Tips For Getting A Faster Payday Loan
Payday loans are known as cash advance loans, or payday advance loans
, to name just a few. They are really the same thing and will be explained here.
Some lenders actually do not process loan requests as quickly as others and you may be waiting on your money longer than you'd like. What if you need the money now?
What if the payday loan you are asking for will clear at the same time your actual paycheck does? Will going to the bank and risking an overdraft better?
The answer is a most definite "not." So here are some tips on how to get a fast payday loan.
A retail, or storefront, lender owns a physical office you can go in to apply for such a loan. This is one of the best ways to get a payday loan quickly.
Once you start going to the same lender, they will know you personally and that you have a good steady job and that you can be trusted with a loan. You can actually develop a good rapport and a reputation with a lender this way.
It is wise to call ahead before you go so you know exactly what their requirements are when you go in to apply for the loan. Most state laws require that you bring in a pay stub, or more, to prove that you have a steady income.
No matter what lender you are choosing to go with, or are researching, you must read the fine print on their loans and ask lots of questions to ensure you are clear about the requirements and details of the loan. For instance, one important piece of information to know is if they offer loan extensions.
Payday loan extensions exist in the event you are not able to pay your loan back when you agreed to and need to extend the loan a little more. There are usually fees involved so you wan to be very clear on what those are.
Most lenders prefer that you may at least $1,000 a month when applying for a loan so proof of that is essential. Recent bank statements are needed as well. However, retail lenders usually have their own requirements so a call beforehand is most advisable.
And yes, do not forget to bring your check book. Retail lenders often require you write out a post dated check in return for their services.
And since you are calling beforehand, you could already ask all the things you want to know: like how much you can borrow, how much the interest rate is and what is the mode of payment. Ask also if you need to make copies of the papers they are requiring from you.
When you apply for a loan online, it can make your loan process faster but there are still ways of making the process go even faster. Most online companies can get you your money even if they are out of state.
However, if you go with an online lender who is a little closer to home, it will help the process of checking your documents much easier. So anything you can do to make it faster will help.
Also, when asked to fill out online forms, fill them up as accurately and completely as possible. Any misinformation will only delay or even block your application.
If you get rejected from one lender, you can always start the application process over with another online lender. This can be a hassle but if it helps you get your money faster, then by all means keep applying!
When asked to submit pertinent information through fax, make sure the copies are as clear as crystal. Any smudge or indecipherable scrawls will delay processing.
Remember, there are a lot of people applying for payday loans. Most lenders will try to process first those with seemingly complete and error-free papers.
by: Jack Landry
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