A payday cash loan is just what it’s name says. It is a loan that is to be paid back by the borrower on her next payday. These types of loans are used for any type of financial emergency. Everyone has had a financial emergency at one point or another. A payday cash loan gives you the money without overcharging the bank fee. Most payday cash loans have very reasonable fees. The best thing to do is just check a few different sites to find the best one.
I have actually found myself in need of a payday loan once before. I had just paid all of my bills leaving me with only $45 in my account when a pipe burst in my basement. I needed a plumber and I had no money. After the plumber looked at the problem he saw several problems that if they did not get repaired immediately, I would have another pipe burst. The fee was $1000 and he needed the money when the job was finished.
“That was a lot of money and I knew that my family and friends would not have that kind of money to lend me. I had used a payday cash loan service before due to an outstanding electric bill so I thought that I would try again.”
What are the requirements of a Payday Cash Loan?
The requirements of a payday cash loan are pretty simple. The requirements of the loan first stated that I have some source of income that is more than $800 per month. This income has to be direct deposited into my bank account. It is required that the bank account had been open for at least ninety days. I thought about everything and I did meet all of the requirements just like I did the last time.
My income had changed, therefore, I had to look under the FAQ section of the website and see if I still qualified. The first time that I received a payday loan I was working full time. This time, I was collecting temporary disability insurance checks and child support. I looked at the FAQ section of the site. The incomes allowed for the payday cash loan were wages from a job, Social Security, unemployment, child support, and temporary disability insurance checks. The incomes that are not allowed were Social Security in your child’s or anyone else’s names or a state welfare check. I met that requirement so I moved on.
The borrower had to be at least eighteen years or older and I definitely met that requirement. Since my bank account was open since my last payday cash loan I met that requirement. This time was different, however. Since I had a payday loan from this company already, I would not need to fax my information. The FAQ section on the website stated that faxing was only necessary if you were a first time payday cash loan user. Normally, a first timer would be required to fax over a copy of the most recent bank statement and a voided check. This time I was able to skip this part because they had my information on file. If I had switched banks, I would be required to fax the information again.