Wondering how to go about getting a payday loan? There are a few steps, but payday loans are easy to acquire, and can get money into your hands quickly.
Here are six helpful ways on how to get a payday loan:
1. Find a lender
When vou plan on getting a payday loan, it’s important to find a trusted lender. There are many loan providers available, but some are high quality lenders, while others are just out to make a buck.
Shop around for the best payday loan providers, read reviews, and ask people you know if they can recommend one. You want to look for the lowest borrowing fee, a company that will lend you the amount you need to borrow, and one that can lend for the amount of time you are looking to borrow.
2. Questions to ask yourself
When looking for a payday lender, you also want to know that you are not giving your personal information to a company that is not going to keep it safe.
Ask yourself the following questions, then answer them to help decide if they are legitimate. Use your mind and your gut to decide if the lender is right for you.
- Does this company have processes in place to protect my personal information?
- Are they open and upfront about the costs associated with the loan, and the borrowing process as a whole?
- ONLINE: Does their website look legitimate? Does it have spelling or grammatical errors? Is the website high quality?
- IN PERSON: Do I feel comfortable here? Does this look like the kind of place I can trust?
- When I asked questions, were they answered transparently? Or do employees beat around the bush to avoid a straight answer?
- What is my customer experience like? Has it been positive? Do these people seem to have my best interest in mind?
3. Apply for a payday loan
Each company’s application process is different. Once you have chosen a lender, follow the instructions they give you, either in person or on their website.
Ensure you provide all the required information. The applications are typically not very difficult, but will ask general information about yourself, your loan request, and your current financial situation and income.
4. Payday loan approval
Your application will be approved as long as you meet the requirements the lender has. Usually, these include being at least 18 years of age, a Canadian citizen, have consistent monthly income of at least $1,200 (number may vary), and not be currently experiencing a bankruptcy, or be planning to file one in the near future.
5. Direct deposit
Once your approval has gone through, the money will be deposited directly into your account within one to two business days of the approval. The cash is now yours to spend as you please, there are no restrictions on the loans use.
However, if you are seeking out a payday loan, you likely already have in mind a good idea of where you’d like that money to go.
Part of getting a payday loan is paying it back, too. Your loan will be due on an agreed upon date between you and the lender. There are often a variety of different loan lengths to choose from. Your choice needs to balance between when you know you will have the money to pay back the loan, and the shortest possible borrowing time.
The longer you borrow and the more you borrow, the more it is going to cost you in base fees. However, if you cannot pay back the loan on the agreed upon date, you’ll have to pay interest it. For this reason, choose your repayment date carefully, and make sure you are able to pay it back.