Same-day payday loans are quite popular and usually the first option many people consider when they need fast finance. That is especially the case when the loan amount required is not much. Many brokers and lenders market payday loans as a bridge between paychecks and a solution to financial emergencies. Knowing more about same-day deposit payday loans can help you make better decisions regarding whether to take and amount to borrow, among other things. Below are some facts to help you.
You Have to Write a Check to Get a Payday Loan
Knowing the process of applying for a payday loan is the first step to getting the money. Typically, lenders offer loans of up to a few hundred dollars only. The specific amount is usually dependent on the salary you expect to get on your next payday. To procure the loan, you have to write a post-dated check. The amount written on the check usually includes the loan amount, interest and fees charged. The lender can then cash in the check on the due date.
You Can Extend the Repayment Date
There are chances you might not be able to repay the payday loan on the due date. In such a case, all you need to do is speak to the lender about extending the due date. Most lenders usually agree to extend to the next payday. However, they will charge you higher fees because of the loan accumulating for a longer time. Note that some states have restrictions regarding the number of loan rollovers.
You Can Get the Loan Even with a Bad Credit Score
Getting a loan is usually quite difficult for individuals with bad credit scores, but that is not the case with payday loans. The approval formalities for payday loans are quite simpler than those for traditional loans. The main qualifications are that you be above eighteen years old, employed, and with a checking account. Your credit score does not affect eligibility, interest rates, or any other thing. You can get a loan even with no credit history.
Your Application for a Same Day Payday Loan May Be Denied
Despite payday loans being very easy to procure, there are chances your application may be rejected. The most common reasons usually revolve around eligibility criteria related to employment status. Giving incorrect or incomplete information during the application process may also result in the loan request being denied. With everything done right, the chances of getting a same-day payday loan will be quite high.