It doesn’t seem to matter whether a person makes a thousand dollars a month or five thousand dollars a month, there are always going to be those times when getting by until the next payday is going to be difficult at best, impossible at worst. Life isn’t predictable and it deals us bad hands every once in a while, but if you have a job and meet a few other qualifications, a payday loan can help get you by.
Payday loans have always had a bad reputation, especially in comparison to credit cards, even though they’re close to the same thing. The biggest similarity between them is the amount of interest that they can charge on a loan and the biggest difference is the fact that payday loan lenders don’t pull your credit report before deciding whether to give you a loan or not. There are a few simple requirements to get a payday loan and most of them are pretty straight forward and easy, especially if you’re fairly financially stable.
The biggest requirement is being of legal age in your area to get a payday loan or otherwise enter a contract. If you’re not that age or older, you’re not going to get a payday loan. It’s as simple as that because even if you have a job, they can’t give you a loan. You also need to have been employed for at least 6 months and have an income of at least $1,200 a month. Having a checking account is another big factor, but most payday loan companies prefer if you have a checking and a savings account, because it lends to the appearance of stability on your part. Remember, the lender has to believe you’re credible and don’t have any intention of skipping out with their money. Showing stability and credibility is key.
Using payday loans responsibly after you get one is a whole other matter, because one of the biggest problems with payday loans (like credit cards) is that they are abused by the very people they are meant to help. If you use a payday loan responsibly, however, it can actually help your credit score in the long run, even if it costs you a little extra. In this day and age, it’s hard to do anything without a good credit score. So, if your car payment is about to be 30 days past due, getting a payday loan to cover it until you get paid again is the best thing to do, as long as you know you’re going to have the money to pay back the loan with. Otherwise, you’ll end up paying the car note when you get paid anyway and still have a bad mark on your credit.
Payday loans usually end up being more convenient and easier to get than loans from a bank (or sometimes even family or friends), but as long as you pay them back on time, you shouldn’t have problems with them. Keeping in contact with your lender and not avoiding their phone calls will keep them from becoming upset with you; often the lenders understand problems more than you think and avoiding their phone calls is the last thing you want to do. They will cooperate with you as long as you are being honest; the second you start dodging phone calls, you’ll have trouble on your hands.
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