Payday lenders will typically want to look at your income to check you can afford the loan. As long as you have a regular income, you will likely be accepted. In some cases, you may be able to get a payday loan without a regular job, but this will be up to the lender.
Borrow What You Need
It’s tempting to borrow as much as you can get accepted for but the best thing to do is to be conservative with the amount you need. Borrowing larger amounts than you need will increase your costs and take you longer to pay the balance down.
Pros And Cons Instant Payday Loans
Fast access to cash – Most payday loans aim to give you the money within a day or two which makes them a convenient way to get quick cash.
Easy to apply – Payday loans are both easy to access and apply for which makes them ideal for those who have trouble getting other types of credit.
Fewer requirements – Payday loans generally have fewer requirements for approval. Traditional lenders usually want lots of information to verify you. To get accepted for a payday loan, you will typically only need to be over 18, able to verify your identity and have some form of income.
Higher interest rates – Payday loans tend to have higher interest rates attached which can make them a costly way to get cash. The APR on regular personal loans can range from 12-30%, but for payday loans, the APR can be in the triple figures. However, some state laws have a maximum amount that payday lenders can https://paydayloanstennessee.com/cities/cordova/ charge.
Easy to get stuck in a cycle – As payday lenders make it easy to access fast cash, it’s easy to make taking out a payday loan a habit. This can lead some people to get stuck in a cycle where they are always in debt.
Payday loans won’t help you build credit – Generally, payday lenders don’t report to the credit bureaus so these loans won’t help you build your credit score.
Applying for payday loans is designed to be as simple as possible. Payday Depot aims to provide fast decisions and more importantly, fast cash. The whole process can be completed online at any time during the day in just a matter of minutes.
You will need a few pieces of information ready such as your residence ID, your social security number, an email address, proof of age, proof of income and an active personal bank account. Having these ready will make your application go much smoother and you should receive a response quickly.
The team behind Payday Depot aims to have your application processed within a few hours. Once your application is approved, you only need to sign the document online with an e-signature and the funds will be allocated to you as soon as the signature is received.
Short-term loans are emergency credit products of relatively small amounts designed for short-term financial issues only and can become an expensive product if used for long-term purposes.
The owner and operator of paydaydepot is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designed only for a matching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders. All the data concerning short-term loan products and the industry is presented on the website for information purposes only. paydaydepot does not endorse any particular lender, nor does it represent or is responsible for the actions or inactions of the lenders. paydaydepot does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Short-term loans are not available in all the states. Not all the lenders in the network can provide the loans up to $1,000. paydaydepot cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a short-term loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verifications, including but not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually.