Payday Loans

1. Payday loans are a short term loan for employed people.

They are a type of loaned funding that can be obtained quickly when an employed person needs fast cash before payday. They are extremely convenient, but usually have a high interest rate. The interest rates can be as high as 500%, with added fees for repayment extensions.

2. A lender for payday loans will probably check your credit.

These types of funds can be borrowed no matter what the applicant's credit history is. Advanced paycheck lenders will more than likely not even check an applicant's credit. To apply for a payday advance, the lender will usually require the borrower to give a personal check for the amount borrowed plus a fee that is cashed on a future specified date. The funds for repayment are then directly withdrawn from the borrowers bank account on the date specified. These loans are short term in nature; allowing a 2-3 week grace period at most.

3. Proof of employment is required for payday loans.

Payday advance lenders usually require proof that a borrower is employed. For payday advances, the borrower may also need to provide proof of a checking account, their last bank statement, their social security and driver's license numbers and proof of residency. Lending companies differ in the information that is required, but certainly some sort of income and banking verification is necessary.

4. Payday loans are deposited directly into your bank account.

Once the financing is approved, it is deposited into the borrowers account usually by the next business day. After the funds are deposited, they can be used for whatever purpose the borrower desires such as unexpected auto repairs, medical bills, or any other expenses.

5. Payday loans should be taken with good judgment, which comes from God.

Proverbs 119:66 - Teach me good judgment and knowledge: for I have believed thy commandments.

Personal Loans

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