The Most Frequently Asked Payday Loan Question?

Posted by Nick Niesen on November 8th, 2010

Towards the end of the month, cash begins to get a bit tight and funds have to be stretched for as long as possible.  However, nowadays you can drive down the street and find places that will give out what they call ?payday loans?.  These businesses offer payday loans and a check advance system that will help stretch money further.  Businesses that offer payday loans are an easy way to get cash now so you will not worry about how you are going to buy necessities.

The most frequently asked payday loan question is ?What is a payday loan??  The answer to this question is simple.  A payday loan is a loan that a business gives you to tide you over until your next payday.  Many of the businesses that offer payday loans will hold a personal check up to a certain amount and promise not to cash the check until your next payday.  These loans normally have a limit of $500.  However, depending upon your amount of income, this amount can increase or decrease.

Out of all the questions that people could ask of payday loan business, the second most frequently asked payday loan question is: ?Do I qualify for a payday loan??  The answer to that question is yes, as long as you meet the following requirements:

o Have a current job or income
o Are at least eighteen years of age
o Make a minimum of $800 a month
o If you are a US citizen
o You have a current checking account with a bank

These five requirements vary from business to business; however, the main one that stays the same is whether or not you have a current job or source of income.  With no source of income, there is no way to repay the loan. Most businesses will require that you have two or less non sufficient funds claims on your checking account within the last year and ask for bank statements to prove this.  However, there are other businesses that do not require this type of proof and only ask that you have an active checking account that is not overdrawn.  Choose the business wisely and you will be on your way to having money in case of an emergency between paydays.