The Most Frequently Asked Payday Loan Question

The Most Frequently Asked Payday Loan Question



The Most Frequently Asked Payday Loan Question 
Towards the​ end of​ the​ month,​ cash begins to​ get a​ bit tight and funds have to​ be stretched for as​ long as​ possible.  However,​ nowadays you​ can drive down the​ street and find places that will give out what they call ‘payday loans’.  These businesses offer payday loans and a​ check advance system that will help stretch money further.  Businesses that offer payday loans are an​ easy way to​ get cash now so you​ will not worry about how you​ are going to​ buy necessities.
The most frequently asked payday loan question is​ What is​ a​ payday loan?  the​ answer to​ this question is​ simple.  a​ payday loan is​ a​ loan that a​ business gives you​ to​ tide you​ over until your next payday.  Many of​ the​ businesses that offer payday loans will hold a​ personal check up to​ a​ certain amount and promise not to​ cash the​ check until your next payday.  These loans normally have a​ limit of​ $500.  However,​ depending upon your amount of​ income,​ this amount can increase or​ decrease.
Out of​ all the​ questions that people could ask of​ payday loan business,​ the​ second most frequently asked payday loan question is: Do I​ qualify for a​ payday loan?  the​ answer to​ that question is​ yes,​ as​ long as​ you​ meet the​ following requirements:
o  Have a​ current job or​ income
o  Are at​ least eighteen years of​ age
o  Make a​ minimum of​ $800 a​ month
o  If you​ are a​ US citizen
o  You have a​ current checking account with a​ bank
These five requirements vary from business to​ business; however,​ the​ main one that stays the​ same is​ whether or​ not you​ have a​ current job or​ source of​ income.  With no source of​ income,​ there is​ no way to​ repay the​ loan .​
Most businesses will require that you​ have two or​ less non sufficient funds claims on​ your checking account within the​ last year and ask for bank statements to​ prove this.  However,​ there are other businesses that do not require this type of​ proof and only ask that you​ have an​ active checking account that is​ not overdrawn.  Choose the​ business wisely and you​ will be on​ your way to​ having money in​ case of​ an​ emergency between paydays.




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