Do You Really Need A Payday Loan?

By: Rachel Yoshida

Payday loans can be a real life saver when the rent or other bills come due and you're out of money until your next payday. The great thing about these is that there are not that many requirements to get one. Getting a formal loan from a bank usually requires a credit check and a lot of paperwork, but in most cases when you go to get a payday loan, you can get what you need in as little as an hour or sometimes even less.

The first thing you need in most places is to be at least 18 years of age. Minors, even those that have jobs, cannot acquire payday loans.

Another requirement in most cases is a job. In order to get a payday loan, you have to have a payday coming to you obviously. As long as you can prove that you have a job, you should be able to get a payday loan. Some places will require that you present to them two current pay stubs.

You will also be required to present to the lender a photo ID. In most cases, this will be your driver's license or a state identification card. You must also be a legal resident of the United States or whatever country you are in at the time.

If you are unable to pay your loan back on time, you may be able to request an extension, although this will cost you a decent bit extra. Extensions cost quite a bit, so unless you are absolutely certain that you will be able to repay the loan, you shouldn't get a payday loan. You will end up paying a huge amount of interest if you don't pay them back on time and even if you do, payday loans will cost you either a percentage or a fee every time you borrow.

You should never get a payday loan for something that you do not absolutely require to survive. Getting a payday loan to pay the electric bill until you get paid from your job is fine, but avoid getting them to purchase frivolous items such as electronics or anything else that is not necessary to living. This will be a mistake. Instead of taking out a payday loan or even just a normal loan, save up for the item you want so much and you will end up paying less for it in the long run due to the interest that loans from banks or payday lenders will charge you.

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