At one time or another, we all find ourselves in a situation where we need extra money fast. This is especially true for those who live paycheck to paycheck. For those who do, what do you do if your vehicle breaks down? You need it to get back and forth to work, therefore, you need to get it fixed fast. What would you do if you receive an unexpected bill which needs to be paid right away? If you need fast money for any reason, a payday loan is an option.
A payday loan, is a short term loan. Typically, you receive the money from the payday loan within a day or two after you apply. You would be required to repay the loan within your next two pay periods. The interest rate on this type of loan is a great deal more than if you were to get a traditional loan from your bank.
Payday loan companies do not do credit checks. You also do not need any collateral to get the loan. As long as you have an active checking account, and a steady source of income, for at least three months, you would qualify for this type of loan. The amount of the loan that you would qualify for is based on your income. After you have given the loan company your employment information, and bank account information, and it is verified, the money will be automatically deposited into your account. When the loan is due, the company will automatically withdraw the money that you borrowed, along with the interest, from your bank account. If you are unable to repay the loan when it is due, you can request a payment extension. In most cases, the extension is granted, however, the interest amount on the loan will go up. The longer you have the loan, the more the interest will be.
If you do not have the money to pay back the loan, eventually, the loan company will report the delinquent payment to the credit bureau. This delinquent payment will work against your credit. In some cases, the loan company may take legal action, and file a civil case against you. If you take out a trustcashmobile loan, your best bet is to pay it off when it is due.
If you are interested in a loan, you can apply for one online. There are several sites which offer payday loans. If you do not have the time to wait, you can also go to a payday loan store and apply with a representative in person.
Everyone runs into money troubles at one time or another. If this happens to you, do not stress. A payday loan could be the answer to all of your money problems. Go here for latest news.