Payday Loans 101: Payday Loans Explained for New Borrowers
Fast Payday Loans, Inc. is here to help break down everything you need to know about payday loans in simple terms. Whether you need extra cash fast or are just curious about the different types of loans out there, welcome to payday loans explained.
Payday Loans 101
What Is A Payday Loan?
The basics of payday loans explained say that payday loans are short-term loan solutions for urgent expenses. If you don’t have enough money for a bill that must be covered, a payday loan may have your back. At Fast Payday Loans, Inc. these loans are given in amounts from $100 to $1,000 across the Sunshine State.
In most cases, payday loans are repaid the next time you are paid by either your employer or another source of income, like Social Security. This tends to be anywhere from 2-4 weeks after the loan is given, but this varies on a case-by-case basis. Our trusted representatives discuss the loan details and dates with each borrower before any loans are confirmed.
What Are The Benefits Of A Payday Loan?
Payday loans explained offer a helping hand for those with heavy financial burdens. They provide cash fast – sometimes as fast as in a few hours – so that you can pay your urgent expense and finally rest easy.
Unlike banks and credit unions, Fast Payday Loans, Inc. doesn’t require good or excellent credit to apply for a payday loan. You also don’t need any collateral and there are no minimum income thresholds.
You will need to prove some income to get a payday loan so that we trust you’ll repay the loan come the following month. This means it’s a short-term loan that will also be out of your hair in no time.
These loans can also be applied for in-store or over the phone, offering two convenient methods to talk with our staff who will walk you through the application process.
Who Is Eligible For A Payday Loan?
Payday loans in Florida are generally easier to get compared to personal loans from traditional lenders. To apply for a payday loan, you’ll first need to be 18+ with a valid government I.D.
Next, you’ll have to present a recent pay stub to prove you have the income to pay the loan in the future. If you aren’t employed but receive monthly income from another source, speak to one of our representatives to see if you qualify.
Finally, you’ll need an active checking account that’s under the same name as your official I.D. You’ll prove this account by presenting a blank check to the loan representative.
What Should Payday Loans Be Used For?
Payday loans are not for trivial spending but should instead be used for true emergency expenses. We help out many people who need cash fast to:
- fix their main vehicle
- replace a broken essential home appliance
- repair their home after a disaster or accident
- pay for emergency travel to visit an ill relative, attend a funeral, etc.
- pay for a medical procedure
- pay for overdue utility bills to continue service (electricity, gas, etc.)
- cover other urgent expenses
How Can I Get A Payday Loan?
Now that you’ve read payday loans explained, you know we’re here if you find yourself in a financial pink. For those who need cash as soon as possible, it’s time to apply for a payday loan from Fast Payday Loans, Inc. You can choose to apply in-store or over the phone.
If applying in-store, first fill out the online inquiry form. Someone from your nearest office will contact you to talk about your needs. You’ll then meet with them at the location near you to present your paperwork and walk through the approval process.
If you prefer to apply over the phone, fill out the online form as above. Then, look out for a call from our representative who can complete the application with you over the phone. Be sure to have your required documents on hand.
Both application processes can last as little as half an hour. If approved, you could get your payday loan that same evening or the next business day.
Where Can I Find a Payday Loan Office?
Fast Payday Loans, Inc. has office locations across Florida. If you need more details about payday loans explained or want to speak to us in person, head to one of our locations in:
- Ft. Myers
- Ft. Walton Beach
- Lake City
- Miami (multiple locations)
- Pensacola (multiple locations)
- Tallahassee (multiple locations)
- West Palm Beach
Get Your Payday Loan Now!
Now that we’ve covered payday loans explained, it’s time for us to help out with your situation. If you could use up to $1,000 to cover an urgent cost soon, complete our inquiry form to take a step in the right direction. We’re waiting to hear from you!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.