The payday loan company will require that you fax your most recent paystub as well as your most recent bank statement. No one will lend you $1000 that is to be paid back by your next payday if you only make $500 a week.
Even if your request $1000, you will not get it if you don’t make enough money. There are a couple reasons why the cash advance payday loan company needs your bank statement. First, they will need to verify your banking information so that they can deposit the loan into your bank account. They also need the statement to be sure that the account is still valid and that it actually does belong to you.
Once you have faxed over the information, the advanced payday loan company will call you to tell you how much money you have been qualified to receive. Some payday loan companies will fax over a contract with the amount of the loan specified as well as the terms. Once you sign it and fax it back, your money will be ready for transfer.
On the day that the loan is due, the payday loan company will automatically take the money from your account, including the interest. If you account does not have sufficient funds, you will be contacted by the loan company. They will tack on interest for another week. By the following week, when the payday loan company attempts to take the money from your bank again, you will be responsible to pay the loan in full with the first interest payment. You will also be required to pay interest for the second week as well. The longer you keep the loan, the more you will owe in interest.
If you are interested in a loan of this kind, there are a couple ways to get one. The first way is to go online and find a site and apply. If you do not have access to the internet to apply, or to a fax machine to meet the requirements, there are some cash advance payday loans that stores set up where you can go inside and get the money right away.
This is a good thing for someone who is desperate to get money quickly. As long as you pay the loan back as soon as it is due and you can afford the extra money for interest, it can really help you out in a bind. If you do not have the money when it is due, it is a very good idea to find a way to get it. The longer the loan is out, the more money you will have to pay.