Stop the cycle before it begins. Payday loans are expensive, and form cycles of debt that are hard to break out of. If you get a payday loan, you must exercise restraint. If you need $100 to make ends meet, resist the temptation to take out more money just because it is being offered to you. This will make the borrowing process much easier on future paychecks.
The first step in getting an expedited loan, is to find a reputable lender. Not all lenders are created equal. Some, only offer loans of $100 up to $500. More popular and widely used lenders, can offer $100 to $1,000, with no hassles, as long as you meet the loan approval requirements.
Avoid submitting a lot of applications from different website hoping that the more you fill out the better chance you have to be approved. Many payday lending websites charge a fee for the application process. You don’t want to find out later that you were charged a fee by every company you submitted an application to.
Instead of rolling over the loan and continuing to pay interest, a repayment plan, also called a hardship repayment plan, converts the loan, if you will, into an installment loan. In this way, your entire loan is split into payments, usually no more than four, and the interest or finance charges stop. So, if you borrowed $500, which, with the finance charge would be $588, that repayment plan might look something like four payments of $147 to be made every two weeks (every pay day).
Payday loans are unsecured loans. This means that borrower does not have to provide anything for collateral security. This increases the risk at the lender’s side, which gets the reward for risking the money by charging high interest rate and fee.
First, you are going to need one of three things if you have bad credit. You will need either a co signer, some collateral, or a handful of guaranteed payday loans no matter what direct lender. This is the only way you are going to get a $10,000 loan with bad credit. There will be no other loan for you if your credit is bad so these are your options to choose from.
The only requirements to obtain a payday loan are quite simple. You must be 18 years of age or older, be a citizen of the country you reside in, have a bank account and be employed. Some lenders require that you be employed for so long before they will approve you.
In Missouri, the Consumer Fraud Task Force considers payday lender’s as today’s loan sharks who trap people into cycles of debt and despair. The task force is comprised of local, state, federal agencies as well non-profit business and consumer groups in Missouri and Illinois. Their purpose is to protect consumers and guard against fraud and scams.