In recent years, surveys have shown that the majority of Americans are living paycheck to paycheck. In fact, about 80% of people currently find themselves in this predicament.
As a result, many people don’t have enough money in their bank accounts to cover emergency expenses. It can turn what would be a relatively small bump in the road into a huge hurdle for those moving from one paycheck to the next.
If you ever find yourself in a place where you need to get your hands on money fast for whatever reason, you should consider learning how to get a payday loan. Getting payday loans can get very helpful for those who don’t always have enough money lying around to pay for unexpected expenses.
Take a look at the seven steps to getting a payday loan from start to finish below.
1. Begin by Tracking Down Payday Loan Lenders and Researching Them
The first thing you should do when you’re in the market for a payday loan is to compile a list of the payday loan lenders that are out there. A simple Google search for “get a payday loan” should yield more than a few options for you.
Once you have a good list going with names like iCASH on it, you should then move on to researching as many of these payday loan lenders as you can. Ideally, you want to find out everything you can about lenders before applying for payday loans through them.
You can do this by browsing around on their websites. You can also do it by reading through online reviews for them.
But whatever you do, don’t just choose the first payday loan lender you can find. It’s essential for you to find companies that you know you can trust to provide you with payday loans.
2. Check Out the Terms on Payday Loans Offered by Different Lenders
After you’ve done some homework on payday loan lenders and found a few that you like best, see if you can find out about the terms that they offer on their payday loans. This is going to be important since some payday loan lenders charge high-interest rates on their loans.
Your goal should be to locate at least a few payday loan lenders that don’t have super high-interest rates on their loans. You want to be able to use a payday loan to help you, not to bury you in a mountain of debt for months and maybe even years to come.
3. Select the Payday Loan That Looks Like the Best Option for You
Once you’ve looked through the payday loans available to you and spotted a few with favorable interest rates attached to them, dig a little deeper into each loan. Find out more about the repayment terms on them and any strings that they might have attached.
By doing this, you’ll be able to narrow down your search further and find the one payday loan that you think will work best for you based on your specific situation. That will be the loan that you’re going to want to apply for.
4. Gather the Information You’ll Need to Fill Out a Payday Loan Application
When you reach this point, you’ll almost be ready to fill out an application for a payday loan. But before you do, you’re going to want to gather the information you’ll need to do it.
It’s a good idea to put together a stack of papers that includes things like:
- Recent paystubs
- Income tax forms
- Employment records
- Credit report
It’s better to have too much information when you go to apply for a payday loan as opposed to not enough.
5. Apply for a Payday Loan and Find Out If You’re Approved
As long as you’re able to gather the proper paperwork, you should be able to apply for a payday loan in a matter of just a few minutes. Most payday loan lenders offer people the opportunity to apply for loans right online by filling out easy-to-use forms.
Complete the necessary forms online and then wait to see whether or not you’re approved for a payday loan. You should find out within five minutes or so, even if you’re applying on a weekend or a holiday.
6. Choose the Right Repayment Plan for Your Payday Loan
Some payday loan lenders will make you stick to a certain repayment plan when you take out a payday loan. But others will give you a chance to decide how you want to repay a loan once you receive it.
If you can, it’s always advisable to choose your own repayment plan. You’ll feel like you’re more in control of repaying a payday loan when you pick the plan that you use.
7. Make Sure You’re Prepared to Repay Your Payday Loan
If you fail to stick to your predetermined repayment plan when paying back a payday loan, you could get yourself into trouble. It’s why you want to be 100% sure that you’re going to be able to repay your payday loan.
Even before you start trying to figure out how to get a payday loan, you should have this in the back of your mind. You should have a plan in place for how you’re going to pay back a loan so that it doesn’t catch you off guard at a later date.
Know How to Get a Payday Loan When You’re in a Bind
In a perfect world, people wouldn’t have to take out payday loans or other types of loans to cover their expenses. But emergencies do happen, which is why it’s good to know how to get a payday loan if you ever need one.
Use our tips to getting a payday loan to your benefit the next time you’re in a bind and need cash fast. You can get access to the money that you need in no time with the right payday loan.
Want to get more information on some of the other types of loans that you might want to consider? Read the articles on our blog to find out all about them.