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What do you need to get a payday loan?

Also referred to as a cash advance, a payday loan is a loan that permits burrowing cash against the next paycheck or payday. Payday loans no interest on first loan may be the correct option for you if you are in need of some money to help you tide over the few days till your next paycheck. It can also be the right option for small emergency expenses like replacing a flat tire, etc.

Instead of going into overdraft protection, paying late fees on rent or credit cards, or paying overdraft fees to the bank, you can take out a payday loan and get the money needed for your immediate requirements. It is important to remember that payday loans with very low interest rates are meant to be used for financial obligations over a short period of time. It is not designed to be a financial solution for the long term.

Payday loans can be described as unsecured, small amount loans that can be availed for a short period of time. They are structured to be an easy and quick option of ready cash and hence typically do not come with excessive loan qualification criteria.

Borrowers need to meet the below listed conditions to be able to avail of low interest payday loans same day:

  • They must be US citizens or permanent residents in the country.

  • They must be at least 18 years old. Some states may have a higher age requirement.

  • They must be employed and have proof of regular income.

  • They must have an active bank account for deposit of the payday loan and for ACH repayments. Some payday lenders may take cash as repayment and may not necessarily demand an active and open checking account.

  • They must have valid documents of identification.

  • Some lenders may also demand an active phone number

The process of application and qualification for payday loans no interest on first loan is simple and easy and can be done in just 10 to 20 minutes. Burrowers need to fill out their financial and personal details and submit the application. If all the qualification requirements are met, then the loan amount may be approved and disbursed on the same day or the next day.

The burrower will have to write a check of the repayment plus the fees, interest, and other charges and hand over to the payday loan lender. The lender will then hold onto the check till the scheduled date of repayment and then cash it. If the loan agreement provides for ACH repayments, then burrowers may not need to write out the check as the first and subsequent repayments will be directed debited from the bank account.

The total sum that can be borrowed by a person as a payday loan is dependent on the lender and the income of the borrower. It may be noted that many states have regulations which restrict the maximum amounts that can be given out as payday loans with no interest on the first loan. There are some states which even restrict the number of outstanding and unpaid payday loans that a burrower can have at one given period of time. This limitation has been set to prevent consumers from burrowing big sums that they cannot afford to repay, thereby leading to them falling into a debt trap.