Article Series: Payday Loans & Cash Advances
Do I Need The Money That Badly?


How To Apply For a Payday Loan

Has there been a time in your life you needed cash so bad but didn't know where to get it?

Too bad you didn't encounter payday loans. A payday loan is simply money that is acquired through a payday loan establishment which is to be paid back within a couple of weeks and with an appropriate amount of interest. There are a lot of benefits when applying for a payday loan and one of them, obviously, is to help you get through any serious financial problem, disaster or emergency that you're experiencing. Otherwise, avoid payday loans at all costs.

If you want to apply for a payday loan but have no idea where to start, here are some tips on how to effectively apply for a payday loan. But first, you will need a couple of essentials like: a pay stub from your current employer, photo identification, and a blank check.

Step # 1 -- Start with your search

Look in the yellow pages for payday lenders within your vicinity. Start with a location that's near you for easy access. You can also check online via popular search engines.

Step # 2 -- Bring basic requirements

Before stepping through the door of a payday loan store, be sure you have everything with you. You must have the essentials mentioned above like identification, a pay stub and blank check.

Step # 3 -- Get the best rates

By this time you have a clear picture on how much you need. Run down in your mind the reasons for getting this emergency loan. If you have several payday loan stores in your area, try to visit all of them and determine which one offers the best deal. Payday loan rates vary. The best payday loan is the one that offers the least interest rates or fees. If you have already found your store, you can already fill up the application paper that will be given to you.

Step # 4 -- Wait for approval or denial

When applying for a loan, you have to keep in mind that the amount you requested is not necessarily the amount going to be approved. The business establishment will basically check and see if you are capable of paying back the amount that you have requested based on your last employment pay stub. If the company sees that you are incapable of paying the requested amount back, they might turn the request down or offer a smaller amount. A representative will notify you of the decision.

Step # 5 -- Write a check

If you have both agreed on the amount to be borrowed, you will be given the opportunity to write a check for the amount that you have requested including the interest rate that may vary according to state laws. Upon writing it, leave the part of 'pay to the order of' blank. That will be filled in by the representative in behalf of the company's name.

Step # 6 -- Explanation of payday loan rules

The moment you have successfully given the check to the representative, an explanation of contract rules and regulations will follow. After which, you will be asked to sign the contract. The money will then be given out to you. A certain due date will be verified as to when you will pay back the loan. At that point, your current financial problem is solved, at least in the mean time.

Step # 7 -- Pay it back

Pay back the payday loan on time, or your financial hardship will suddenly get a whole lot worse - fast. Wait until you see the penalties they drop on you.

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