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Instant Payday Loans – What to look out for before applying
Payday loans are the most preferred option if you have a low credit score. Lenders do not check your credit scores and neither do they analyze your account transaction details to provide you an instant payday loan. The application process is very simple and you will be granted immediately the loan.
However, there are certain things that you need to consider before applying for an instant payday loan, such as:
1. Do you have the sufficient income for instant payday loans?
Payday loans are provided only for those who have a fixed monthly income (minimum $1000). Payday loans can cause you additional charges if it is not repaid on-time. So, to avoid this you need to make sure that you have the sufficient salary.
2. Is the loan for an emergency?
Payday loans have higher interest rates and need to be repaid on the next payday. So make sure that you are using the loan for an emergency situation, if that is not the case then look for other lenient options.
3. Do you have multiple loans?
If you have multiple unpaid loans then you will be disqualified from getting an instant payday loan. Lenders check for such liabilities before they approve the loan. So clear all your unsettled loans before you apply for a new payday loan.
4. Take time to decide on the loan amount
Since payday loans have higher interest rates it is imperative to decide on the amount of loan you are going to apply for. Analyze your requirement and make sure that you apply for a loan amount that you will be able to pay the next month.
5. Be familiar with the laws of your State
Every State has a different set of laws related to payday loans. It is important to be familiar with these laws to avoid complications in the future
6. Don’t fall for scammers
There are a lot of fraudulent lenders online and you need to watch out for them especially because you will be sharing your personal details with them. Also don’t make any payments before you receive the loan. Ask your family and friends for references or read reviews on credible sites before deciding on a lender.
Tips to Speed Up the Loan Approval Process
1. Keep all the documents ready – Although payday loans do not require a lot of paperwork, there are a few documents that you need to submit, such as:
- Your bank details – It includes the bank name and the account number. And your bank account needs to be at least 6 months old
- Proof of your income – Your pay check receipts, firm’s name, employer’s name and contact details
2. Submit your application during the working hours because all your details and documents get quickly verified during the business hours.
3. Fill the forms carefully and provide the right details to avoid rejection of your application
4. Get your boss to register you into a direct deposit program of the lender. This provides them with more credibility and assurance and will definitely speed up the process.