5 Facts you should know about Payday Loans - Enterprise Dojo

Payday loans, also known as cash advance, is an easy finance option for those who are in need of some instant cash. There are many businesses providing this service across the country and this happens to be a popular source of finance amongst many Americans. So if you are interested in this type of credit, here are 5 essential facts listed below which will help you understand what cash advance is and how it works -

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1. Don?t worry about the credit score

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If you have a not-so-fair financial past and poor credit score, don?t worry. Unlike traditional bank loans, there is no credit check when it comes to get approved for these types of credits. Instead of your credit, these types of loans are secured by your employment.

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2. You must have a secured employment

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The money you borrow from the lender, will be secured through the total amount of money you make. This signifies that your salary must be higher than the combined amount of the loan and additional fees. Make sure the employment is consistent and regular and note that any sort of freelance work or occasional employment is not counted. Some companies even require the borrower to have the job for a minimum time, before the loan will be sanctioned. There is also a minimum salary requirement which is usually something around 800 dollars per month, excluding all the taxes.

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3. Make sure you have a bank account

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It is through your bank account the lender will get paid. If the cash becomes due, he posts the charge to your account. Moreover, it will take much longer to get the credit approved if you don?t have a bank account. However, don?t forget to keep your banking information with you, especially the routing number as it will be needed to deposit money to your account.

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4. Be truthful to your lender

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While applying for a loan, make sure you provide absolutely correct information. Remember that being truthful to your lender is probably the most important factor to get approved for the loan. If you think that you can?t fulfill all the approval requirements, tell him and he will try to help you in every possible ways.

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5. It?s a short term finance option

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The costs and features of payday loans make them suitable for short term requirements. Due to the high fees of borrowing, they prove to be very expensive when you think of a long term involvement.? Usually the fees vary from 15 to 35 dollars for every 100 dollars and the time period, usually allotted for repayments is 14 days.

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So, these are some of the basic facts that will help you get the best payday loans.

Source: http://www.enterprisedojo.com/5-facts-you-should-know-about-payday-loans/

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