How to Take Out a Payday Advance
When you find yourself in a pinch for cash, you can resort to getting a payday advance loan to cover your expenses until the next payday. This is not always the best financial option, but it can get you through a tough time. Good credit isn’t necessarily required to get a payday loan. The process requires documents and time.
Items needed:
- ID or driver’s license
- Two recent pay stubs
- Recent bank statement
- Electric and utility bill
- Address, names and phone numbers of three references
- Pen
- Check book
- Look online or in the phone book for payday loan businesses around the area. Contact the businesses and find out what their requirements, fees and options are. Choose the one that best suits your needs.
- Bring all of the documents that the payday loan business asks for in to get the loan. Present these documents to the clerk. This usually includes items like your driver’s license or ID, a recent bank statement, two recent paystubs, an electric or utility bill and a social security card. Not all of these items may be needed. Some places ask for more documents than others.
- Get a loan application from the clerk to fill out with your pen. Make sure to fill in all of the required fields, including the references section if they ask for references. This is where your reference contact information will come in handy. Once everything is filled out, hand the application back to the clerk.
- Have your paperwork processed to find out how much you can borrow. Once you receive this information, ask to borrow what you need from the allotted amount of money.
- Sign all the customer agreement forms if you agree to the terms and service.
- Write and postdate a check from your checkbook for the total amount that will be due.
- Receive the payday advance from the clerk.