Payday loans are a boon for those who are in urgent need of money. If you are running out of cash in the middle of the month or at the end of the month, then you need to wait until payday for money. At this time, if there is some emergency need for cash and you have no savings, then it will put you in a troublesome situation. This is when you need cash urgently and may have to borrow it. Borrowing money from friends and family is not easy. Getting a short-term loan from banks and other institutions is cumbersome as they have complex procedures that take a lot of time.
The situation becomes even more problematic because of the issue of credit. If you have had problems repaying loans or managing your credit, then you will end up with a low credit score. Such a credit score will make lenders consider you a credit risk. They will refuse to lend you money or impose stringent conditions. Getting a quick loan in an emergency becomes almost impossible for those who have a poor credit score. This is where Payday Loans Las Vegas are extremely helpful. They allow people with poor credit rating to easily get a short-term loan.
The following FAQs (Frequently Asked Questions) about payday loans will help you understand all about it.
1) What are payday loans?
Payday Loans NV are short-term loans given to people who are in urgent need of cash. These loans are given to salaried people or those with a fixed income. As the name of the loan suggests, the loan is given on the condition that is should be repaid on the next payday, when the salary is received.
2) Who can take a payday loan?
Anyone who needs urgent money to tide over an emergency situation and needs cash immediately can apply for a payday loan. The main condition is that the applicant must be working and earning a salary of at least $1000. Some lenders may require that the applicant must be working in the same company for minimum three months. It is also required that the applicant must be a US resident.
3) What is the documentation needed to get a payday loan?
Unlike regular loans, there is hardly any documentation needed. Only basic documents are needed like:
- Proof of address
- Govt. identity card
- Proof of employment
- Details of bank account
The kind of extensive documents that banks and other lending institutions require will not be insisted for a payday loan?
4) How much loan can I get?
You can a loan of anywhere from $50 to $1000. A higher amount can be given in special circumstances.
5) For how long is the loan given?
This is a short-term loan given for a period of 14 days. In some cases, it can be extended up to 30 days. The loan has to be repaid by the due date.
6) Is a credit check carried out?
No! Payday loans are given on the basis of salary and an assurance that it would be repaid on the next payday. This is why credit check is not carried out. Even those applicants who have a low credit score can get a payday loan easily.
7) Is collateral needed or a co-signer?
No! Payday loans are extremely convenient and the process is straightforward. The loan applicant need not provide collateral security. There is no requirement for a guarantor or co-signer to get the loan. The simple process without complications is what makes this loan so popular.
8) What is the interest to be paid?
This varies from lender to lender and also from state to state. Some states have norms governing payday loans, where a ceiling has been fixed for the interest to be taken. Applicants can compare interest rates charged by different lenders before going for a loan. The APR needs to be computed and the total amount to be repaid worked out in advance to prevent problems later.
9) Do I have to meet the lender to get a payday loan?
Not required! The entire process can be done online. There are online platforms where an application form has to be filled online and the entire processing is done online, including the loan sanctioning. This makes payday loans extremely convenient.
10) Who gives payday loans?
There are many lenders who provide payday loans. It is a problem searching for lenders and finding the one who can give you a payday loan at the best terms. This is why it is better if you visit an online platform. These websites bring together lenders and applicants. This is beneficial as lenders can go through the applicant’s details before deciding if they want to lend. At the same time, applicants can choose between different lenders and select the one who offers the best terms.
11) How to apply for a payday loan?
The process is very simple. This is how it works:
- Fill an online application form and provide all details. Documents can be shared online (scanned copies).
- The online platform would forward the application to lenders who decide to lend the loan. In very rare cases, they may ask for additional details.
- Once a lender approves the loan, a contract would be given. This has to be signed to make the process legal. The amount being loaned, interest to be paid, total due amount, and other terms are included in the contract.
- Applicants can compare terms, choose the lender of their choice, and sign the contract (this can also be done online).
- Within 24 hours, the loan amount would be directly credited to the bank account of the applicant. This makes payday loans so easy and convenient.
Payday loans are extremely convenient and easy to get. It is no wonder that every year millions of Americans use payday loans to take care of their short-term money needs. You can look for a payday lender near you and apply online to get a payday loan to take care of your needs.