Nobody is completely ensured against unpleasant and unpredictable situations. Especially when it comes to money and their sufficiency. For people living from paycheck to paycheck, any sort of unplanned occasion may cause serious financial troubles to cope with. Even if it is only for a few hundred dollars, it would still stress out anyone. To relieve people at least a bit when it comes to the urgent need for money, a solution has been invented.
This solution is called a payday loan. If you are not well-acquainted with this whole concept of payday advance, here is a short explanation. According to the dictionary, a payday loan stands for a short-term unsecured loan in the amount up to $500 and repayment date within a one-month-time. One has to take into account that these loans can be quite expensive to afford as for each $100 of borrowed money, you pay $15-$20 more as an interest. For some further details as to payday loan applications find the information below.
Preparing A Strong Payday Advance Request
First and foremost, before applying for the loan, make sure you meet the basic requirements of the lenders. Under the legislation, these requirements would typically be: being at least 18 years old, having an official status of a resident or temporary resident in the USA, having an open and active bank account as well as a stable source of income from which the debt will be repaid.
If you definitely possess all of the mentioned above qualifications, then make sure you prepare the following data to provide in the application form:
- personal information: name, surname, date of birth, home address, phone number, personal email, SSN, valid driver’s license or state ID card;
- loan information: the desired amount of loan you wish to get. The general advice here would be to ask for the required amount only as the more you get the more interest you will end up paying;
- banking information: ABA number, account number, bank name, account type, citizen status, and finally bank phone number;
- source of income information: monthly income, income type, payroll type, pay frequency, employer name, work phone, employer address, job title, next pay date, and the following pay date.
To wrap things up, it is quite easy to get a payday loan as the requirements to this end are rather basic and the conditions are rather favorable. Nevertheless, to make your application a success and be able to enjoy money within a few minutes after its submission, make sure you prepare all the required data in advance or at least know where to get it from.