FAQ’s on Payday Loans
Most of us have heard of payday loans, but aren’t certain exactly what a payday loan is or how a payday loan works. East Side Lenders prides itself on providing top quality customer service and on making sure that customers understand payday loans and the loan process. To help customers to make an informed financial choice, East Side Lenders has answers to some FAQs on payday loans.
FAQ’s on Payday Loans
- What is a payday loan?
A payday loan from East Side Lenders is a temporary loan of up to $1,000 in cash for qualified applicants. When a person applies for a payday loan, he or she will submit basic financial information and receive instant approval. After telephone verification, the money borrowed will be deposited in as little as one business day. The loan is meant to be paid back at the next paycheck (usually within a week or two) although it is possible in some cases to renew your loan when the balance becomes due in order to provide yourself with additional time to pay back your loan.
- Do you need good credit for a payday loan?
While East Side Lenders will check your credit before issuing you a loan for the first time, having good credit is not a prerequisite for obtaining a payday loan. Typically, as long as you are working and have a sufficient amount of income, qualifying for a payday loan is possible. This makes payday loans different than many other types of financial offerings and makes them a good option for those who are not able to qualify for other loans.
- How quickly can I get a payday loan?
After submitting an application with East Side Lenders, you will instantly receive a decision on whether you qualify for the loan and how much you may borrow. While your information and details will be verified before the loan is issued, this process can also happen almost instantly. In most cases, the money you borrow from East Side Lenders will be in your account by the business day after you apply for and qualify for the loan. This makes payday loans a good option in a crisis situation or to cope with a financial emergency where you need cash immediately. For most other types of loans, it can take weeks or months to qualify, making payday loans the best choice for many situations where you need to borrow money quickly and temporarily.
- Is it a good idea to take payday loans?
While some will argue that payday loans are expensive, the reality is that in many cases, taking a payday loan is an acceptable financial choice. If you simply need a little bit of money to get you through until you get your paycheck, paying the premium associated with payday loans can be well worth avoiding the hassle of seeking other types of financing. Like with any other type of borrowing, whether a payday loan is a good choice or not will depend on your financial needs and your ability to be responsible with the money you borrow. There are, however, many situations where a payday loan is the only option, such as if you need the money to pay for repairs on the car that gets you to work or to pay rent or the mortgage on the home you live in.
When you choose a customer-oriented company like East Side Lenders, payday loans can provide you with the cash you need to help you through a financial rough spot and can be a sound financial choice.