So Your Payday Loan is Approved … Now What?
A payday loan is an affordable short term loan that offers fast financial relief without any hassles. For those with limited options and urgent financial needs, a payday loan is a wonderful thing.
The payday loan option is easily accessible from the comfort of home via internet application and (of course) the transfer of proper documents, so the money you need can be available as quickly as possible.
Payday loans offer a convenient way to access the money you need now, the cash advance to tide you over until your next payday.
The greatest thing about payday loans is that credit is not a factor considered to qualify an applicant. Payday loan companies base the approval of a payday loan on income and ability to repay the money borrowed.
Not everyone is approved for a payday loan. There are laws protecting both payday loan lenders and payday loan customers that enforce a restriction on the payday loan service. There are a maximum number of payday loans that a person is allowed to take within a designated time period. So if you have a history of using payday loans, your application could be denied.
Also, if you have even one outstanding loan, a payday loan company can’t approve a payday loan application.
Payday loan companies use your income as a basis to qualify you for a specific payday loan amount, but there are other factors that will be considered before approving your application.
Financial responsibility is as important for you (a borrower) as it is for them (the lender). If your bank statement shows a history of insufficient funds or overdraft fees, a payday loan company will most likely deny lending you a payday loan.
If your payday loan application is approved, you will be able to access the payday loan amount that you qualify for within 24 hours. What will you do with your cash advance?
If you have applied for a payday loan, you most likely have a financial need that can’t wait. An example of this would be unexpected car repairs that are needed immediately.
For some, the ability to borrow more money than you need is very tempting. However, it is not recommended that you borrow more money than you can afford to repay in a single paycheck, including the lenders fee.
Once you have access to your cash advance, you may experience something similar to a ‘gamblers profit’. The payday loan you have been given may feel like ‘easy money’, but it is not a lottery winning. A payday loan is something you will repay, and you will want to handle your cash advance responsibly. Take care of your urgent financial need, the cause for your initial payday loan application, and resist the temptation to ‘splurge’.
If you have any money left over, the smartest thing you can do is hold on to the leftover finances and apply that money to the repayment of your payday loan.
