Everything You Ever Wanted to Know About a Payday Loan, Explained
You’ve heard of these payday loans, but you’re not sure. What exactly does it mean? Is it right for me? Will it put me in endless debt? Will I even get approved with my bad credit score? After you learn more about a payday loan, you’ll want to take the plunge.
A Payday Loan is Based Mostly on Your Pay
As the name suggests, the main factor in getting you approved for a payday loan is what you’re paid. So, yes, you do have to have a job to get this loan, but you don’t have to earn a huge amount. If you can show a lender you have a regular job and a regular payday, you can probably get approved.
Credit Score is Less Important for a Payday Loan
Each lender is different, but the majority of lenders for a payday loan will not even bother to check your credit score. It’s just not what approval is based on. So if you have a bad score, it does not automatically disqualify you from getting approved.
Applying for a Payday Loan is Quick, Easy, and Mobile
Applying is super easy with a payday loan, unlike a more traditional loan. You can apply with an online application or even just by using your smartphone or tablet. It takes just a few minutes and you can do it from just about anywhere.
Getting Cash is Quick
Your payday loan will also get you cash quickly. And you don’t have to do much to get it. Just let your lender transfer the money to your bank account and you will most likely get access to it the day after you apply.
A Payday Loan Doesn’t Have to Mean a Cycle of Debt
Some people assume that payday loans get you into debt that makes it hard to crawl out from under. This just isn’t true. All you have to do to repay it is make sure you use the account to which your paycheck is deposited and your lender will automatically withdraw what you owe on payday. You get your loan, use the cash, and then repay it with your next paycheck.
Now that you have the low down on a payday loan, what are you waiting for? It’s so easy, so fast, and even mobile, and so easy to get approved for that it just makes sense. The next time you need cash, consider a payday loan.