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Taking Out a Payday Loan

1. Take a look at your situation A payday advance loan can be a good option for short-term cash flow problems. Before applying for a loan, however, make sure that you’ll have the funds available to repay the loan when it’s time to pay it back to the lender. Also make sure that you understand what fees you’ll be charged, as well as the terms of your loan agreement. Dealing with a reputable lender, whether you apply online or in a store, is also an important factor. The lender you choose can seriously affect your overall experience, including the fees you’ll be charged and your repayment terms. Look for a Community Financial Services Association of America (CFSA) approved member to ensure that you’re dealing with a reputable payday lender. If you decide, after taking a careful look at your lifestyle and budget, that a payday cash loan is a responsible choice for you, the steps for taking out a cash advance loan are straightforward and simple.

2. Apply online or in a store The first step is the simplest: decide if you want to apply for your payday loan online, or by visiting a retail location. Both have clear benefits, depending on your circumstances. First consider your schedule and location; you may not have time to visit a retail location, or there may not be one available within a convenient driving distance. In that instance, an online payday loan may be the simplest approach. Online applications typically take a short amount of time to fill out, and some payday lenders now even offer faxless payday loans to qualified applicants. Faxless loans can be a great option since this cuts back on the time it takes to get your fast cash. Once you’re approved for an online payday advance loan, your funds will typically be deposited into your bank account the next business day. Applying for a cash loan in a store is also a simple process. Many payday loan stores also offer other services not available online, such as check cashing and pre-paid debit cards. By visiting a brick-and-mortar payday lender, you’ll be able to interact with representatives able to answer questions and your funds will be available to you before leaving the store.

3. What you need to apply A qualified online loan applicant will have verifiable source of income (this also includes social security and disability), be 18 years old or older (19 for Alabama and Nebraska residents), have an open an active checking account with direct deposit in their name, and have a valid e-mail address and phone number. Some states have more specific guidelines. A reputable online payday lender should have your state’s rates and terms readily available on their website. To qualify for a payday loan in a store, you’ll need a verifiable source of income, working phone and an active checking account. When you go to the store to apply, bring your most recent pay stub, proper identification and checkbook. It’s a good idea to confirm with the payday lender what sort of identification they accept prior to going to their location to apply for the loan.