How Does A Payday Advance Work If You Haven't Gotten One Before?
When people hear the words “personal loan” they usually think of car loans or house loans: big loans that are paid off in installments over several months or years. But that’s not the only type of loan you can get.
A payday advance is the type of personal loan that can help when you’re running short on cash. It can cover small, urgent expenses you can’t postpone until your next paycheck. For example:
- food and groceries
- medical treatment or medicine
- car repairs
- utility expenses or disconnections
- leaky or broken pipes
In these situations, you just need a few hundred dollars to tide you over until your money comes in. With a payday advance, you get the cash and you get it quickly—which is very important for these types of financial emergencies.
What Is A Payday Advance?
A payday advance is a short-term personal loan that allows you to borrow money against your next paycheck. You can borrow up to $500, and then repay it on your next payday.
Can I Qualify For This Loan Even If I Have Bad Credit?
It is much easier to qualify for a payday advance than other types of personal loans! You can apply even if you have a bad credit score, or have not yet been able to establish any kind of credit history.
That’s what makes it a good option for people who’ve never gotten any type of loan before.
Most personal loans will have a minimum credit score for eligibility, but you can’t get a credit score until you’ve established a history of paying off a loan.
With a cash advance loan, you get the money you need, and if you are able to pay it off on time you can also start building a good credit history and score.
For people who have bad credit, a payday loan can help you get through a rough spot without having to show collateral or find someone to co-sign the loan—which is what a bank would ask before granting another personal loan.
What Are The Requirements?
The requirements for a payday loan are straightforward, and chances are you already have them in your wallet or desk drawer. You just have to present the items:
- A government-issued ID that has your photo. Examples include a driver’s license or non-driver’s card, passport, student ID, or military ID.
- Your most recent pay stub. This is the document your employer gives you with your paycheck, or it is emailed to you to confirm that they’ve deposited your check into your account.
- A blank check from an open checking account that is in your name. You will use this to write a post-dated check to pay the loan.
I Need A Payday Advance ASAP—How Can I Apply?
Idaho Title Loans, Inc. has one of the fastest and easiest loan processes. Even if you’ve never taken out any kind of loan before, you’ll breeze right through this with no delays.
Just fill out our online request form. Don’t worry; our site is very secure, and the information will only be used to let us contact you.
Shortly after you send the form, one of our loan representatives will call you back. He or she will confirm your information, explain how a cash advance works, and walk you through the process. Feel free to ask any questions—we are here to help.
After the call, go to the nearest branch to submit the documents and go through the final paperwork. Don’t forget to bring your government-issued ID, pay stub, and the blank check from an active account that is in your name.
Since we already initiated the loan during the phone call, you don’t have to spend a lot of time at the branch. In fact, you’ll be able to get everything done in less than 30 minutes.
When Can I Get The Money?
If you go to the branch before the cut-off time, you can get the money on the same day. If it was approved after the cut-off, you get it the next business day.
What Other Loans Can I Get If I Need To Raise More Cash?
Idaho Title Loans, Inc. offers other types of loans like title loans and signature installment loans. However, these will have different requirements for eligibility. You can ask our loan representative about them during your call to consider all your options.
Find Emergency Funds Right Now
Financial emergencies can happen to anyone, but payday loans can help fill cash gaps until your salary comes in. So, when you’re stuck and short on cash, don’t panic: contact us and inquire about getting a payday advance.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.