Who am I and Why do I Care about Payday Loans
I am a blue collar worker who used to work forty hour plus weeks, but due to the economy I am lucky that I even get forty hours a week. Every day when I go into work I never know if I am going to be sent home immediately, be allowed to work a half shift or a whole shift. This makes money tight and sometimes it is hard to make it from paycheck to paycheck. I have bills that I cannot pay like medical bills because I have no insurance. That is one thing that the company that I work for cuts back on. No more free health insurance and I cannot afford the high monthly premiums.
With my credit rating being below five hundred I cannot get a regular personal loan if I ever needed one so that is why I care about payday loans. Payday loans do not care what your credit score is and they figure out what you can borrow based on what your income is a month. The payday loan company has a formula that will take the amount of money you make in a week, every two weeks, and even a month, and they multiply that by a number in the formula and then do some other figuring to find out just how much you can borrow.
The money that you borrow is payable on your next payday along with interest. The interest rate is more than you would pay if you got a regular personal loan, but it is hard to get a personal loan if your credit is bad and you have bills in collection. If something comes up that you cannot repay it on your payday, you pay the payday loan off that you borrowed and then you just re-borrow the same amount.
How many times you can re-borrow without a waiting period depends on the legislation in the state, and then you have to have a waiting period before you can borrow again. If there are two people living in the house and both working you can both get a payday loan if you find you need more money than just one application for a payday loan will bring you.
When you go to apply for a payday loan, make sure that you take your current bank statement, your last pay check stub, something with your current address on it, and a blank check. After they make copies of all those documents and figured out what amount you can borrow, you will make a check out to that particular payday loan company with the date of your next pay date in the date section of the check, the amount of the loan to be repaid including the interest, and then your signature.
The payday loan company will hold your check until you come in to repay the loan. At that time you will get your check back. Getting a payday loan is quick, simple, and easy with guaranteed acceptance of being approved for a loan that is based on your income without a credit check. This is why I care about payday loans.