How to Get Approved for Online Payday Loans? (Sign With Caution)
The bank account has nothing in it. Zip, zilch, zero, nada, nothing. No coffee on the way to work, no lunch from the food truck (and your favorite barbecue dude will be there tomorrow,) no tea on the way home, no ordering in tonight. This sucks. You only need a few bucks to get you through to online payday loans on Friday. Hey, wait a minute. What are these small cash loans you’ve seen on the Internet? It might be time to check one out.
If the baby’s rash doesn’t get any better, you’ll have to take her to the doctor. She wails so piteously that your heart breaks every time you look at her. You’ve little money for a doctor, but the baby needs help. Okay, that’s it. You decide to take her to the doctor, come what may. You’ve read about quick cash loans online. Definitely time to check them out.
Your husband’s crazy mother is coming for a couple of days. You know exactly what she’ll do: open anything that can be opened to check things out, rearrange the room she sleeps in, refuse to eat anything you cook, leave the bathroom looking like a war zone, and extend to you the benefit of her wisdom and advice whether you want it or not. It’s time for a motel room for those couple days. Realizing payday is two weeks away, you might want to learn more about fast payday loans.
Your husband is working on a new junker he bought in order to restore it. He’s awed by the ’69 Ford Mustang Mach 1 428 Cobra Jet. If you hear him yammer on and on about the car’s 428 V-8 engine, its ram air shaker scoop, or its almighty torque, you’re going to throttle him. Maybe you’ll clobber him with his own tire iron. You thank Someone up there that your husband hasn’t discovered payday loans, or he’d be somewhere buying another piece of junk.
Your son made the most amazing hit in the history of Little League baseball. He smacked the ball clean into left field, ran all the bases, and slid home just because he could. You went insane in the stands, screaming, jumping, and applauding your little Babe Ruth. This deserves a trip into town to the local play center. He’ll have a blast on the trampolines, the bouncy castle, and all the other cool kid stuff that’s there. You’ll need money, though. What’s those small loans you’ve read about? You really don’t need anymore debt, but your son’s accomplishment deserves a treat. What the heck, let’s go for it.
You vowed that when the holidays rolled around this year, you wouldn’t be caught short. This way, you wouldn’t be unable to buy the food, the accessories, or the presents the holidays require. You would have enough money to begin in the summer and keep buying right up to The Big Day. You’ve made it this far and gotten the majority of the small presents bought, wrapped, and put aside. Now you need some extra money for the big presents, and you’ll be done. What a relief. But where will you get the money? How about those cash loans you’ve heard about? Time to learn more about it.
Renting your apartment
When you rented this apartment, it was nice, close to work, and the neighbors were quiet. You keep the place squeaky clean, but those squeaks you’ve been hearing lately aren’t a clean surface being swiped with a white glove. Oh, no. Those squeaks are coming from the third mouse you’ve seen this morning. You’ll either have to get an exterminator in or move. You have no money for either, but you can’t live with mice. They carry diseases, and you don’t understand why people find them cute. You shiver as you pick up the phone to call a cash loans office. You’re moving.
Your wife is having health problems that stem from the weight she’s put on since the birth of the baby. The medicines are paid for by the insurance, but she needs help with weight loss products. They’re so expensive, though. You could get her a year’s supply of one of them if you had enough money. She’d have a fighting chance with a year’s supply. Hmm. You’ve heard of quick loans. This would be the perfect time to get one. Your wife will appreciate gaining back her good health.
While these are only a few scenarios in which people find themselves in need of payday loans, there are as many needy situations as there are people needing cash loans. On the other hand, many millions of people have never heard of emergency cash loans. They’ve no idea where to look for one, how to qualify for it, or even how to make up their minds for what to use it. This explanation of how to get approved for cash loans is for them.
What Is A Payday Loan?
A payday loan is a short term loan using your next paycheck as collateral for the loan. Repayment time is usually two to four weeks, or whenever your next paycheck arrives. You will be charged up to $15 to $20 per $100 that you borrow. Thus, on a loan of $400, you will repay $460 or $500 as the case may be. Interest is higher on cash loans which is reflected in the fees you’ll repay along with the loan. Fees and interest is so high on a fast cash loan due to having no collateral on which to base the loan.
How Do You Qualify For A Cash Loan?
In most cases, even bad credit cases, all you need is a job in which you enjoy good standing, identification, and a bank account. Your credit score has something to do with it, but only to reassure the loan officer that you can and will repay the loan.
What Is Needed For Approval Of Such A Loan?
Approval for payday loans is quick and easy. There’s no mountain of paperwork like there is with a traditional bank loan.
The first thing you’ll need is a bank account. There has to be somewhere to transfer the money; loan officers don’t just hand you a check. The account has to be several months (years are better) old. Just like retail establishments won’t take a starter pack check with no printed address, so loan officers won’t accept a bank account open only a couple days. Such a thing smacks of fraud which could very well put the loan office out of business.
Loan offices use services that allow read-only access to your bank account. Lots of people are understandably reticent about giving out their banking information which includes the routing number. Unscrupulous people have a bad habit of reaching into your account for what they want without your permission. Be aware that payday loan offices do not do this. They just want to look at your account to see that you do, indeed, have money coming in and for what it goes out. It’s called income to debt ratio. The loan office needs to know that you pay your bills so they’ll know you pay theirs.
An important benefit of this read-only capability is that the loan officer can see if you’re having financial difficulties. If, for some reason, you’re having trouble keeping up, the loan officer can suggest ways to help. He can delay repayment of the loan, too, if that will help you iron out your difficulties.
Is it safe?
You might ask if this is safe, and you’d be within your rights to ask. Yes, it’s safe, especially if you’re dealing with a reputable lender. Every letter and number on their websites are encrypted, meaning no one can hack them to steal your information or their money. You’ll receive your small cash loans funds and be able to repay the loan with no trouble at all.
Proof Of Income
If you work in the private sector or for the government, then you’ll have paycheck stubs, even if your paycheck is directly deposited in your bank account. Very few companies still use paper checks, but even then, you’ll still have proof of income. Public companies have to have a paper trail for the IRS and other reasons.
If you work online, then you’ll probably be paid through PayPal or another payment processor. You have to make at least $6,000 before payment processors will send you a W2. However, most places requiring proof of income will take a printout of your payments from the payment processor. If that fails, then
a letter of income from your job or the company you contract for as an independent contractor will work. If you work for more than one online company, then prepare a spread sheet with each company and your income from it. Attach the printouts to the spread sheet. Include your companies’ contact information on the spread sheet. The loan officer will then have all he needs to approve your loan.
Time on the job counts for something. If you’ve only been on your job a couple months, then the loan officer will be reluctant to loan you money. Yes, you have a paycheck, but who’s to say you won’t leave your job the next day and be unable to repay the loan? At least be on your job for a year before you find a payday loan lender.
It’s entirely too easy to get a fake ID in order to get something you want. Anyone with a printer, PhotoShop skills, and a laminating machine can get you an ID. What it won’t have is the state’s watermark, signature of the governor, and other authentications making it a real ID. Trust me, loan officers know all the hallmarks of a fake ID.
The ID should have your picture, address, and signature. If the address isn’t the same as that on your application, then you’ll need a new ID. Loan officers know that people move, as well as the fact that it costs upwards of $50 to get a new ID. Still, they need the correct information before they’ll give you a loan. This includes a valid phone number.
Proof Of Age
You must be 18 years of age or older in order to gain approval for payday loans. No one under 18 years of age is legally able to sign a binding contract. A birth certificate or driving license are acceptable proofs of age.
Social Security Number
Social security numbers are now issued for babies not yet born. You are therefore trackable literally from birth to death. SSNs are handy for tax purposes, identification, and soft credit checks. The big three credit bureaus will not be solicited for a credit check. Loan officers use smaller credit checking companies. The loan officer needs to see your credit history for verification and approval purposes. All this is done with SSNs.
Open Payday Loan Accounts
One of the reasons loan officers check your credit reports is to see if you have any open cash loans accounts. Too many people fall into the trap of having their next paycheck not cover their loan. They contract with another cash loans office to cover it. It’s a vicious circle, and one the government has cracked down on with laws limiting borrowing amounts and generous repayment terms. It would be a good idea if you want quick payday loans to not have any or at least a very few open accounts.
Reasons For Using Payday Loans
There are loans specifically for houses, cars, RV, boats, and motorcycles. The item being bought is collateral for the loan. If the borrower defaults, the item can be reclaimed in payment of the loan. Personal loans, on the other hand, can be used for anything from a new wardrobe following weight loss to paying medical bills to setting up a fund for baby’s college education to buying groceries because the paycheck didn’t cover them after paying bills.
Loan officers need to know the purpose of the loan. If you borrow more money than you need, you could run into repayment problems. The loan officer will counsel you as to how much money will actually cover the purpose. He might offer you insurance in case you lose your job and can’t repay the loan. He might even offer deferral of the repayment to help you out. In any case, knowing the purpose of the cash loans is important.
Consider A Co-Signer
If your credit is non-existent or bad, lenders might ask you to get a co-signer for small payday loans. This gives the lender a second chance on recovering his funds in case you can’t repay the loan. The co-signer will be required to have a good job of long standing, good credit to the tune of 750, and/or own their home outright. You might consider asking a family member who meets this criteria or a good friend who won’t mind helping you. Your friend or family member might be more lenient regarding repayment than a lending institution would be.
Things To Remember
When seeking approval for emergency quick loans, don’t rush the process. People in emergency situations react from emotion, not logic. Consider other methods of paying for the need for a loan. Credit card cash advances, borrowing against the equity in your house, and loans from family members are way cheaper than the interest rates on payday loans.
Take a hard look at your credit. Pay off what you can, and always, always pay on time. Include variety in your credit. This means store cards, installment loans for whatever reason, and a mortgage if possible. The better your credit rating, the better chance you’ll have of qualifying for small loans.
Cut your expenses. In order to repay any cash loans, the money has to be there to repay it. Stop using cable and go with Netflix or Hulu. If you can forego the dry cleaning, the lawn service, eating out, ordering pizza every Friday night, or the maid service for your house, then chances are good you’ll have the money to operate while you repay the fast payday loans.
- Don’t borrow more than you need. You’ll be paying 400 to 500 percent interest on the loan anyway, so borrowing more increases the chance you won’t be able to handle repayment of the loan.
- Research your state loan laws. Awareness of the regulations will make it easier to see when a loan officer is trying to fleece you. Report him.
- Make sure you’re dealing with an American company. Lenders based in other countries who have offices in America abide by their country’s laws and regulations. You could run into a heap of trouble dealing with this, so make very sure you’re dealing with an American company.
- Read the contract thoroughly. Only when you completely understand the terms and conditions will you know when a surprise hits you. Ask for clarification when you don’t understand a point in the contract.
- Compare Small dollar lenders.
- Poor credit lenders are all over the place. Most have websites, so you won’t have to go door to door with a notebook comparing prices and terms. Don’t just go with the first to have acceptable terms. Do some research to get the best prices and terms available.
They talk to you about your needs and then send you to the lender that is right for you and your circumstances. These companies are not lenders. They appear on a Google search among payday loan lenders, but they perform a much more important function.
You might work two jobs and have a family to take care of after work. An emergency might have struck, leaving you searching for the means to fix it. These companies will save you the footwork searching for a lender who may help you. They know which companies could offer you the best terms and which are very strict regarding repayment options. These companies would save you hours of frustration and time lost in searching.
These companies might not be lenders, but they can set you up with mortgage lenders, auto, business, or short term lenders. You just tell them what you need, when you need it, and how much. They pair you up with the lender that best answers your needs. It really is that simple.
About the Author – Myra H