If you’re thinking about getting a payday loan, you’ve come to the right place. In this guide, we’ll run through everything you should consider before requesting. The first thing to do is to check that you are eligible!
Am I Eligible For A Payday Loan?
To be eligible for a payday loan, you need four simple things. Firstly, you must be a U.S. resident, and you have to be at least 18 years old. You would also need to have a consistent income with earnings at a minimum of $800 per month. Lastly, you are required to have a checking account that your lender can deposit the payday loan into.
We all want the assurance of feeling that we are making a smart financial choice. A payday loan is usually considered when an unexpected expense has appeared, and you need the money quickly to resolve the problem. We’ve created a three-step process that may help you determine if it’s the right decision for you!
To make sure a payday loan is the best option, first consider:
1) Have I looked at alternative options?
It is best to check other options to get the money you need and look at alternatives. You may want to think about borrowing from family and friends.
2) Do I know how much I need?
If you don’t have an alternative way to source the funds, you must make sure to know how much money you need. Only borrow what is necessary even if you qualify for a higher amount.
3) Am I borrowing for the right reasons?
A payday loan may be a sensible choice if you are facing a temporary financial problem. It is important to make sure that you are using a payday loan as it is designed to be used. You should only use a payday loan when you have a cash emergency. We all come across unforeseen charges from time to time, such as car repairs, hospital or veterinary bills. In times like these, a payday loan may be an excellent way to get cash quick.
Payday loans are designed to help those who have a stable income and should not be used to repay other loans. It is important to remember that payday loans are meant for cases of cash emergencies, not shopping or frivolous spending.
4) Can I afford to repay on time?
Payday loans are effective for dealing with short-term for emergencies, but if you struggle to repay on time, there are late fees and this can quickly start to add up. In fact, many people then take out additional loans to pay off their existing ones and can soon find themselves in a spiral of debt.
It is always important to have the repayment in sight and be confident that you can repay on time when you apply.
What If I Have Poor Credit?
Don’t worry if you have a bad credit score; you can still find a payday loan. Pheabs is open to all credit histories to help find a lender that will approve your loan enquiry. Even if a bank has already turned you down, Pheabs may be able to help you to get the cash you need. It’s hard when we fall short financially, but a payday loan could be the first step at picking yourself up and getting on the way to a healthier financial future. For more information, visit our page on bad credit loans.
If an online payday loan sounds right for you, you can enquire today in minutes! Pheabs works to place hundreds of direct lending companies at your fingertips to assist you in getting the funds you’re searching for as quickly as possible. Just choose the amount you are looking to loan from $100 to $35,000, and your repayment terms and let Pheabs do the rest.