When life’s little emergencies pop up, it can be tough to get the cold hard cash needed to pay for that emergency. With credit card companies slashing credit limits and charging high APRs on cash advances, people can be left scrambling to get their hands on fast cash in a time of need. Enter the payday loan. The payday loan is an advance of money against an upcoming paycheck. Essentially it’s like receiving a piece of a paycheck early. Here is a look at how to get that fast cash.
Patrons Need a Checking Account for Fast Cash
A payday loan operation wants to know that a person has a checking account. This is for two reasons. First so that they may wire the money directly into the account and secondly so they know there is some retribution should the money not get paid back. When applying for a payday loan be sure to have the account number and routing number handy.
Verification of a Job May be Required to Get Fast Cash
Another component of the payday loan is that the lender will want to verify that the borrower has a place of employment and therefore can pay back the money in a timely manner. Information such as the name and contact information for the employer will most likely be required.
Verification of Identity for a Payday Loan
Some form of government issued identification will be required to obtain a payday loan. Acceptable forms usually include a driver’s license, passport, government issued ID card or military ID. A birth certificate or social security card may be presented along with a photo ID as a secondary source of verification.
Understanding the Term of Payday Loans
Payday loans usually have very short loan periods associated with them because they are based on the notion that the money will be paid back upon the borrower receiving their next pay check. This means that the length of the loan is usually 2 weeks to 1 month. The loan can usually be extended, however the borrower will incur fees and additional interest to carry that loan into the future.
Interest Rates Associated with Fast Cash Loans
Because the life of the loan is usually 2 weeks to 1 month, the interest payment if calculated for an entire year is usually quite high. A simple loan of a few hundred dollars might carry an interest rate of a few hundred percent because the interest renews every time the term of the loan is up.