Payday loans are among the most popular types of credits. They have a big advantage over long term loans. An applicant is not required to present too many documents to get a small loan.
Payday loans can be received within several days from the time they were applied for. It makes many household to apply for such personal loans. They spend this money to cover basic expenses.
Documents You Need To Get A Payday Loan
Financial companies check people who ask for a borrowing. They ask for some basic documents. Here is a list of them:
- Income statement. It is a number one paper that each person has to present. If a person has stable income, it shows he will be able to pay a credit back. Such a document is issued by an employee. It is easy to get one. If a person does not work he has to provide a document about social support he gets from a government. In some rare cases, financial companies can accept it.
- Working contract. It is a another must get document. Financial companies give a loan easier to people who have a stable job. If a person provides an employment contract it means he will be capable to pay a microcredit back. The longer the contract is, the better.
- Passport. Microloans are distributed to US citizens only. If you are a foreigner with a work permit you won’t get such financing. It is good to remember about it.
- Credit score. The governmental financial institutions assign a credit score to citizens. This score is drawn from a credit history of a client. If in the past a person was paying loans back in time, he will be assigned a high credit score. In case he has a low one, it will be hard for him to get a cash advance.
Financial companies can ask for additional documents. In the majority of cases they are satisfied with the mentioned ones. They willingly issue loans to those, who have minimum social securities.
It is good to keep in mind that short-term loans are not immense credits. A person can get something in between 400 -2000 dollars. This money will be transferred to an account as soon as the loan is approved.
Agencies do not ask for a commission to find a credit provider. A person has to pay only for a commision on personal loan. This makes payday loans even more beneficial. That is a reason why quantity of borrowers grows monthly in the US.