad Credit
- How to Use Credit Cards Wisely
- Test Your Credit Card Knowledge
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