Use a Payday Loan Lender to Get Fast Cash: Unsecured Debts for Getting Money Fast to Make a Credit Card Payment

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.

Insight and Tips for Credit Repairs

Credit card credit issues fall into two categories. One is the problem with too many open cards with too much of a balance. The other is a poor payment history. These can be together, but they are often separate. Both can create more problems than the average person wants to handle.

If you have too much debt on too many cards, it won’t matter if you are the best pay in the world. The will cause your credit rating to plummet. The banks are then going to increase your interest and increase the amount of the monthly payment. The idea behind this should be to get you to pay down balances and quit using the cards for a while. However, the real motive is to maximize the profits from a good paying customer. If they can increase the monthly outflow from your bank account, you will have to maintain high balances because of needing to charge things like phone bills and groceries.

As long as your balances stay high, they can refuse to lower your interest or payments because your low credit score allows them to declare you a high risk. They don’t care about you personally. You are a cash cow to them. If you quit producing cash flow for them, they will come after you. In fact, sometimes they will negotiate better if you are behind a month or two than when you are current. I don’t really suggest this as a technique, but it does seem to get their attention in a more meaningful way.

The only way you can get out of this vicious cycle is to find a way to increase income so you can quit charging. This will eventually cause your balances to lower to a point that the banks have to give you more favorable rates because of your climbing credit score. As your balances decline, don’t be afraid to pester the banks monthly to ask for better terms.

Even one card that works with you can improve your situation by $100 per month.

If you are a chronic late-payer, you need to break this bad habit it you can. If you are already in trouble with overdue amounts that you can’t catch up, you have two options. The first is bankruptcy. If you choose this route, then see an attorney and get professional guidance.

If you think you want to try another route, find a not-for-profit credit agency. You may need to interview 5 or more to find one you are comfortable with using. They can often negotiate up to 3/4 of your debt away. They will then set up a repayment schedule that will take from 1 to 5 years to complete. During this time, you will not be able to get additional credit. You will need to judge whether you can live with this or not.