woman shaking hands with a payday lender

What Is A Payday Lender? How Do I Choose One?

When you need to borrow cash for an emergency, you will often be pointed in the direction of a payday lender. But what is a payday lender? How do you choose the right one for you? Let us explain.

What Is A Payday Lender?

A payday lender is a company that specializes in issuing payday loans. A payday loan is a short-term form of borrowing. As the name suggests, the whole idea is that you pay off the cash that you borrow when your next payday rolls around.

Payday loans are designed for those that need cash quickly, perhaps to cover a financial emergency or to help plug a financial hole until their next paycheck. For example, people will often use payday lenders, such as Fast Payday Loans of Kentucky, LLC., for the following:

  • To cover emergency repairs to their home
  • To ensure that they can afford food at the end of the month.
  • Cover medical expenses
  • Cover important bills
  • Car repairs

So, what is a payday lender? Well, they are an option for those that need to borrow money for urgent expenses i.e. expenses that simply cannot wait until the next payday. Payday lenders are licensed lenders. They have to conform to certain rules and regulations to ensure that you are borrowing cash in the safest way possible.

Fast Payday Loans of Kentucky, LLC is a payday lender based in the state of Kentucky. We are able to offer payday loans of between $100 and $500, depending on the personal situation of the borrower.

Top Tips For Choosing A Payday Lender

Finding a payday lender shouldn't be too difficult. There are a lot of them on the internet. The tricky part comes from finding a quality payday lender. This is so much harder.

1. Make Sure They Are Based In Kentucky

Rules related to payday loans can vary from state to state. So, if you are based in Kentucky, then you should only be working with payday lenders within the state. Don't look for lenders across state lines because different states have different requirements for payday loans. Only ever get a payday loan from a company based in the state that you live in.

2. Use Reputable Lenders With Huge Amounts Of Experience

Any payday loan provider that you work with should be an experienced company, preferably with several years in the business. They should have worked with countless borrowers before. These tend to be the safest companies to borrow from, and you can expect a far better service. Fast Payday Loans of Kentucky, LLC has been in business for several years now, and we are often the first choice for those that need to borrow cash quickly to cover emergency expenses.

woman checking which payday lender is good

3. Ensure That They Have Locations Near You

This is incredibly important. When you take out a payday loan, you will need to have your documents inspected. You will need to sign a loan agreement. The only way that is going to happen is if you meet the lender in person.

Because we doubt you want to travel halfway across Kentucky to borrow cash, you will want to choose a company that has lending locations in your local area.

Luckily for you, Fast Payday Loans of Kentucky, LLC. has borrowing locations throughout the state. No matter where you live, our team is not too far behind. Our locations are easy to reach by public transport, and many of them boast ample parking.

4. Ensure That Their Borrowing Process Is Fast

The main reason people opt for payday loans is that they need money quickly. You really, really don't want to be waiting for ages to get your hands on the cash that you need. This means that the company you choose should be fast.

Here at Fast Payday Loans of Kentucky, LLC., the payday loan process can take as little as 30-minutes. Most people receive the funds that they have borrowed on the same day or the next day at the latest (depending on their banks). The reason why we are so fast is that we have streamlined our borrowing process. It can be broken down into a few simple steps:

  • Fill in a short form on our website
  • Chat with us on the phone
  • Head to a borrowing location
  • Have your documents inspected and sign your loan agreement
  • Wait for your cash to arrive

Looking For a Payday Loan? Fast Payday Loans of Kentucky Has You Covered

When you consider 'what is a payday lender?', you must remember that they are so much more than a company that provides payday loans. They are an option for those that need cash fast and may not have anywhere else to turn.

If you have a poor credit history, a traditional bank is not going to lend you cash. They won't accept anything that’s less than perfect. This can be a problem for those that need to borrow emergency cash. After all, most of those that need emergency funds are going to be in the best financial position as it is.

Here at Fast Payday Loans of Kentucky, LLC., we can consider all credit types for borrowing. The most important thing to us is your income. So, don't be afraid to inquire about a payday loan if other places have turned you down. We may be able to help you out.

The requirement list for Kentucky payday loans is minimal. This helps to speed up our lending process, and it ensures that you won't be searching around for all sorts of documents when you just need to borrow a couple of hundred dollars. Keep the following handy, and the process should be fairly speedy:

  • A driver's license or state-issued ID
  • Your most recent paystub
  • A blank check from an active checking account in your name.

woman got payday loan cash

You Could Get A Payday Loan Today

What is a payday lender? Well, it is a company there to offer options for those that need to borrow cash for emergencies. If you are looking for a payday loan in Kentucky, then the team here at Fast Payday Loans of Kentucky, LLC may be able to help. You can inquire about a payday loan by filling in the short inquiry form on our website today. You could have the cash that you need as soon as today.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.