Payday loans have become so popular among the middle class and the lower class families due to the speed of availability. But these loans also have pitfalls. You need to know every pitfall and the advantages before getting these loans. This article will give the FAQ and the answers to all the questions.
FAQ: Isn't there a better solution than the payday loans?
Ans: If you want cash in the next 24 hours, these loans are the best solutions. There is no other loan type that is given away as fast as the payday loans.
FAQ: What are the pitfalls?
Ans: There is only a single pitfall associated with these loans. The interest rate would be very high. But if you feel that your bad financial situation is only temporary, these loans would be perfect. You can pay them back with a single pay check and thus it would not cause any serious problems.
FAQ: Where can I get them?
Ans: You can get them online or through the local lenders. But you might find a long queue of people standing at the local lender's office. Thus, it is better to apply for these loans through the internet.
FAQ: Is the application process long?
Ans: Not at all. The online application process would only take a few minutes. You would be required to fill the basic details in a form. The checking account has to be given so that the cash is transferred to the account immediately.
FAQ: Are documents needed?
Ans: Yes. Documents will be required by the lenders. But if you feel that collecting these documents would take time, you can opt for a faxless payday loan. The faxless payday loans would not require the faxing of documents.
FAQ: I have a bad credit score. Can I get the payday loan?
Ans: Yes. You would have no problems in getting these loans. Lenders do not look at the credit score to approve your loan application. You need to be employed and have a checking account. These are the major requirements for these loans.
FAQ: When should I pay the loans back?
Ans: You can pay the loans back after you get the paycheck. You can also give a post dated check to the lender.
FAQ: What if I don't pay the loan back?
Ans: There are many people who miss the payment. Such people need not be worried because the lenders might not sue you. You will not be arrested even though you are sued by the lender.
FAQ: Can I get these loans despite a bankruptcy?
Ans: Yes. Bankruptcy is not a problem to the lenders. You will definitely be given the loan if you are employed.
FAQ: I do not have a job. can I still get the payday loan?
Ans: No. It is not possible. But if you have other sources of steady income, you can show the proof to the lender and get the loans.
FAQ: What if I do not have a checking account?
Ans: Checking account is very essential to get these loans. But there are some lenders who can approve the loan if you have a savings account. You can apply to them.
