Helpful Tips to Landing a Payday Loan in Phoenix, AZ
Have you ever needed cash quickly? Perhaps you experienced a medical emergency, your car broke down or you just can’t make things stretch to your next paycheck. This is a common scenario for many people in Phoenix, AZ. If you need helpful tips for landing a payday loan, look no further.
What Is a Payday Loan in Phoenix, AZ?
In essence, a payday loan in Phoenix, AZ is a short-term loan where you receive a small amount of cash (typically less than $500). In exchange, the cost of the loan is high and it is desired to be paid back on your next payday. In most cases, the only requirements are that you have an income and a bank account. Your credit is not taken into consideration.
So how do you land a payday loan in Phoenix, AZ? First, you get in contact with a lender who provides these loans to discuss the terms, obligations and process. These helpful tips will help ensure you get the most out of a payday loan in Phoenix, AZ.
- Only choose a payday loan in Phoenix, AZ if you have exhausted all other options.
- Know that the lender expects the loan to be paid in full when you receive your next paycheck.
- Likely, the lender will electronically withdraw the funds from your account once your next paycheck hits. This means the loan will be repaid in two weeks or sometimes in one month’s time.
- There will be additional fees to pay if you do not pay back the loan in full on the due date.
How Do I Know If I Am a Good Candidate for a Payday Loan in Phoenix, AZ?
Before choosing to apply for a payday loan in Phoenix, AZ. it is always recommended to exhaust all other options. This means asking friends and family for help if you cannot get help through credit or other means. If you are trying to pay a bill, ask the company for an extension.
If you need to proceed forward with a payday loan in Phoenix, AZ, the following criteria are generally used to determine your eligibility:
- You must be at least 18 years of age with a current photo ID.
- You must provide proof of income and make more than a net of $500 per month in most cases.
- You may be denied if you already have a loan, you had a recent bankruptcy, you have recent bounced checks, your bank account was opened recently or you have not been employed long enough.
- Each lender has an algorithm to determine your eligibility.
- Keep in mind, paying back these loans does not positively affect your credit score either.
What Happens If I Can’t Repay a Payday Loan?
In the unfortunate event that you cannot repay your payday loan in Phoenix, AZ, your lender will continue to try to withdraw funds from your account. Some lenders will try to withdraw the funds in smaller amounts with the hopes that the payment will go through. Remember, each time your lender fails to retrieve funds, bank fees can be submitted against you.
Your payday lender will also try to contact you by email, phone and letters. They may even start calling your personal references. They may attempt to negotiate a settlement, outsource your loan to a debt collector or even file a civil lawsuit. If you find yourself unable to pay back a payday loan in Phoenix, AZ, it is best to work with your lender instead of ignoring them.
Do I Have Other Options to Secure a Loan?
The short answer is yes, but it depends. Many people who are looking for additional funds opt for a loan called a title loan. With a title loan, you can secure more funds with a longer repayment term. The catch is that you must own your car to use as collateral for the loan. The loans do work in similar ways. Here is how a title loan in Phoenix, AZ works:
- You must be 18 years old, with a current ID, valid bank account and pay stub.
- You must have the title to your car and no lien on the vehicle.
- Your credit score will not be taken into consideration.
- The amount you borrow and repayment terms will be determined depending on your situation.
- No fees will be assessed should you choose to pay off your loan early.
Securing a payday loan in Phoenix, AZ. can be simple and easy. However, it should not be taken lightly. They are often required to be paid back quickly with interest. A payday loan in Phoenix, AZ. can really help you out of bind, but they work best when you know you can pay them back appropriately.