Archive for the ‘Payday Loan Direct Lender’ Category
Need A Payday Loan(Live in New York)?
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Now before you all go saying I am crazy for getting one of these payday loans, with their ridiculous interest rates, etc. I KNOW that already. I generally stay away from these ‘legal loan sharks’ like the plague. However, I am up against it. I MUST have a bill paid or I am in big trouble and I do not have the cash. So I find my only alternative is to turn to one of these lenders. No, I cannot borrow it from anyone, no, I cannot get it off a credit card, so before you suggest alternatives, let me save you the trouble, there are NONE. Here is my problem, though. I live in New York. Payday loans are ILLEGAL in the state of New York as of a couple years ago. However, I managed to get one about a year ago…the company claimed some kind of a loophole. I have already asked a bunch already “do you do business in N.Y.” and all, so far, have said no, due to the legality of it. However, a lot of states DO allow payday loans..I just happen to be in one of them that doesn’t, but apparently they ARE loopholes. If you are familiar with the payday loan industry, and especially if you live in the state of NY and got one recently, PLEASE tell me from which one you got it from, website address or phone number much appreciated. Thanks. |
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Are there really people out there that will loan money?
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I’m not talking banks, or payday loan places, I am talking legit private lenders that will loan you money? You hear about private lenders that will lend money, but I can’t seem to find anything legit or worthwhile. A 100-500 dollar loan is not worthwhile and it’s not legit if you have to PAY to get your loan. |
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Payday Loan Direct Lender
Payday loans are a great way to receive cash in a pinch. One of the nicest benefits of payday loans is that consumers can get them, regardless of their credit history.
Although credit is generally not a consideration when applying for a payday loan, there are other requirements that must be met before a borrower can receive money through a payday loan company.
General requirements for a payday loan are easily met by most borrowers; therefore, they usually do not present a problem for most borrowers.
Minimum requirements may vary slightly between payday loan companies, but there are certain universal requirements that are found at most payday loan companies:
1.The borrower must be 18 years of age to receive a payday loan. This requirement is a standard throughout most payday loan companies. Since a payday loan is a line of credit, it therefore only makes sense that a borrower must meet the minimum age required by creditors.
2.The borrower must be a U.S. citizen and be able to provide both a proof of residency and a proof of identity. Most payday loan companies will decline a borrower’s application if they are unable to verify either of these requirements.
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3.The borrower must have a full-time job. The details of this requirement may vary, but generally it prohibits any temporary service income, disability income or welfare income. Some payday loan companies offer payday loans for individuals who collect disability income, although the fees may be higher.
4.The borrower must be employed for a certain amount of time. Most payday loan companies require that a borrower be employed for at least three to six months, although this requirement varies from company to company. The employment time requirement assures payday lenders that the borrower will continue to earn steady income so that he or she will be able to repay the loan.
5.The borrower must earn a minimum amount of money each month. Again, this amount varies between payday loans companies, but a general figure is around $1,000 per month after taxes. This requirement further guarantees the borrower’s ability to pay off the payday loan.
6.The borrower must have an active checking or savings account. In addition to having an active bank account, the account must be in good standing.
7.The borrower must have a checking or savings account for at least 90 days before applying for a payday loan.
8.The borrower must show a 30-day bank statement to provide proof of income. If the borrower’s paychecks are not direct deposited, he or she must then provide a copy of a current paystub or other verification of income.
9.In addition to having an active bank account, the borrower must not show any unpaid checks on the account.
10.The borrower must not have any outstanding payday loans. This requirement does vary between payday loan companies, particularly for those companies that offer debt consolidation loans for payday loans.
By: Janet Gaither
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