Blank checks are one of the safest kinds of loans as they are given on a secured basis. The amount gets credited to your checking account as soon as you sign up and fill out the necessary documents, including basic information like your name, telephone number and address, and other details of employment. The application form also requires details on how much credit you want to borrow. The paper is sent with a set of instructions that guides you in completing the process by carefully following through with all the instructions.
The submission is mailed to the creditor to take their time to evaluate if they want to grant your credit. The entire process takes only three working days, and the check should reach your hands in a week. After verifying, when the next payday falls, it becomes easier for you to manage your finances without worrying about paying off your creditor at once. The rate of interest on a payday loan is generally higher as compared to regular installment loans. But what makes borrowers go in for payday loans is that they can be sure of knowing when their next paycheck will arrive. You do not have to shell out any money from the first paycheck till another comes along. And even during this period, when you need to borrow large sums of money, these kinds of loans are at hand for you.
Options to Help You Qualify for Payday Loans that Accept Prepaid Debit Cards
The following options to help you qualify for quick cash:
- You can apply for small business loans. This is a handy option that would help you get what you need to boost your business and increase sales. Further, APR or Annual Percentage Rate is determined, which means that it is the cost of borrowing money expressed as the percentage rate over one year.
- You can choose instant loans. If you do not have too many worries and can live with credit created using your phone number as collateral, such a loan could be your best bet. It is also possible to get instant payday loans that can be availed easily in most countries and states today. They are easy to get online and are offered through well developed online channels.
What do You Need to Get a Payday Loans that Accept Prepaid Debit Cards?
An active internet connection is what you need to start finding the information you need. You need to ascertain if you are eligible for payday loans before you even consider applying for one.
With this in mind, gather your identification documents and a utility bill or bank statement to prove where you live before getting any further. If the company allows you to apply online, submit a copy of your email address, and fill out the application when it shows up on your computer screen. You may have to send your documentation confirming employment by fax or paper mail to the lender as part of the qualification process. You will also need to put down the first deposit of 10% – 50% of your borrow’s total amount.
Usually, lenders will ask for 25% of the total amount for online requests, and most would require that their borrowers are at least 18 years of age and either have a checking account or current checking with direct deposit. However, if you do not have a checking account, some companies may ask that you present collateral such as a vehicle title or some other security device that can be returned to you once the loan is paid off. The loan term ranges between one day and thirty days and possibly even longer if arranged between two individual lenders who know each other well enough or if they are publically listed companies regulated under federal laws that govern cash advance loans state by state.
What Should you Know Before Taking a Payday Loans that Accept Prepaid Debit Cards?
The most important thing to remember when taking a payday loan is that you will have to repay the loan on time. What does this mean? It means that even if you do not make enough from your job to pay the loan off, you can still be given an extension, but only after you have arranged it through your lender. If you are indebted for a few days over the loan term, they may decide to charge additional fees for any such situation.
You should always sign for the amount of credit you intend to get in an agreement with the company so that both parties will know exactly the terms and conditions. This will help avoid confusion regarding your payments, causing unnecessary problems in relationships with groups linked to your loan. You should also know that the interest rates are set by law, and many companies may bend this rule during an economic crisis. Still, it is best to stick with a basic retail store, bank, or credit union instead of making loans from other individuals because there are no regulations in place that guarantee you will get your money back or seek some form of reimbursement should something go wrong.
How to Apply for Payday Loans that Accept Prepaid Debit Cards?
You can apply for payday loans online and even though competition between companies may make it easier for you to get approved for 1000 or more, paying the loan off early is always better. Take advantage of this fact by paying more than the minimum amount due on your loan to eliminate fees and penalties. When you have some extra funds available to pay the loan – at least once during the initial period of the loan – then that’s probably a good time to put something towards it. Sometimes having a nest egg in place will help you avoid bouncing checks and defaulting on payments, which will ultimately show up on your credit history along with a host of other unhappy side effects.
List of Documents to Apply for Payday Loans that Accept Prepaid Debit Cards?
The following are a list of documents you will need to apply for a cash advance loan:
- A recent bank statement showing your income level.
- An employment verification showing your employer and contact information to ensure accuracy in regards to your income.
- A valid checking account information card with your name, number, and details of your institution.
- Your driver’s license numbers with all the correct personal information as listed on your card.
- A personal identification number (PIN) to avoid paying unnecessary charges—a telephone number allowing direct access to you.