How A Payday Loan Works and Who Can Get One
January 7, 2021 | Daniel Dewitt
The idea of getting your first payday loan may seem slightly confusing. We are here to demystify it for you and explain how a payday loan works. For many of those in a temporary financial predicament (e.g. dealing with emergency expenses), a payday loan may be an option to consider.
Here, we want to tell you a little bit about the payday loan process. However, before we get there, we want to help you to decide whether you may qualify for a payday loan.
Who Can Get a Payday Loan?
A payday loan is different from a traditional bank loan. This is because there aren't really any massive restrictions on your employment and credit history, which means that almost everybody with an income may be able to get a payday loan. This isn't a guarantee that you will qualify. However, having an income is a solid start.
Now, traditionally, a payday loan would look at whether a person was employed or not. This means that pay slips, etc. would need to be supplied. However, if you aren't employed, you may still get through the process. You see, non-employed sources of income may also be accepted such as unemployment or disability benefits.
When you are going through the process of getting a payday loan, all your income documents will be inspected to ensure that you do have a regular income and that you will have the ability to pay back the payday loan.
A payday loan is often seen as an option to borrow emergency cash when you have nowhere else to turn. Often, this may be because you don't have a great credit history.
If you head to a traditional bank to borrow money with a poor credit score, they might not lend to you.
This isn't an issue with a payday loan. The focus will not be placed on your credit history. This means all credit types will be considered. So, don't worry if you do not have the most stable credit history in the world, you may still be able to get a payday loan.
How a Payday Loan Works
So, now let's move on to how a payday loan works.
As the name suggests, a payday loan is a loan designed to be paid back on your next payday. This means that you borrow cash, and then you pay it back when your next paycheck rolls in. How do you actually get your hands on that payday loan, to begin with?
It starts by filling in a form on our website. This form lets the team know at Idaho Title Loans, Inc. that you are looking to borrow cash. The information in this form will be sent to your local Idaho Title Loans, Inc. store.
Don't worry. Your inquiry isn't going to be sitting in a pile for ages and ages. Generally, within a few minutes, one of our team will give you a call. They will check that you know what a payday loan is, and what documents are required. If you have any questions about how a payday loan works, feel free to ask them at this point. If everything seems to be in order, you will be asked to come and meet us in person.
You will need to bring the following documents along:
- Your photo ID (government-issued)
- Your most recent paystub
- A blank check for a checking account in your name
We have plenty of Idaho Title Loans, Inc. locations throughout the state, so just come along to your local branch (our team member will tell you where this is!)
When you meet us, we will review your documents and determine whether we can lend you cash. If we can, then all you need to do is sign your loan agreement. The money will be in your bank account by the same day or the next working day.
The process from start to finish is headache-free. This is because Idaho Title Loans, Inc. has really thought hard about how a payday loan works and has ensured that the process is as streamlined as possible.
Why is Idaho Title Loans, Inc. An Option For a Payday Loan?
Idaho Title Loans, Inc. can issue payday loans of between $100 and $500, depending on your personal situation.
We know that many of the people that are looking for a payday loan are in a financial emergency situation. They need money quickly. Therefore you can get through the initial inquiry process with us in as little as 30-minutes. As we said, that money could be sitting in your bank account by the same day or the next working day. There are very few forms of borrowing that are as fast as this.
We can ensure a speedy process due to the number of Idaho Title Loans, Inc. payday loan locations we have throughout the state. No matter where you work or live, you should never be too far from a location where you can sign that loan agreement.
Our payday loans can be used however you wish. Most people will use them to cover emergency expenses such as:
- Medical bills
- Late bills
- Repair costs
- Appliance replacement
Now You Know How a Payday Loan Works, Inquire About a Payday Loan Today
The whole process of how a payday loan works is fairly simple and easy. If you have an income source, you may be able to obtain a payday loan. Your credit history and score will have very little impact on your ability to borrow cash with a payday loan. If you need cash to cover emergency expenses, then you kickstart the process by filling in an inquiry form on our website today.