Never Had A Payday Loan Before? What To Know About Your First Payday Loan

December 22, 2021 | Emma Frost

woman getting first payday loan

If you have never borrowed a payday loan before, applying for your first payday loan will feel like a new experience, and like every new experience, guidance can help. Luckily, you've come to the right place for making your first payday loan in Kentucky very simple.

This article answers all your questions about your first payday loan. We included the important facts that you should know before requesting your first payday loan, including its benefits, requirements, and more.

What Is A Payday Loan?

Before applying for your first payday loan, it's, of course, important to understand what a payday loan is. For starters, it is a short-term loan that normally loans out up to $500. Its name comes from the fact that payday loans are paid off by your next payday.

Exactly how much you can get from a payday loan depends on several factors. That being said, payday loans range from $100 to $500. $500 is the upper loan limit for this type of loan.

What Are Some Benefits Of Payday Loans?

Payday loans can be advantageous for a number of reasons. Most importantly, they can get you the money you need whenever you are in a tight situation. For example, they are an option whenever you are a bit short on rent or other necessary bills.

At the same time, payday loans are made of a suitable size for small emergencies, such as missing rent or urgent car repairs. Other loans might simply offer way too much money for this sort of scenario.

The quick payback period is advantageous since payday loans are paid off by your next payday, you don't get bogged down in the debt. Instead, you can pay it off quickly so that it doesn't linger into the future.

how to qualify for my first payday loan

What Do I Need To Qualify For A Payday Loan?

The three documents that are required to qualify for a payday loan are a government-issued ID, your most recent pay stub, and a blank check from your active checking account.

The purpose of the government-issued ID is to confirm your age and identity. This will be required by any loan type, not just your first payday loan.

Your most recent pay stub proves that you have a form of employment. It also serves as proof of income, which is required for a payday loan. Likewise, it can help establish how much money you are loaned. Meanwhile, the blank check provides your banking details to allow the payday loan to be deposited into your account if approved.

Do I Need Good Credit To Apply For My First Payday Loan?

As you may have noticed, we didn't mention anything about a credit score requirement so far. That is because at Fast Payday Loans of Kentucky, LLC, we do not require you to have great credit in order to qualify for a payday loan. Instead, we welcome all credit types.

Since all our stores do not require fantastic credit scores, individuals with good credit, average credit, or bad credit are welcome to request a fast payday loan online from any of our locations.

the process for my first payday loan

How Can I Get My First Payday Loan?

Getting your first payday loan is actually a very simple process. All you need to do can be summarized in the following five steps, which would all in all take less than a day to complete:

  1. Start your process by filling out and submitting the online Kentucky payday loans form.
  2. Wait for a few minutes until a loan representative from our closest location gives you a call. They will answer any questions you have and set up an in-person appointment.
  3. Next up, you’d arrive at the appointment at the nearest location we have to your home with the required documents.
  4. Our representative will then review your documents to determine if you qualify.
  5. If you are found to be qualified, you can finish the process by signing some paperwork. You will then get your first payday loan the same day or the following business day.

Throughout the entire process, our loan representatives make sure that you understand everything and are clear on the loan terms. By the time you walk out of any of our locations, we make sure that you walk out happy having gained the assistance you need with your emergency.

Apply For Your First Payday Loan Today

If you only need a little bit of cash to cover a small emergency or an urgent payment, a payday loan may be an option worth considering. Following the steps here would make your first payday loan very simple to acquire.

You can also simply submit the online form and let our loan representative guide you from there.