School days are just around the corner and even before the summer holiday is over, parents and students are already calculating the cost of school fees. What if their savings are not enough? Can you always get a payday loan online? Not always.
When and Why these Loans Cannot Help
Payday loan online lenders have different takes on lending amounts. While their lending policies vary, there are still options available. But here are some occasions when and reasons why these loans cannot always help:
* Low maximum payout -- The minimum pay-out is a hundred dollars and the maximum $1,500. If you need $3,000 from a payday loan, this is impossible. But wait; there are lenders willing to give you as much as $5,000 or even an amazing $50,000. But here is the catch; you cannot pay it in full the next payday, can you? To burst your bubble, you cannot pay the loan without growing worry warts.
* Gone are the days too of roll-over loans. You cannot roll-over your loan or get a new loan while you still have an existing loan. It is against the law. Well, the law can be problem if you are in this kind of mess, but later you will be glad that this law was there to protect you from unscrupulous lenders.
* Inactive bank account. Drop the idea of a fast payday loan online if your checking account displays a stale record of transactions. Here is more - your bank account must have at least seven transactions and a minimum of two of those pesky no sufficient fund (NSF) charges reflected in your bank statement in the past thirty days. If by chance you miss any of these banking prerequisites, kiss that payday loan online goodbye.
* You do not meet salary requirements. It can be galling that people who need the loan most cannot take out a payday loan because what they can borrow is based on their take home pay. A $1,000 month income cannot qualify you for a $3,000 short term loan, which must be paid the next payday.
* You are Self-employed. Some lenders nix online applications from self-employed individuals, because it increases the risks of default payments.
Explore Other Options
Knowing the limiting factors of payday loan online opportunities prepares you to look for other alternatives before school opens in September. These options can you help beat the school opening deadline:
* Get an extra job to earn extra cash. Working after your regular day job can be draining but the education of your son or daughter is worth all the sacrifices you have to undergo.
* Check out school scholarships. Colleges offer varied scholarship programs. There are athletic scholarships, endowment funds, work-study programs and merit programs. Get a list of the requirements and try to beat the deadline.
* Help your child get second hand books. These can be ordered from student organizations reselling used books.
Forget about that payday loan online if you cannot get one. Maybe later, when you have met the requirements you can get a loan for your child's college expenses during the term. That online loan can still be handy but until then, do not give up exploring options because you cannot get a payday loan.
