If you’re considering applying for a payday loan you’ll likely need to bring your valid ID, proof of steady income, banking information like statements, and potentially your social security number. Depending on the specific lender, they may need more personal or financial information than this.
Applying for a new loan is a big financial decision. And if you’re experiencing a financial emergency like a broken down car, medical bills, or other unexpected expenses, it makes the process all the more stressful. Unfortunately, many payday loan borrowers are dealing with situations just like these. If this describes you, then make sure you do plenty of research before choosing a short-term loan to solve these problems.
Payday loans are short-term, small-dollar loans that help borrowers make it to their next payday, or help with financial emergencies. They don’t usually offer much money, potentially several hundred dollars depending on the lender and your specific situation. And they are usually repaid within two weeks or by the borrower’s next payday. The reason they can be tough to repay on time is that some of them carry very high interest rates.
If you need money and you were considering a payday loan, you may also be eligible for a personal installment loan. These are widely considered to be a good alternative to payday and title loans. They allow the borrower to repay the loan over several months or even a couple of years in some cases. They also tend to carry lower interest rates than payday loans.
Qualifying for an installment loan would be similar to a payday loan. You can apply online or at storefront locations. You’ll likely need your ID, proof of income, a checking account capable of direct deposit, bank statements, and social security number.
Whether you choose a payday loan, installment loan, or any other financial product, the most important thing to remember is that on-time payments are crucial. Paying late can negatively impact your credit score for years to come. So never take out a loan you’re not 100% sure you can repay on time.