If you’re in a pinch waiting for your next paycheck to arrive, you could be an ideal candidate for a payday loan. With convenient and quick access to cash, these unique loans provide solutions for employed individuals who have a temporary need for extra money. Discover how you might benefit from this type of loan by reading through some commonly asked questions and responses below.

5 Payday Loan FAQ & Answers

What Is a Payday Loan?

Also referred to as a payday advance, this loan is paid in cash to individuals to help them make ends meet before receipt of their next paycheck. The loan is then paid back with interest on the date outlined in the loan terms.

How Much Can I Borrow?

Your lender will determine the amount you can borrow based on your current income. Most of the time, this figure falls between $50 and $500. Often, these amounts are enough to help people cover unexpected expenses until they receive their next paycheck.

What Do I Need to Apply?

You’ll need to bring a few items with you when picking up your cash loan, including two forms of ID and a recent pay stub. You should also bring your most recent checking account statement and a personal check, which will be used to provide payment upon the loan’s due date.

What If I Have Bad Credit?

Eligibility for payday loans isn’t based on your credit score. Thus, your credit history won’t be a factor. You must simply show proof of three months’ employment and checking account activity in the state in which you’re requesting a loan, and have no other outstanding payday loans.

How Do I Pay for My Loan?

The lender will establish a due date based on your payday, which is often two or four weeks from receipt of the cash loan. On the due date, you can either have your original check deposited or return to the lending institution with cash to make a payment.

When Northern Kentucky residents need simple and convenient payday loan services, they turn to Advance U Cash. With three convenient locations, including Florence, Newport, and Alexandria, this lender offers flexible due dates and clear terms for loans of up to $500 in cash. To learn more about how their team can help you meet your short-term financial needs, visit their website or call (859) 746-2274.