Payday loans are becoming more popular as the economy struggles, but you can always count on a payday loan. If you have a bank account, you might be eligible for a payday loan. These loans are not like traditional loans, because your credit is not checked. These types of loans are great for people who have poor credit and bad luck.
Things You Will Needpen and paper
Step 1Get financial information ready. Gather up proof of employment for the past 6 months, drivers license, social security number and recent bank statement. The payday lender will need to verify that you are a U.S. citizen and that you have employment or a bank account. Usually the payday lenders are not as strict with your employment situation.
Step 2Decide what type of service you want. Most payday lenders have the option of online and live customer support. You can go to a local company in person or you can apply online. This will require you to fax the necessary documents to the payday lender of your choice. Live customer support makes the process easier, but online is always an option.
Step 3Shop for interest rates. Payday loans are notorious for having high interest rates, but that doesn't mean you can't save money. You can apply online at multiple payday lenders and compare the interest rates for each company. Some company's will tell you an extremely low-interest rate just to get your money, you should always be skeptical of offers that seem unreasonable.
Step 4Choose the right lender. Payday loans are easy to get and do not require a good credit score, which makes it easy for lenders to charge you unreasonable interest rates. It would be wise to read online reviews of each payday lender before considering them for a loan. View the positives and negatives of each lender and choose the best overall lender. You can also call the payday lenders, this will help you get a good sense of how things are ran at each company.
Step 5Verify the lender. If a company is lending you money, they should be in the Better Business Beureau Database. You can go to the BBB website and read some of the complaints that are left by customers. Read the first few complaints with an open mind and realize all businesses are capable of making mistakes and upsetting customers.