Ways to Get Pay Day Loans

There used to be a time when pay day loans were considered a resort of only the poor and desperate. But this is no longer the case these days. People have come to realize that pay day loans are indeed useful in getting out of a tight financial spot. If you are in one, you don't have to panic and stress too much about it. It is highly likely that many financial institutions and lending agencies in your area offer pay day loans. Once you find out which lending companies have this product, you can set about applying for one. There are two ways for you to do this.

Meeting The Loan Officer

Just like getting a personal loan, it is possible to apply for a pay day loan at a lending office. Of course, you must do some thorough research on interest rates and policies regarding pay day loans in your area first. Lending companies will not have the same interest rates for this kind of loan. After finding an agency with a reasonable interest rate, find out what their requirements are. You don't want to give them a visit only to be asked to return another day because you did not have the necessary requirements, do you? You will be wasting time and you might have to spend another day without the much-needed cash.

Most lending companies will ask that you show proof that you have regular employment and that you are 18 or above. You will also be asked to show a certification that you are earning at least $800 to $1000 every month. They will also ask you to bring a personal check. The latter is important because only those with an active checking account will be granted a pay day loan. The check that you will bring will also be what the lending company will use to get your payment for the loaned amount, plus fees. If you choose to pay in person, they will not process the check. But if you don't, they will withdraw the amount from your account using traditional means or electronically.

At the lending office, you will be asked to fill out a form. Once approved, the money that you want to borrow will be deposited to your checking account. This usually takes a day or less.

Borrowing from the Comforts of Your Own Home

If you think that it is embarrassing to actually go to a lending office and apply for a pay day loan, you can choose to do it online. This method is truly convenient. Imagine finding out that you need quick cash. You go online and do a bit of research on lending companies in your town. After finding an institution with interest rate and policies that you are comfortable with, you go to the loan application section of their website. You fill out the form and click SUBMIT.

Some companies will ask you to fax some requirements, such as proof that you are employed, copy of your ID, and a personal check. There are some companies, however, that pride themselves on offering "fax-less" pay day loans.

After you click SUBMIT, a loan officer will process your application. Once it is approved, they will wire the money directly to your checking account.