How Payday Loans Works

Use Payday Loans

Payday Loans, like their name suggests, gives small loans between paychecks. You don’t have to have good credit to get a loan with them. Repayment plans are typically between 30 and 45 days. However, if this is not feasible, installment loans through Personal Money Network with longer repayment intervals are also available. 

Normally, loan companies that claim to give loans on bad credit or no credit are either very edgy or scams. However, with Payday, if you have bad credit and need cash fast, Personal Money Network can match you up with a lender. Applying takes just a few minutes and you will probably be matched within the same day. Not all of the lenders that they work with report to the main bureaus. 

Credit Checks

Most loan companies run credit background checks. However, some of those who work with Payday judge by other merits such as your ability to repay. Everyone with Payday Loans has seen all kinds of credit situations and works with our clients on an individual basis. 

Approval Process

As stated above, many clients get approved within the same day and you could have your cash as early as the next. Several of their lenders don’t fax. 

Qualifications 

Payday does not have very many qualifications. Only that you have to be at least 18 years old, have a consistent income, and a checking account. 

Even with Payday, a loan is not 100 percent guaranteed payday loans no matter what. The most typical reasons are a lack of employment, not filling out your application correctly, or you don’t have a checking account. However, this is not exhaustive so you should check with the lender to be sure. 

APR Comparisons

Payday takes out a fee for every loan that they give. For example, if you take out $100, the fee can be up to $35. If you bounce a check, they charge a $33 for $100 on the check. If you’re late on a $100 credit card payment, they can charge a $37 late fee. These are just a few examples and some lenders charge higher fees.

Please Be Responsible!

Payday is still not a magic ticket out of financial trouble. If you have run into trouble, please seek out professional help. Borrowing your way out of trouble is even worse than gambling irresponsibly. You could end up digging the hole even deeper yourself. Instead, borrow only what you’re sure you can repay on time.