Payday Loans

Who Can Qualify For An Instant Payday Loan And How?

Almost anyone can qualify for an instant payday loan and it is very simple. The question should not be whether you can qualify for quick payday cash advances; it should rather be whether it makes financial sense to borrow it. The answer is no. Following is a brief rundown on some of the various aspects associated with the qualifying criteria required for these types of small, short-term loans, how almost anyone can get it and why no one should go for it.

Qualifying Criteria

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There are all types of payday lenders in the market. There are payday loan stores available at every nook and corner of the United States of America. Besides that, there are thousands of online payday loan companies. In short, your options abound. The qualifying criteria however may vary from one lender to another. In general, an instant payday loan is approved to those who have US citizenship, are at least eighteen years old, are currently employed and have checking bank accounts in their name. If you meet these basic requirements, there is no reason why your application for a quick payday cash advance should be rejected. However, here it is very important for you to keep in mind that the exact requirements may vary depending upon the payday company you are applying to. For example, some lenders require you to be employed with the same organization for at least six months while others may require you to have overall employment history for at least the previous two years. The amount of monthly income also matters a lot, especially in determining the amount of money that can be lent to you. There are several other lenders as well who can approve your application even if you just have a savings bank account and do not have any checking bank account in your name. Furthermore, some payday loan companies do not make it mandatory for their applicants to be salaried individuals only; they often issue payday loans to even those who are self-employed or even those who are not employed at all but have a regular monthly income, such as in the form of alimony payments. Last, but not the least, you can also come across several lenders who claim to offer you a cash advance without doing any verification; it means even if you do not meet the basic requirements, you can get an instant loan from them.

Why Payday Loans Should Be Avoided Despite The Easy Eligibility Requirements?

As you can see, borrowing an instant payday loan is very easy. Even if you have bad credit, not employed anywhere and do not even have a checking bank account, you can still find a lender who will readily offer you a payday cash advance. The reason why you should still avoid these small, short-term loans is that they are very risky and highly expensive. First of all, it is very important to note that the market is overloaded with illegitimate payday lenders. Therefore, the most difficult task is to find a lender who is duly licensed in your state to offer such loans and also follows the payday loan laws applicable in your state thoroughly.

You can easily find many online payday loan companies that are offering instant payday loan programs to consumers residing in states, where payday lending is illegal. Always remember, a genuine, legitimate lender must abide by the laws applicable in the state where you (the borrower) are residing. It means if payday loans have been prohibited in your state, lenders who are still willing to offer you a payday cash advance are actually illegal lenders. Besides that, in order to ensure that you have chosen a legitimate lender, you must also be well aware of laws that regulate payday lending in your state.

Even in those states, where instant payday loan programs are legal, it may still not be a wise option to go for it. Despite all sorts of payday loans laws that many states have recently introduced, these small, short-term loans are extremely expensive and risky. Does it many any financial sense to borrow $100 for two weeks and then to repay $160? Obviously not. Even if you are highly desperate to get instant cash, you must keep in mind that failure to repay these loans in time often results in a nasty cycle of debt that continues for a very long time; the short-term loans become a very long-term financial burden. No wonder why even the FTC (Federal Trade Commission) and consumer protection organizations have warned consumers against these types of loans. You can realize the danger of borrowing these loans with the very fact that the FTC terms these loans as “predatory lending”.

Last, but not the least, since you have much better, more affordable alternatives easily available out there, there is no reason why you should look for an instant payday loan when you need money to meet your urgent financial needs. Please browse through the “payday loan alternatives” section in the “payday loan” category on this blog to get detailed information on how to can avoid payday loans and still arrange extra fund to handle your financial emergencies efficiently.

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