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What You Need to Apply for a Payday Loan

What You Need to Apply for a Payday Loan

You can keep a tight budget, monitor your money closely, and feel like you have a good grasp on your finances, but life has a way of throwing you curveballs when you least expect it. These curveballs sometimes come in the form of unexpected emergency expenses that seem to spring up out of nowhere. So how do you deal with one when money is tight?

The best way to manage your finances in an emergency is to have an emergency fund ready for such an occasion. But it takes time to build up an emergency fund, and sometimes you may not have enough money saved up to deal with these unexpected expenses. When that happens, there may be several borrowing options out there for you to consider, with one of these being payday loans. Regardless of whether you get a payday loan online or in person, there’s a chance that you may be rejected if you don’t have all the information necessary to fill out an application and meet the approval criteria. So, what do you need to get a payday loan?

What Is a Payday Loan?

How do payday loans work? This is a question you should familiarize yourself with before you think about applying for one. A payday loan is a short-term loan that you’ll need to pay back in a single lump-sum by your next paycheck. These loans are only meant to be used when you’re facing an unexpected emergency expense and don’t have the savings to cover it. The amount of money you can qualify for can vary, but the interest rates are sometimes extremely high.

What Do You Need to Apply for a Payday Loan?

While different financial institutions will require different qualifications and information, when you apply for a payday loan you may see some similarities with different vendors. Some of these qualifications may include things like being of legal age to contract in your state, having an active bank account, and showing proof of income.

What to Do if You Get Rejected for a Payday Loan

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If you can’t meet the minimum requirements, examples of which have been listed above, you may be denied for a payday loan. That’s why it’s important to make sure you have all the necessary requirements in order before you apply, and the documentation to prove it. These requirements will be specific to the lender, so make sure you familiarize yourself with a lender’s requirements.

If you do meet the requirements, there may be some options for short term loans other than payday loans that may be well-suited to your personal needs. Make sure to do the proper research and explore what options are available to you. 

How Long Does a Payday Loan Application Take?

The amount of time it takes to complete and application and get approved for a payday loan can vary between financial institutions, but you may find that the borrowing process takes longer when you’re applying for a loan in person instead of online, depending on where you go. It may also be the opposite case. With some online lenders, the application process may only take a few minutes to complete and can be done at any time of the day. If you’re approved, the money may be deposited into your account as soon as the next business day, but once again this depends on the lender.

Consider Other Borrowing Options

If you need to handle an unexpected emergency expense but you don’t think a payday loan is right for you, there may be other borrowing options out there that better suit your needs. For example, you might want to consider installment loans online, which typically spread your payments out over the span of weeks or months, instead of you having to pay your loan back in full by your next payday. If you think that a MoneyKey Installment Loan may be right for you, you can start your application here. And remember, make sure you are familiar with the proper loan requirements before you apply.

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