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Applying For A Payday Loan For The First Time? Check This Guide!

Once in a few months, it often happens that our expenses exceed the planned budget. In such circumstances, getting a quick advance can be handy. A payday loan is due on your next pay date. It’s a type of cash loan that’s instantly approved, and you can expect the money in your bank account within the next business day. Websites like LA Progressive have made it super simple to apply for a payday loan, and for your help, I have a guide that may come in handy.

Basic aspects about payday loans

How much you can borrow using a payday loan depends on which state you are in. For instance, in Texas or California, you can get as much as $1,000. The term for payday loans is at least 8 days or more, but your next pay day shouldn’t be more than 31 days away. You are expected to repay the entire amount at once – Most lenders do not accept partial payments. Keep in mind that payday loans are different from installment loans, and with some services and lenders, you may get an extension, typically not exceeding 3 days. Not all payday loan lenders are same, so do your homework, make sure that you are aware of the terms & conditions, and apply accordingly.

In case of payday loans, you don’t need to give a collateral or asset as security, and there is no credit check involved. The lender is interested in your income, so you must have a stable job with a certain amount of salary pet month. Since this is an unsecured loan, the costs are higher, and you may have to pay a processing fee, which is non-refundable. The interest rate on payday loans, or any cash advance, tends to be higher too.

Avoid the common mistakes

While getting a payday loan may seem easy, do not take this form of advance for granted. In other words, use payday loan only when you need money. This is not a means to hide reckless spending, or consolidate your debts. Lenders are not interested in knowing why you need the loan, so you need to be in charge of how you use such as borrowing option. When you apply for a payday loan, you allow the lender to deduct necessary fees from your bank account, so keep an eye on the costs involved. Also, people often make the mistake of taking a loan, without comparing the lenders.

Check the terms, conditions, & costs of lending, before you take the final call. Also, take a look at websites like https://costarfinance.com/, which have considerable resources on payday loans in general.

Final word

With a quickpayday loan, you can handle your financial situation better, but this should be your last resort, not the first time. Thankfully, the application process is simple and straight, and there is no long waiting period, or chasing the loan manager involved. Just be aware of how you much you are expected to repay back, and do repay the amount in time.

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