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If you think you are the only one facing cash emergency, then you are wrong. People face this situation more often than you might think. Sometimes, the problem gets compounded due to lack of cash options. When money runs out and sources of funding dry up, people turn to payday loans, such as those offered by a loan company.
Who are the good companies?
Payday loan companies are financial service providers operating in the United States. Payday loans are just one of their many financial products. They have branches in five states – California, Colorado, Idaho, Nevada and Washington. Its first branch opened in 1983 in Renton, Washington.
How do I qualify for a payday loan?
When you apply for a payday loan with this company, you will be asked to provide some information regarding your employment details and source of income. You must also have a checking account in order for your payday loan to be approved. Payday loans with loan companies are essentially unsecured and backed only by your postdated check, so you have to be able to issue them in order to qualify.
How much can I possibly expect to borrow with a payday loan?
They work by following the strict rules of the particular state they are in. Since most states regulate how much money you can lend, the loan company will make sure that the rules are followed and you are provided with the best service.
However, you need to be able to meet the requirements. The loan company will also look at your ability to repay your loan amount based on your income. The higher your ability to repay your loan, the higher your loan amount.
How much interest and what types of fees can I expect with payday loans?
Interest rates and fees vary depending on the state you live in. Since most state laws regulate these charges, the loan company ensures that they operate within prescribed limits. However, you can be rest assured that the loan company will charge a standard rate and offer you the best possible rates for your loan.
Will they check my credit history?
The loan company will not review your credit rating because their pay day loans are not dependent on your credit record. They will also not require that you provide a security deposit. However, they will base their loan approval and your final pay day loan amount on your income and ability to repay your loan.
Do I need to sign a contract with them?
The loan company will ask you to sign a loan agreement and disclosure statement. This is your contract for the particular business transaction you are about to participate in and will outline the terms of your payday loan, including the annual percentage rate, fees and payday loan amount. It is a very simple document to consider and sign to ensure that you fully know and understand the loan terms.
How do I apply for a payday loan with the loan company?
Online: Get a copy of their payday loan application form from their website and fill it out. You can either fax this form or scan a copy to send as an e-mail to the loan company. A customer service representative will then review your application. As long as you submit the form during business hours, you can expect a call from them within an hour whether your loan has been approved or not. If not, you can expect their customer service representative to contact you within one hour of the next business day.
Through Phone: If you prefer to transact on a person-to-person basis, simply call their customer care representatives and get your loan application processed over the phone. You will need to complete your paperwork and have your documents ready when you visit their branch.
I have previously transacted with a loan company. Can I do business even if I am already living in another state?
Branches of loan companies operate using a centralized customer database. Whatever information you provided during your first transaction with them will be easily accessible and used for reference the next time you do business with them. The quality of service is also maintained in all the branches.
Where can I find the branch of the loan company?
If you want to get a payday loan from a loan company, simply find a branch in your location by doing a Google search for the closest loan company in your area.
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