How Much Cash Could You Get From a Payday Loan?
December 14, 2020 | Daniel Dewitt
When you have an emergency pop up, chances are you cannot wait until you have the cash to deal with them. You have to find a way to deal with them right away – before they blow up into an even bigger emergency. When that happens, one choice you can turn to in Alabama is online payday loans.
Payday loans are an unsecured type of quick loans. Unsecured means you won’t be needing either a guarantor or collateral to take them out – only a proven source of income and an active checking account. Payday loans are basically there to help you when you are in between pay periods and need quick cash.
They are usually a comfortable choice for those who need to put some cash together quickly and don’t have any savings.
Everything You Need To Know About Payday Loans
How Much Payday Loan Money Can I Qualify For?
Payday loans are meant to be short-term and typically are paid off with your next paycheck. Usually, the average amount borrowed through payday loans is around $100-$500 at Alabama Title Pawns, but the exact amount you can borrow depends on your own income stream – the size of your paycheck will determine how much money the lender will lend you – and other required items.
This cash can be – and should only be – used for emergencies like car repairs, home repairs, or paying for late utility bills.
What are the Benefits of Payday Loans Near Me?
Payday loans may have a fearsome reputation, but there’s a reason so many people choose to use them when pressed for cash.
Firstly, they are easy to qualify for. All you need to do to apply for a payday loan is to be a legal adult – 18 or older – and have a few required items. Those items consist of your valid government-issued ID to prove it, your social security card, a recent 30-day bank statement from your checking account, have a blank check from an active checking account in your name, and your most recent pay stub.
Secondly, payday loans are quick – on average applying and getting approved for a payday loan takes around half an hour, and, if you get lucky and everything goes smoothly, might even take less time. On the other hand, even extensively going over the loan terms isn’t likely to make you wait more than thirty minutes before learning if you’ve been approved.
Last, but definitely not least, a poor credit score will not automatically deny you a payday loan. Not only will our lenders work with you if you have bad or even non-existent credit, but we will not report to credit agencies if you default. So if you’re in a pinch and need quick cash, but are scared that a payday loan will drop your credit score, you can rest assured – it won’t.
Remember You Can Get Declined
While payday loans are quick and easy, it doesn’t mean you’ll get the cash thrown at you the moment you walk into the shop.
Since payday loans are an unsecured type of loans, our lenders may get picky about approving the application. You have to remember that – with anything in life – there is a chance you will be denied. Be sure to ask all of your questions to the loan representative when you sit down with us.
You have to make sure to understand everything before you proceed with the payday loan process. Even if you are just filling out our online form to begin the process, you can reach us by phone or even online chat with any questions.
How Do I Take Out An Alabama Payday Loan?
As long as you satisfy all the requirements and we don’t catch any red flags with your records, the process of acquiring a loan will go something like this:
- You fill out the application form found on our website;
- Wait for the loan representative from the nearest location to give you a call back;
- After you get off the phone you can head over to an Alabama Title Loans location with the required items;
- You provide the lender with the ID to prove you’re 18 or over;
- Let the loan representative examine the rest of your documents;
- Wait to see if the loan rep can approve you;
- Come up with a repayment schedule, sign the paperwork, and get the cash – if you are approved.
That is all it takes. Our process is simple and convenient for anyone to go through. And every store is full of knowledgeable loan reps waiting to help you out in whichever step you are on.
When it comes to payday loans, you can get those situations that pop up while you are waiting for your next paycheck to come in. And, if you need a bigger amount of money, you may want to look into our title pawns instead. This is also simple to apply for and we can walk you through that as well.