When dealing with a payday loan, you will likely have quick approval.
Your loan payments are usually set up to be paid on your next payday,
(most are fourteen days). You have several different options when
applying for a loan. You can apply online, fax your application
and documents, use a phone, or walk into one the thousands of payday
loan stores and apply. It does not take much to be approved. Usually
all you need is proof of identification, a checking account, have
a job with an income of about one thousand a month, and be at least
eighteen years of age.
Normally credit history does not make a difference when applying
for a payday loan. You can still be approved even if you have had
bankruptcies, charge offs, or and other credit problems. Studies
have shown than more people would consider a payday loan to get
out of financial hardship, over all other options. The biggest downfall
of a payday loan would be its high interest rates. Due to these
high rates, it is recommended by the FDIC to not continue a payday
loan for more than three months. Payday loans are generally temporary
solutions for those in tough financial situations.
© 2006 Payday Loan Information.