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3 Questions about Payday Loans

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The challenges of having enough money at all times during life can be many. There are sure to be unexpected emergencies that come up from time to time that must be dealt with immediately.  Some of these may include medical bills or automobile repairs that must be fixed. Regardless of why you need money, it's ideal to know certain information about payday loans.

Question #1:  What are payday loans?

This type of loan will allow you to borrow money that you need and pay it back when you receive your paycheck. This is a short-term loan that typically has a maximum amount of money that can be borrowed for a certain period.

If you're approved for the loan, you will need to write a check to the payday lender for that amount and postdate it the day you will get paid. This will allow the lender to receive the entire repayment for the loan at that time.

Question #2:  What is Required for Qualification?

In order to get a payday loan, you will need to fill out some forms to prove that you qualify for the loan. There are also requirements that must be met for you to receive the loan.

Listed below is the information you will need to provide:

  1. The amount of your current income and verification of this with an old W-2 or pay stub.
  2. You must be 18 years of age to apply for this type of loan.
  3. You should have an active checking account where the loan can be deposited.
  4. You should have a social security number to provide to your lender.
  5. You should reside in the state where you are applying for the loan and have proof that you are a resident.

Question #3:  How long does it take to get the loan?

One of the first things you will want to know is the amount of time you'll need to wait to receive the cash. In some cases, you may be able to get this type of loan in as little as 24 hours. However, it will depend on the lender you use and if you have a checking account where the money can be deposited immediately.

There are sure to be financial emergencies that come up from time to time that require you to get a payday loan. Be sure to check with a lender like Payday Express in your area to help you find the best location to ask for a loan of this type.