It is extremely important that you are aware of the payday loan process, as well as the risks, before considering to submit a form for a payday loan. This article will outline the top 5 factors to consider before you decide to put forward an application for a payday loan.
Is a Payday Loan Right For Me?
A Payday loan could be right for you if you are facing a financial struggle and cannot make it until your next paycheck. If you need same-day funding to cover one-off bills or unforeseen expenses, a payday loan may be the quickest way to get cash into your account. To be eligible for a payday loan, you must be a U.S. resident over the age of 18. You also need a steady income of at least $800 per month and a live checking account for the loan to be deposited into.
You don’t need to worry about your credit rating. Whilst a better credit score will maximize your chances of approval, Pheabs is open to accepting all credit histories, so you should still submit a form with us if banks have turned you down because of poor credit. When you submit a form for a payday loan, this will have no impact on your credit rating and it is free to submit a form too.
What Should A Payday Loan Be Used For?
Payday loans are designed to assist those who have a stable income in urgent cash crises. You might consider using one to cover a hospital or veterinary bill, get your car repaired, or fix your boiler. Whatever difficult circumstance you face, a payday loan can get you the money you need to tide you over until payday. Payday loans are not designed to be used for shopping or frivolous spending and should never be used to make repayments on other loans.
Where Can I Find a Payday Loan?
With Pheabs, you can request a payday loan 100% online. There are no fees for submitting a form, and it takes just a few minutes. Once you have provided your details and information about the loan you are looking for, Pheabs will work to find the best options for you. While banks can sometimes take weeks to decide, with Pheabs, you can instantly see whether your loan has been approved. This helps you get a running start at getting your finances under control.
How Much Should I Borrow?
You can get a payday loan from $100 up to $35,000. Remember that payday loans are designed for one-off emergency payments. For more significant amounts, consider an alternative loan. Make sure you will be able to afford your loan repayments and review your income when choosing how much to borrow. Over-borrowing may make it difficult to meet repayments on time.
How Long Should I Borrow For?
It would be best to consider how long you need the loan to get you through your financial difficulties. You can choose a period of just 2-4 weeks, which will allow you to reach your next payday! You can then repay the money in one final repayment. If you need longer to repay the funds, you can borrow for up to five years and pay it back in equal installments each month. You can repay the amount early at any time, and this will also save you money on interest.