How To Get Payday Loans For The First Time (A Guide)

payday loansSometimes your paycheck just won’t stretch any further and you need an advance – so I created a quick guide to learn how to get payday loans.

If you’re feeling stressed about money you are not alone! There are an estimated 12 million Americans every year who apply for a payday loan when money is tight.

After all, sometimes you’re greeted by unplanned car repairs or medical emergencies when you least expect them. As a result, you can wind up emptying out your account to cover your regular monthly bills.

In a word: Ugh!

During these financial emergencies, it’s good to know that there is a quick and easy way to meet your financial obligations.

If you want to know more about how to get payday loans, check out this helpful guide. I will personally lead you through the steps you need to take to start to feel financially strong again… quickly!

What is a Payday Loan?

A payday loan is a type of cash advance that has payback terms lasting between one and four weeks. Loan amounts range between $500 and $1,000.

Most borrowers can pay off their loan by the time their next paycheck comes. Hence the “payday loan” moniker.

Where Do You Get Payday Loans?

These loans are offered through specialized payday lenders instead of conventional banks.

There are two main ways to get a loan from these lenders.

  1. Visit a payday lender’s bricks-and-mortar “store” to apply.
  2. Apply online at the lender’s website.

What are the Fees To Get Payday Loans?

Most US states set caps on a payday loan amount and fees. Lenders tend to charge between $15 and $30 in fees for every $100 borrowed.

This translates into an annual percentage rate of over 300 percent for this quick convenience.

Quick warning!

Payday lenders will also have additional fees if loans aren’t repaid when they’re due. These fees include late payment fees or rollover fees if a borrower requests to extend the length of their loan.

How to Get Payday Loans

Here’s what you need to gather together to apply for these loans.

Borrowers must show…

  • proof of identification
  • a checking account
  • reliable income

Borrowers must also leave behind…

  • a signed, personal check made out to the lending company

You must leave this check as a way to show lenders you can repay the amount you borrowed when you get your next paycheck.

If you apply online, complete the lender’s online application with your background information. Online loan requests will request an ACH (Automated Clearing House) authorization. This kind of authorization lets the lender electronically withdraw the amount you owe them from your bank account by the loan’s due date.

Online payday loan requests are the quickest way to request funds. Borrowers find out almost immediately if they’re approved.

It’s always wise to read over your lending agreement documents thoroughly.

No two payday loans are alike. Some loans and lenders may have their own unique terms or conditions that you aren’t aware of.

Next Steps For Financial Help

If you find yourself short on cash to meet unexpected emergencies, just remember that quick financial help is right around the corner. Collect your personal information and head online to search for any “payday loans near me.”

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