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When you’re in a financially difficult situation, you may find the ideal solution in the form of a payday loan. However, though these cash advances can provide a short-term cash flow tool, many people hesitate simply because they don’t understand it. That’s why it’s important to know what the process is like and how you can apply for one. Below is a brief outline of the process.

A Guide to the Payday Loan Process

How It Works

First, you’ll need to fill out an application for the payday loan. If you’re approved, you’ll sign a contract with the lender, which outlines any fees and the repayment date. After signing the contract, you’ll typically receive the funds on the same day.

payday loanYour lender may require you to fill out a check that’s post-dated, usually for your next payday. They’ll then hold onto this check until that day arrives. Once the repayment date arrives, you can return to the store to pay in cash or have the check deposited.

What You Need

When you arrive to apply for your cash loan, you’ll typically need to bring a few documents. Make sure you have two forms of ID, such as a driver’s license and a Social Security card. You’ll also need to verify that you have regular income by bringing a recent paystub or other proof. For most lenders, a 30-day checking account statement and a personal check may also be required.

You should also keep in mind that your lender may impose a few additional requirements. For instance, your checking account likely needs to be older than three months, as does your current term of employment. Additionally, outstanding loans from other similar companies may cause your application to be rejected.

 

When times get tough, a payday loan can ease your stress and help solve plenty of financial problems. If you need assistance, the experts at Advance U Cash, based in Florence, KY, are always happy to help. Providing excellent service, these professionals promise to never run a credit check and can even offer flexible due dates. To learn more about how they can help you, call (859) 746-2274. If you’re ready to apply, check out their online form.
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