If you’ve never had to get a payday loan before, the process might seem a little bit daunting.
When you need money quickly to cover an emergency cost that you didn’t see coming, one of the best ways to get it is with a payday loan. These are short-term loans designed to help people out of financial jams, but it’s important to dig a bit deeper.
In this post, we’re going to tell you a little bit more about them by giving you some tips for getting a payday loan. It’s not as difficult or confusing as you may think, but the more you know the better, so follow these 7 steps and you’ll find the money you so desperately need.
1. Understand What a Payday Loan Is
Before you start applying for the first payday loan that you find, you should understand what you’re getting yourself into. This isn’t your everyday type of personal loan. It’s high risk with potentially rough penalties for those that don’t pay back their loans according to the agreement.
Generally, people apply for payday loans for a few specific reasons, the most common being some financial emergency coming up. It could be unforeseen medical bills, automobile repair, or any other short-term cost that you can’t immediately cover.
Because of this, payday loans are usually easier to get and sometimes won’t even check your credit before approving you. That being said, you should only apply for one if you’re confident you can pay the money back within the loan term, otherwise, the high interest will put you further in debt.
2. Look Up Your State Restrictions
Different states have different restrictions on payday loans. Some bad apple payday lenders have tainted the reputation of the short-term lending industry, which has led to some ramifications.
Some states, like Georgia, North Carolina, and Arizona, prohibit payday lending altogether, while most states allow payday lending with heavy restrictions. If you live in Alabama, Idaho, or Oregon, however, there aren’t any restrictions on payday lending.
Before you start looking for a payday lender, look up where your state lands on these restrictions and what they might be.
3. Choose the Right Loan
Once you’ve figured out how you’re going to get your payday loan, it’s time to figure out how much money you need. Obviously, different lenders will have different limits on what they’ll loan you, but you shouldn’t take the maximum amount just because you can.
Remember, you have to pay these loans back fairly promptly, so you don’t want to get stuck in deeper than you already were. At Rapid Cash, we’ll lend as little as $500 or as much as $4,000, depending on your needs. If you need any more money than that, you may want to consider a different type of personal loan.
4. Compare Lenders
Like we said earlier, you shouldn’t ever go with the first payday lender that you look up on the internet. There are dozens out there and some are definitely better than others. The more you compare the fine print of the different companies, the better deal you’ll get on your loan terms.
The best lenders will allow you to apply in whatever way is most convenient for your needs. They’ll also approve or reject your application within minutes, which is important if you’re in a financial bind.
Rapid Cash lets you apply on our website, by phone, or at one of our 5 Florida locations. With an easy application, near-instant pre-approval, and various methods to obtain your loan to best suit your financial situation, we pride ourselves on helping people find the money they need as quickly and painlessly as possible.
5. Adhering To the Requirements
Once you’ve selected the best lender for your situation, it’s time to start the application process. Before you do this, it’s good to look at the loan requirements so that you’ve got all of the necessary information to give to the lender.
For instance, some lenders will ask for a credit score or ask to perform a credit check. Others might want you to put up collateral so that they’re covered if you don’t pay the loan back. We don’t need any of that.
All that Rapid Cash requires is proof of employment, US identification that shows you’re at least 18, and an active checking account for us to deposit your loan into. This is about as cut and dry as you’ll see for a payday loan application, which is why we have the reputation that we do.
6. Fill Your Application Out Properly
Filling out an application with us is extremely straightforward and easy. As long as you have the above information ready, you can do it on our site and get approved in minutes. Or if you’d rather apply in person, come to one of our 5 central Florida locations.
Since this is a financial transaction, triple-check that you’ve filled out your application properly before submitting it.
7. Paying Money Back Promptly
The last step in the process is putting yourself in a position to pay the loan back per the terms of the agreement. Too many people apply for payday loans because they need money, but don’t consider the financial ramifications of being late on payments or neglecting them altogether.
Because payday lenders don’t have stringent requirements for borrowing, the interest is higher than other types of personal loans. If you pay it back within the loan terms, this doesn’t amount to very much but being late or neglectful means that you could end up owing much more than what you borrowed. As long as you’re careful and smart about the money, you’ll be totally fine.
Getting a Payday Loan Should Be Easy
Getting a payday loan with Rapid Cash is as easy as it gets and that’s how it should be. Visit our site today to learn more about what we do and if you’re ready to fill out an application, you can do it online and find out within minutes if you’re approved for one of our loans. If you’re in financial trouble, let us help you out.