What Every Payday Loan Customer Should Know
You shouldn't enter into any new financial obligation blindly. As a potential payday loan customer, it's important to fully educate yourself on the loan type before signing any paperwork. You should understand how much you need, the requirements, and the process, among other things.
So, in this article, we explore the top five things everybody seeking a payday loan should know before applying.
Everything You Need To Know As A Payday Loan Customer
1. The Amount Of Money You Need
You can borrow between $100 and $500 with a payday loan. However, that doesn't mean you should aim to get the maximum if you don't need it.
Take the time to calculate the amount necessary to fix your emergency. Whether you need $152 to buy a new tire for your car or $467 to cover your latest medical treatment, make sure you know the exact figure. That way, you can apply for the specific amount and not need to repay an unnecessarily high figure.
Not to mention that you'll stand a better chance of success if you don't apply for the maximum loan amount, especially if you're on a lower income.
2. The Amount You Can Pay Back
Unfortunately, knowing the amount you need isn't the only thing you need to determine. You also need to understand the amount you can comfortably afford to repay. The keyword here is comfortably.
There's no point in adding to your financial stress. If you can't afford to pay back the loan when necessary, you risk falling into the dreaded debt trap. So, be smart about the figure you apply for.
3. It's A Last-Resort Option
You've figured out how much you need and the amount you can comfortably afford to repay. Thus, the question is now — do you actually require a payday loan?
Payday loans are a last-resort option. In other words, you should only use them if you have nowhere left to turn.
To decide whether you truly need a payday loan, consider whether you have time to find money elsewhere. If you do, it may not be the best option.
In contrast, if the situation would get worse if left without payment any longer, a payday loan might be the right choice.
4. The Requirements
You need a few items to get approved for a payday loan. But unlike traditional loans, you won't spend hours jumping through hoops trying to qualify. Instead, you only need the following:
- State-issued photo ID — You can pick from the types of state-issued photo ID below:
- A United States of America driver's license
- A United States of America non-driver's ID card
- A United States of America student ID card
- A United States of America passport
- A United States of America passport card
- A United States of America military ID card
- A United States of America military dependent's ID card
- Social security card — We utilize this to establish the number of years you have been working in the U.S.A. and, therefore, your ability to take out a loan.
- Recent bank statement — Please ensure the bank statement covers the last 30 days. We need a true depiction of your income and outgoings to decide whether you can become a payday loan customer.
- Most recent pay stub — This proves you receive some income regularly.
- Blank check — The blank check must be from an account open and active in your own name. We cannot give you a loan without it.
5. The Process
The only thing left to know is the process. Luckily, it's straightforward, and the in-person part takes just 30 minutes.
Here's how to get a payday loan from us:
- Every new payday loan customer must fill out the online form found on our website. It sends your information straight to your local Alabama Title Loans, Inc. storefront.
- One of our friendly loan associates from your closest store will give you a call almost immediately after submitting the initial form. They will discuss the process, make sure you have the required items, and answer questions.
- After the phone conversation, go to your nearest Alabama Title Loans, Inc. store with the items mentioned earlier.
- One of our loan associates verifies your information and analyzes your paperwork to decide whether you qualify for approval.
- If you are approved, you’ll complete the easy paperwork.
- During the final stage, you receive the money you need on the same or the following bank business day and are officially a loan customer.
Become A Payday Loan Customer Today!
As a payday loan customer, there are a few things you need to know — the process, the requirements, the amount you need, the figure you can repay, and the knowledge that it's a last-resort option.
With all that in mind, submit our short inquiry form to get a payday loan from your local Alabama Title Loans, Inc. store now!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.