Pay Day Loan Help: How To Get A Payday Loan

Introduction:

Nowadays, the idea of not being able to afford your next paycheck is a legitimate concern for a lot of people. There are so many reasons someone may find themselves in this position. Medical emergencies, weddings and more all can put you in this spot. Fortunately, there are options to help out when payday loan lenders come to the rescue. When you are desperate for some cash, a payday loan can be your best option as long as it’s used as intended.

Payday loan lenders want you to use the service for a legitimate reason, be responsible and then pay them back when you can afford to do so. With that in mind, there are some things you should know before getting a payday loan.

What type of Loans are available?

There is more than one type of payday loan and this article will cover those options. The first way is what most people think of when they hear the word “payday” which is the traditional payday advance where you get your money on the day your paycheck is due. These are often what people think of when they hear the word payday loan.

The other option is the advance on your next paycheck which is a little more flexible but does require an application and proof of income. These loans are available from various lenders so make sure to ask about the company you’re dealing with and how long their process will take.

How much can I borrow?

So you have applied for a payday loan and been approved, but how much can you borrow? To be eligible, a person must have a job and be employed at least three times per month so each pay period. Additionally, no one under the age of eighteen can apply for these loans as this is considered child abuse.

The amount you are allowed to borrow varies from lender to lender and will be based on a variety of factors. Since the amount can vary by state, it is important for a person to ask about the specifics of their loan when they apply.

What Can I Do with My Loan?

The money you get with a payday loan help can be used for anything that helps you pay down your debt as well as make ends meet. The time period also varies depending on the amount borrowed. With traditional payday cash advances, your money must be repaid within two weeks of your payday date while advance on your next paycheck loans can take up to eight weeks to repay.

Payday loans may be used for emergency expenses (like a car repair or medical bill), household expenses (home insurance, household repair or food) and even personal choices (like back to school items, books and entertainment). When the loan is paid off the money can be used how you want.

How do I get the money?

Now that you have been approved and know how much you are borrowing and how long it will take to repay, it’s time to get your money. Unfortunately, payday loan lenders don’t just dole out cash right there in the office; this is a business after all. The money is available on the date of your next payday but must be repaid by it. If you’re not able to be at work on the due date, there are other options.

If you are short on cash but have a couple more days to make some arrangements, then you may want to call your employer ahead of time and ask if you can get paid early or get an advance on a future paycheck (depending on what the situation allows).

If both of these aren’t options, then you can make arrangements with the lender. The lender will discuss various options available so just remember that they are always looking out for both your best interest and their business.

Conclusion:

Payday loan lenders are looking to get their money back as quickly as possible. When you go in for the loan you should expect to be approved immediately but if not, then your approval period may extend into the next payday period or even longer.

A person has anywhere from 14 days to two weeks from the date of their next payday before they are required to repay their loan so in a tight situation it is best to act quickly.

What Happens if I Don’t Pay Back My Loan?

Generally speaking, these loans are not about the interest but about getting paid back as soon as possible. So, if you’re not paying back your loan as agreed, the lender has options under the law. In most cases, lenders will lock you out of all online access and electronically restrict your access to your account. This means that you won’t be able to view any information about how and when to repay the loan. Some lenders will even freeze your bank account so that any withdrawal attempts are denied or take it out by cash demand.

However, there are ways a person can get their money back. If a person is locked out due to lack of payment, they can contact the lender in writing and ask for help getting their money back into their account or get paid through an alternative method (like wiring money or setting up a direct deposit).

If a person believes or is told by their lender that their account has been frozen, they need to contact the lender immediately. If the problem was likely caused by a third party (like a bank), then the person may want to consider filing a complaint with the appropriate regulatory agencies.