What You Need To Know About Payday Lending

January 5, 2022 | Daniel Dewitt

payday lending book

While payday lending may sound like the last thing to resort to when you need cash on short notice, it may come in handy if no one else can borrow you out money at the moment. But before taking advantage of payday lending, there are several things you should keep in mind which can help you make an informed decision. So, learn and keep in mind the six things about payday lending presented below to decide if this form of lending is right for you.

6 Things to Know About Payday Lending

Here are the top six things you need to know about payday lending.

1. You Only Need 3 Things To Qualify

The first thing you need to know about payday lending is that you don’t need a lot to apply. In fact, you only need three things to be eligible for a payday loan.

The three items you need to apply for a payday loan include a driver’s license or state-issued ID, your most recent pay stub, and a blank check from your active checking account in your name. If you have these three things, you have all chances to be approved.

2. You Can Get Approved Regardless Of Your Credit Score

You don’t even have to worry about your credit score when applying for a payday loan. With payday lending from Fast Payday Loans of Kentucky, LLC, all credit types are welcome. What this means is that you are welcome to apply and can get approved for one of our loans, even if you have no credit or bad credit.

3. You Can Get As Much As $500

Another important thing to know about payday lending is how much you can get from it. With Fast Payday Loans of Kentucky, LLC, you can get anywhere from $100 to $500 with our payday loans. The exact amount depends on how much money you make per month as well as your ability to pay off the borrowed amount.

This money can be used to cover rent, utilities, grocery bills, or other expenses until your next payday after unforeseen expenses have ruined your budget for the month.

4. You Can Get Approved In As Little As 30 Minutes

Whenever you are in a bind, very few loans can get you the money you need in a quick and efficient manner. With Fast Payday Loans of Kentucky, LLC, the payday lending application process can take as little as 30 minutes to get approved.

What this means for you is that you can get your money as quickly as possible. So, you can apply for a payday loan during your lunch break or right after you get off work.

fast approval with payday lending

5. You Can Get The Money The Same Day You Are Approved

Better yet, you can actually get the money the same day you are approved. Many lenders can perform the application process in a quick manner, but you might have to wait a day or two to get the money. With Fast Payday Loans of Kentucky, LLC, you can get the money the very same day you are approved.

The reason why you can get your money so quickly is that the money is deposited directly into your account. That is why a blank check from your active checking account is needed. It is used so that the money can be deposited into your account and for the money to be withdrawn come payday.

6. You Can Pay The Loan Off By Your Next Payday

The last thing to know about payday lending is that you can pay off your loan by your next payday, which explains the name of this loan type. It basically works in the exact same way that getting the money works. The money will be withdrawn from your account on the day agreed upon in your contract.

What to Expect From the Payday Lending Application Process

As these six facts show, payday lending can be an option whenever money is tight, and you need help to cover your expenses until next month.

If you decide that a payday loan is right for you, here’s what to expect from the application process at Fast Payday Loans of Kentucky, LLC:

  1. Fill out the quick cash online form located on our home page.
  2. Answer the phone whenever a representative gives you a call to set up the appointment and go over what you need to bring to the appointment.
  3. Arrive on the day and time of your appointment at the store.
  4. Finish the payday loan application and wait while an associate evaluates your items to determine how much you qualify for.
  5. If approved, you can get the money you need the very same day or next day.

payday lending application process

Get Your Payday Loan Today

Payday lending is an option whenever you are short on cash but know you will have the money by your next payday. The process is quick, convenient, and easy so that way you can get the money exactly when you need it. To get started, simply fill out our online inquiry form, and we will call you shortly!