What Every Payday Advance Borrower Should Know
April 25, 2022 | Louis Tully
Most people know that a payday advance is a quick way to borrow cash, normally for emergencies. But, what do you really need to know as a payday advance borrower? On this page, we’ll share a few things that will help you decide whether a payday loan is for you and, ultimately, what you need to think about before getting a payday advance.
What To Know About A Payday Advance
A payday advance is short-term borrowing. As the name suggests, these loans tend to cover expenses until you receive your next paycheck. At Fast Payday Loans, Inc., we can loan between $100 and $1,000. The amount that you can borrow will be based on your income.
A Payday Advance Should Be Your Last Option
A payday advance is not an option that you should take lightly. It is the type of borrowing that you may want to consider when you have no other options. For example, you have asked your friends and family whether they can loan you cash, or perhaps you have sold some of your old possessions. You will only ever want to get a payday loan if the expense that you are dealing with cannot wait until your next paycheck. For example: if you need to cover medical bills now.
Those With Bad Credit May Be Able To Get a Payday Loan
Unlike most loans, you may still be approved for a payday loan even if you have bad credit. Here at Fast Payday Loans, Inc., our main concern is that you have a regular, stable income. This is why we take a look at your paystubs.
Just because other lenders have turned you down doesn't necessarily mean that we will. So, don't be afraid to get in touch.
What You Need For a Payday Advance
Our requirements are fairly minimal. A payday advance borrower will need the following when looking to us for a payday advance:
- A government-issued photo ID
- Your most recent pay stub
- A blank check from a checking account in your name
All of these are documents that you should readily have at hand anyway, so it shouldn't be too much of a problem.
How a Payday Loan Works
As we mentioned, a payday loan is a loan designed to cover you until your next paycheck. This means that, in most cases, as soon as your next paycheck rolls in, your loan is dealt with. It’s pretty simple, and it means that you won't be dealing with years of debt like you would with traditional loans.
So how do you get a payday loan in the first place? Well, every payday advance borrower with Fast Payday Loans, Inc. goes through the same process.
It will always begin with filling in a short form on our website. This will be followed up by a quick phone call with one of our team. They will let you know more about payday advances and, more importantly, what the next steps are.
The next step will be to head to your local Fast Payday Loans, Inc. borrowing location. Here, we will inspect your documents. We can then make a decision on whether you can borrow cash and how much you can borrow.
If you can borrow cash, you will sign your loan agreement and the cash will be sent to your checking account. From online form filling to loan agreement signing, the entire process can take as little as 30-minutes. The money that you are borrowing could be sitting in your checking account as soon as the same day.
Reasons People Get a Payday Loan From Fast Payday Loans, Inc.
As we mentioned previously, any payday advance borrower should only be considering a payday loan when they have an expense that needs to be covered right away. If it is an expense that can probably wait until your next paycheck, then there is no sense in considering a payday loan.
Here at Fast Payday Loans, Inc., we deal with a huge number of people from all walks of life. These are some of the most common reasons people have had to borrow cash from us:
- They need to cover medical expenses. In most cases, this will be the cost of vital medication.
- Their pet is sick and they need to head to the vet. Remember, vet bills can be rather expensive, and most people won't have the cash sitting in their accounts.
- They have repairs to their home that need to be urgently carried out, e.g. plumbing and electrical jobs.
- Their vehicle is broken and they need access to it.
- An important appliance like a fridge needs replacing.
You may even have your own reasons. As long as it is vital that the expense is covered right away, then Fast Payday Loans, Inc. could be an option.
Get a Payday Loan in Florida Today
A payday advance borrower should always know how a payday advance works. They should know what the loans are used for (emergency expenses), and when it needs to be paid back (normally with the next paycheck). If you believe a payday loan is for you, then reach out to us. Fill in the short inquiry form on our site, and you could have access to cash as soon as today.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.