Interesting Questions and Answers Related To Payday Loans

A large number of people across the length and breadth of the country are currently using online payday loans as a smart and quick financial choice to take care of their urgent needs. These loans have been carefully tailored to handle emergency situations like financing your kid’s school project, paying a long overdue utility bill, paying the dentist for a tooth extraction, or repairing a car breakdown.

Now, there are some vital questions that borrowers often ask the lender or the payday loan agency regarding the eligibility and other terms and conditions. Some of these frequently asked questions have been discussed below with their answers:

When can I qualify for a no credit check payday loan?
You can qualify for this kind of credit at ease if you:
• Have a functional, authentic telephone number
• Are 18 years old
• Have an income of at least $1,000 every month
• Have a valid checking or savings account
• Have a citizenship of the US

I have a bad credit score. Can I still send an application?
Despite your lackluster credit score, you can still qualify for these loans. People with a history of bankruptcy are also eligible for these.

Will there be a credit check?
If a person carries a bad credit score, the payday lenders don’t usually turn down his application straightaway. However, they may carry out a credit check if they want. They can also ask for additional details like your Social Security Number, residential address and phone number and check whether these are authentic.

What happens when I fill out the online application and submit it?
Once you complete the online application and click on the submit button, then the agencies try to match you with the right lender. The agencies have network with a slew of lenders from which one can give you a loan.

Is there any assurance for approval?
I am afraid, no. The lenders have the right to reject your application if they don’t feel that you are a fit borrower. They apply their discretion for deciding this and there is no assurance that whoever applies for this will be approved. Whether to approve or decline an application is solely dependent on the discretion of the credit provider.

If I qualify, when will the amount be credited to my account?
If lenders okay your application, the funds will be electronically transferred to your account within just one hour or so. Nonetheless, some lenders might ask for an additional fee when they transfer the funds so quickly.

What should I do if I fail to repay the loan?
If you face difficulties in repaying your online short-term loans, then it is advisable that you talk to the lender instantly and discuss about your problem. You can arrive at a settlement or the lender can prolong the repayment period for your convenience. However, this will depend on the rules and regulations of the state you are living in and extending the repayment term is subject to additional costs and rates.

Is a same day loan right for me?
Only for emergencies. Don’t ever go for them for a long term as they carry extremely high interest rates and fees. Defaulting on your loan would skyrocket these charges.

Author bio: Blogging is Sam Payn’s favorite and he has been writing on a range of interesting topics including easy payday loans and short-term loans.

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