Unfortunately, emergencies are a cruel reality of life, and it can be hard to find hope in times of trouble. When life sends unexpected hardships our way, it can be challenging to recover and find stable ground. In these moments, a payday loan advance may provide relief.

To help you understand the process better, let's disprove four myths about qualifying for a payday loan advance.

4 Myths About Qualifying For A Payday Loan Advance

1. You Need Collateral To Apply

Collateral is any property – like a car or your home – you put up against the loan to prove that you can pay it back. If you don’t repay the loan, the lender can repossess the collateral. Short-term loans like payday loans are sometimes associated with collateral because of the loan terms. 

At Fast Payday Loans, Inc. of Florida, we are proud to say we do not require any collateral for our payday advances. We like to work with our borrowers and their bi-weekly or monthly paychecks to ensure the loan is given in good faith. This means you can rest easy knowing your property will remain safe and in your hands, no matter what.

2. You Need Good Credit

Personal loans – especially those from banks and credit unions – are usually associated with having good credit and strong credit history. For many Americans building or working on their credit score, applying through these lenders is nearly impossible.

Fast Payday Loans, Inc. of Florida realizes that borrowers are more than just a credit score. We consider your entire application, which means we don’t require fair, good, or excellent credit to apply. You can even apply with bad or no credit.

3. Most People Can't Get One

Many people associate same-day or fast loans with someone trapped in a financial struggle. Unfortunately, this common myth could prevent someone from receiving the financial assistance they need.

Payday loans are for anyone facing financial hardship and needing cash fast. We work with people from all backgrounds and financial situations at Fast Payday Loans, Inc. of Florida.

A payday advance from our company can be used by anyone experiencing a financial emergency. Whether you are facing medical uncertainty, an overdue utility bill, urgent home repairs, a vehicle issue, or emergency travel, we are here to help.

We also service many borrowers who need their cash quickly, avoiding the lengthy application and wait times of traditional lenders like banks.

4. You Have to Apply In-Person

Many people avoid the hassle of heading to a payday advance location because they’re intimidated by an in-person meeting. Luckily, the need to apply in person is another myth, as it’s possible to apply for a payday advance in person, online, or over the phone.

For the online option, our website has a quick and secure online form to get the application started. Once completed, a loan representative from our nearest location will call you.

While you will need to speak to a representative to confirm your loan, you can finish the payday advance application over the phone or come to the nearest store location.

The entire process takes as little as 30 minutes, and if approved, you can receive anywhere from $100 to $1,000 that same day or the following business day--all without having to step foot in a store!

What You Really Need To Qualify For A Payday Loan

What you truly need to qualify for a payday advance loan is much more doable than what the myths may have you believe.

At Fast Payday Loans, Inc. of Florida, the borrower must be 18 years or older with a driver’s license or state-issued I.D. You will also need your most recent pay stub to prove you can repay the loan, plus a blank check from an active checking account in your name.

Application Process

To begin your payday advance loan application, simply visit the online form on our website. Once completed, a loan representative from our nearest Florida location will call you to verify your documents.

From there, you can finish the application over the phone or head to one of our offices to meet in person. Either way, one of our friendly and knowledgeable loan representatives will guide you through the next steps of the payday advance loan application process, which includes simple paperwork.

If approved, you could have your payday advance from $100 to $1,000 the same day or the next business day.

Apply For Your Payday Advance Today!

Many myths surrounding payday advance loans are far from accurate. The truth is it will only take a few minutes to see if you qualify, and you could be well on your way to getting cash deposited into your account. If you require financial assistance, fill out our website’s inquiry form 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.