Payday loans. Confused? A payday loan is a small amount of money borrowed with the agreement of paying back the money you borrowed when you receive your next paycheck. This can be very helpful but since this is a high interest transaction, it should be avoided if possible.
Often, people borrow against their paycheck when in need, like when their car breaks down. Normally, funding is available within 24 hours or within the next business day after the loan has been approved. Most applications can be done online or you can go to a store.
This is a very short-term loan with very high interest rates. It is easy to borrow money like this but do ask yourself whether you really need to do this. The terms are 7 – 31 day and loans are available from $50 – $500. If you want to spoil a love one, maybe it must simply wait. A single payday advance is usually for two to four weeks but there are borrowers who extend their loan period for months.
Reality is that when you borrow, you have to pay it back and that money you are borrowing against must be used in payday to pay for something else. You are going to get behind on payments and continue to apply for payday loans if the reason for borrowing does not good enough. The key is pay back the money as soon as possible.
If you want to apply online, you will need the following:
- Your social security number
- A government issued driver’ license or IF photo
- A checking account number
- Your bank’s nine-digit routing number on the bottom of the cheque.
- Have to be 18 year or older (in the State of Alabama, 19 years)
- Have proof of income, normally a recent pay stub.
