Thinking About a Payday Loan? Don’t Wait Until It’s Too Late
July 27, 2020 | Emma Frost
In today’s financially constraining world, saving money is often considered a luxury, one that many of us struggle to afford. With so many living paycheck to paycheck, breaking even can be impossible particularly when an emergency occurs and we're left scrambling to decide whether to pay our monthly bills, feed ourselves, or deal with the surprise costs. Pressing emergencies that need to be dealt with immediately, like a hospital cost or a damaged home, can make paying our bills all the more difficult and, in some cases, impossible.
When bills are late, late fees start to apply, which raises the cost of the bill and makes repayment a much longer and harder process. If your emergency fund or your savings account aren't enough to absorb the impact of your accident, there are options, like payday loans, that are available to help bridge the gap between paychecks.
If you're thinking about a payday loan and you're feeling unsure about it as an option, don't worry! Throughout this blog, we'll explain exactly what a payday loan is, how it can help you, and why you should apply for one before financial stress overtakes your life and it's too late to avoid higher payments.
How Payday Loans Work
A payday loan is a short-term loan option that is designed with a quick application process and a high approval rate in mind. They were created to offer financial relief to those who need it quickly and with low credit scores. You can apply for these loans in between paychecks, whether you're paid monthly or bi-weekly, and be approved quickly, so you're not counting pennies to reach your next payday.
Even though the process overall is fast, you still shouldn't wait until the very last minute to apply if you want to avoid any of those potential late fees that we mentioned earlier. You also deserve time to properly sort out your financial situation instead of throwing money at the wrong bill and this is best done if you have some wiggle room before deciding where to put the money. Applying for a payday loan is easier than ever thanks to the online application at Fast Payday Loans of Kentucky, INC.
How to Apply for a Payday Loan
If you're financially stressed, the last thing you should have to worry about is a long and complicated application process, which is why applying for a payday loan can begin online, from the comfort of your own home.
Filling in basic information such as your name and contact information, you can complete the form in as little as 30 minutes! Once submitted, a representative from the office closest to you will be in contact to review the process, schedule a meeting, and tell you which items you need to bring with you to the meeting. These items include:
- Your driver's license or government-issued I.D.
- Your most recent pay stub for proof of income
- A blank check from an active bank account that is in your name
Once you have the documents in order, you'll be prepared for your meeting, during which a representative will perform an evaluation based on the information you provide. This evaluation will determine how much money you can qualify for. Remember – your representative is your expert when it comes to payday loans and they’re there to answer any of your questions or concerns. If you have ‘em, ask ‘em!
How You Can Use a Payday Loan
While the amount you can receive varies from person to person, you can be approved for up to $500, and $500 can be the difference between just surviving and living. Whereas traditional loans will sometimes require a written statement of intent for how you plan to use the money, payday lenders aren't going to question you or your intentions. Once the money is deposited into your bank account, it's yours to spend it on what you see fit. Some common uses for a payday loan are:
- Healthcare: Many studies show that healthcare is the leading cause of bankruptcy in America, with bills for even routine checkups running high.
- Car Accident: Car repairs are a costly endeavor and, depending on the state of your car, can send your financial budget reeling.
- Home Repair: Our homes are our largest assets and when an appliance breaks or damage occurs during a natural disaster, those necessary repairs can quickly add up.
The bottom line is that a surprise cost can come from anywhere, but a payday loan can help combat this by being versatile enough for any bill or cost, regardless of where it comes from. If you know you need a loan, but you’re still feeling unsure about where to spend it, check out this article What Can I Use My Loan Money For? for more ideas!
Online Payday Loans – The Bottom Line
Financial hardship, especially in today's world, surrounds us, but some options will help bail you out when the going gets too tough. A payday loan is a way to get last-minute financial relief without the hassle that accompanies traditional loans and credit cards. Don't wait until the extra expenses bury you. Find out the location of your local lender and apply online today to fast track your financial relief.