A cash loan is a short term loan meant to help you help bridge the gap between paydays. These loans are ideal for cash emergencies and serve to cover temporary crunches in your life. The beauty of the loan is how fast it gets processed.
Before you apply for the loan, it is important for you to sit down and consider the risks involved. Decide the exact amount of money you require and how much you will have to repay. Your payment day will be determined by how often you get paid, also known as the payment frequency. After you have made your decision, you will then be required to walk to a nearby payday loan office or to apply for the loan online.
The requirements for a payday loan include;
• Proof that you have been recently paid.-get your payslip ready
• A bank statement for a checking account
• A personal check from the checking account
• An active email account
Once you have the materials ready, you will be required to follow the process below;
Step One: Go to the company’s website.
It is necessary to compare some companies offering these services by performing a quick Google search. Compare different companies by reviewing their interest rates and reading customer reviews. Choose the company that proves most reliable and efficient and download their application form. Be sure to read through their rules and conditions to understand whether they might have a provision that might potentially hurt you.
While you are likely to be intimidated by an application that is more than a page long, be careful to flip through all the pages to make sure that there are no hidden charges or fees that you might miss out on.
If you happen to change your mind halfway through filling the application form, make sure to contact the company in a recorded phone call to confirm that your details will be removed if you decide not to go through with it.
Step two: Select your state to make sure that you have the right charges and policies
The restrictions for payday loans differ with states. Some states limit the amount that you can borrow while others do not allow the renewal of payday loans when the payment date comes up.
Double check your application to ensure that you did not forget to fill the name of your state and that you have filled it correctly .
Step three: Double check their interest charges
This will allow you to make sure that the fees are constant throughout the application. Don’t forget to calculate what the indicated interest rates will accumulate to. The Truth in Lending Acts requires that lending companies be transparent on the interest rates and fees to be charged.
Interest rates for payday loans vary from 400% to 780% APR (Annual Percentage rates). For example, companies will not charge less than $25 for every $ 100 borrowed.
Step Four: Fill the application and provide the necessary information truthfully
Different companies may require different details and information. However, some of the information you must provide include:
• Your full names and date of birth
• A valid Email address and contact information
• Your employment information and employer’s name
• Your bank account information
Submit the application and attach the necessary documents after filling the form
Step 5: Wait for the finalization of the process
Your application must be approved by the payday loan company for you to receive the loan. Some companies process these loans faster than others, and it might take longer for a first-time applicant. Some companies can do it within as little as fifteen minutes while you might have to wait some hours for others. Most of the companies will give you feedback in less than three business days.
Since most online payday companies will give you feedback through email, be sure to check your inbox from time to time.
Step 6: Pick your cash up, or have it deposited into your bank account.
Once your application has been approved, the payday company will have your money ready and deposited to your account in less than a day. Note that as the lenders have your bank details, they will be able to retrieve their money as soon you get paid. Alternatively, you can have the money deposited in your pre-paid debit card. They are the steps for securing a cash loan.