524195139_1c8a3ec97cWhat can you do if you are short of cash before your next pay check?  Many people are finding themselves in the same situation, and this could be why there are so many businesses ready to help.  The help that we are talking about is called easy payday loans.  They are set up for small sums that can get you through an emergency between pay periods.  While they can carry steep interest rates it may be more cost effective than paying overdraft fees or late charges on your bills.  If you have poor credit you shouldn’t be affected when trying to get a short term payday loan.

There are companies that have physical stores while others are on the Internet only.  Most of the online businesses have a no fax policy, which means the paperwork is kept to a minimum.  You don’t have to fax your pay stubs or other documents and there is no faxing required.  This works well if you have a low credit score or a poor payment history.  The only thing that could be affected would be the interest rate you will be charged.  A payday loan is not meant to be a long term solution to your problems, so use this choice only in extreme times of need.

You may be wondering how these easy payday loans work.  If you are at an online site you will click on the application tab.  Once you do they will ask for some information.  You need to be currently employed or show how you receive money on a regular basis.  Some of the companies want you to earn at least $1000.00 a month before they will approve the easy payday loan.  Most of the places that deal in easy payday loans insist that you be at least 18 years of age to acquire a loan.  You need to be a citizen of the United States and have a bank account.  Most of the payday loan companies want to see that you have had the checking or savings account for 90 days.

If you don’t have a checking account or savings account that accepts direct deposit or if you don’t have one at all you may not be eligible to receive an easy payday loan.  Since once you are approved the company uses direct deposit to get you the money you need to be affiliated with a bank or credit union.

There are limits to the amount of money that can be borrowed in an easy payday loan.  Some have a cap at $1000.00 while others have higher limits.  There again the amount that you qualify for will be tied to your ability to repay the loan just like any other loan.  You can get extensions on the payday loan, but bear in mind that it could cost you more than you want to repay.  The thing to be sure of before you sign the loan contract is that you will have the money to pay the loan back in full with your next paycheck.  If you won’t be able to it is probably not in your best interest to get a payday loan.  You could be digging a deeper financial hole for yourself if you can’t repay quickly.

Another thing that needs to be stated about payday loans is that the companies that help you get the payday loan are generally lenders themselves.  They usually match you with lenders that fit your situation.  This can be very helpful especially if you have poor credit as the pool of lenders will be wider.  Third party lenders may have more loan qualifications than we have listed here, but that would be discussed with you before you sign any agreements.

Once you are approved for your easy payday loan it is generally in your bank account within twenty four hours.  This means that you can get that emergency taken care of quickly.  The payday loan companies have security so that your personal information will be safe and they are very discreet so no one will ever know that you had to have a little monetary help. The companies may not even call to verify employment.  Because a computerized system is used it really speeds up the process.  The lender will calculate how much they can loan you depending on your current income and the amount you need to borrow.  If one company can’t approve the entire amount you may be able to procure several easy payday loans to get the needed money.

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