Payday Loan Tips for New Borrowers
Payday loans can be very handy to use for emergency expenses, and everyone is a new borrower at some time. You may have questions to ask before you take out your first payday loan, so here are a few tips on getting the loans and repaying them.
Getting the payday loan is fairly simple. You only need a few pieces of information disclose to online lenders in their fast applications, or to show to the clerk at the cash advance store in your neighborhood. Basic personal information like your name, telephone number and address are obvious. You may be asked for a couple personal reference names also.
Proof of employment or income source is another piece of information you will be asked to provide. If you are employed, bring in a pay stub, or fill out the information from the pay stub on the online application where it asks for employer ID number, name and address. If you receive a form of government assistance, such as disability checks or retirement income, that can also qualify you for a payday loan. Many lenders want you to have an income of at least $1000 monthly, but not all require that much.
If you are in a payday store, they will want to see and copy a photo ID, like a driver’s license. They will also want to copy a recent bank statement. You will be asked to fill out a personal check that is for the total amount due including their fee. This will be returned to you when you come back in on your due date with cash to pay back the loan.
If you have trouble and cannot repay the loan on time, call them to make an arrangement. You may be able to pay just the fee and roll the loan over for another period of time. Or, you can repay the loan in full and then take it out again as a new loan. You can have two at a time from different places, but most states will not allow you to have more than two payday advance loans.
Try to go to a loan store any time but during lunch hour when they are most busy and you will be waiting in line. Online is easy because you can do everything on the computer. Repayments there are done automatically, and you do not have to go anywhere.