Payday loans have been a short term cash solution for many people across the United States over the last three years as the economic recession has shown no sign of slowing. One profession that has benefited from payday loans over the recent years is the trucking industry.
Thanks to payday loans, a trucker can take out a payday loan even while they are on the road and have those funds deposited into their checking accounts for paying bills and other household expenses.
What You Need To Qualify For a Payday Loan
Getting a payday loan is easy. All that you need to qualify for a loan are: a steady job that pays you regularly via direct deposit into your checking account.
Unlike other forms of lending that require you to fill out an extensive loan application or submit many documents to qualify for the loan, a payday loan is simple and the loan transaction can be completed in just a few minutes.
How Much Can You Borrow?
The average payday loan company has a limit of $250 on the loan amount that you can borrow. Some internet based payday loan companies will allow you to borrow up to $1,500 but finding these companies can be tricky and requires some online searching with search engines like Google or Yahoo.
Payday Loan Etiquette
With every day loan that you take out you will be required to set up a loan pay back date that you promise to come in and pay off the loan amount that you borrowed.
If your schedule won’t permit you to be back home in time to pay off the loan amount it’s important to call the payday loan office to tell them your situation and reschedule a different payment date. The average payday loan company will be more than willing to extend your payment date because they want to keep you as a long term customer.
Last of all, it’s important to remember use online payday loans as a temporary means of short term cash because due to the high interest rates of typical payday loans it’s very easy to spend $50 to $100 per month on interest and fees alone if you keep re-advancing the same amount of money.