How Do Payday Loans Work?
Whether you are applying for payday loans online, in a store or over the phone, Speedy Cash is here to give you an easy application process. We will help you through the process every step of the way.
Getting a payday loan can be as easy as 1, 2, 3!
Actual Speedy Cash customers explain why they choose Speedy Cash for their personal lending needs!
How do I Get a Payday Loan?
To put the need for a payday loan into perspective, say you’re on your way to work and your car breaks down. You used the rest of the money in your bank account to pay to get your car towed, but now you don’t have enough to pay to get your car repaired. You don’t need a lot of cash, and you don’t need it very long, you just need some cash to get your car back on the road before pay day. A payday loan could provide you the cash you need in a tight situation. You borrow a small amount of money, and pay it back – along with interest and fees accrued – on your next pay day.
Payday lenders like Speedy Cash offer multiple ways to get a payday loan, so you can choose the option most convenient for you. Whether you choose to apply for a loan online, in-store or over the phone, they all have the same basic process.
The need for fast cash can come up at any time, so Speedy Cash offers an online application process that allows borrowers to apply 24/7 from your smart phone, computer, or tablet for a convenient and secure process.
If your application is approved, then your money will typically be direct deposited to your checking account, and your loan payment will be due around your next pay day. We offer an AutoPay option where your payment can be automatically processed on your due date – meaning one less bill to have to remember come pay day.
If you prefer to speak with a representative in person, you can also apply at a Speedy Cash store. You will fill out an application, and if approved, the representative will walk you through any fees and interest rates, repayment methods and next steps to receiving your cash. Repaying your loan is offered in many different forms, including automatic withdraw, writing a check, paying cash, or using a debit card. Be sure to ask your representative about which repayment method best matches your needs.
Speedy Cash offers a loan by phone service where a representative will help you complete the application process over the phone. This process is extremely helpful for times where you do not have immediate access to reliable internet, or you would like a representative to walk you through the lending process but cannot make it into one of our branches.
Once your application is complete, we will provide you with a lending decision over the phone. If approved, it’s time to sign your loan documents. Once you have agreed to the loan terms by signing your documents, your money will be direct deposited to the checking account that you provided during the application process. Just like with online payday loans, Speedy Cash will give you the option to enroll in AutoPay during your application process. If you agree to AutoPay, then your payment will be automatically processed (using either your checking account information, or debit card information) when your loan comes due.
Requirements to Apply for a Payday Loan
Most lenders have the same basic requirements to apply for a payday loan. Some lenders may also require minimum time at your current job or a minimum amount of income to qualify for a payday loan.
When applying for a payday loan, most lenders will require the following information:
Including your phone number, home
address, email address, birth date
(showing that you meet the minimum
age requirement), and a valid ID
Including your pay frequency, gross
(before taxes are taken out) and net
income (after taxes are taken out),
and employment information
Including your checking account
number and routing number
How Much Money Can I Get?
The amount that you’re approved to borrow can be based on a number of different factors, but payday loans typically range from $50 – $1,000. The following items could impact the amount that you’re approved to borrow:
Understanding Payday Loan Rates and Fees
Payday loans generally charge a fixed fee on the principal amount you borrow. Rates and fees vary based on the type of lender, the location that the loan originated in and corresponding state regulations. It is important to read the loan agreement carefully to be aware of such fees and other costs before you take out a loan.