Everything You Always Wanted to Know About Payday Loans

March 2, 2021 | Mason Roberts

Learning about payday loans

You work hard. You get paid a decent wage. But your paychecks are always a day late and thus, a dollar short. So, what can you do about it besides getting a second job? You can take out a payday loan near me.

What Is a Payday Loan?

A payday loan is a lot like borrowing your own money. Instead of using collateral or your credit report, it simply relies on your stated income and a signature promising to pay it back. You then get instant access to your income, long before your paycheck is scheduled to hit the bank account. Thus, it's a method commonly used to help make ends meet during emergencies.

In the state of Carolina, paycheck borrowers can qualify for as much as $550. Depending on the income and how quickly they can pay it back, many people return for more money in the subsequent weeks. And while many speculate that it's because of poor financial habits, it's most likely out of convenience.

How Does a Payday Loan Work?

How payday loans work is quite simple, and that's why consumers usually prefer it over other types of fast financing. The process does not require your credit score to be pulled, nor does it ask for collateral of any kind. Instead, you simply follow these three easy steps to get the money you need ASAP.

STEP 1: Apply Online or in the Store.

To get the process started with online payday loans, find an online form located on the top left of our website and fill it out. It should only take a few seconds to complete, and you'll get an answer within 30 minutes or less. This part of the process is so easy, in fact, that some consumers do it just to see how much money they could get if they qualify.

STEP 2: Gather Your Required Documents.

Next, wait for our loan representative to call. That's when they'll set up an appointment for you to finalize the paperwork and answer any of your questions. But before you arrive to complete the deal, make sure you have the following items on hand:

    • A government-issued driver's license or photo ID
    • Your most recent pay stub
    • A blank check from a checking account in your name

If you have an unusual form of income such as self-employment or freelance work, be sure to mention that to your loan representative on the phone. That way, you will let us know that you are capable of paying off the loan, even though you don’t have a regular job. Remember, showing up prepared can help speed up the process and get your money in the bank faster.

NOTE: The loan representative will review your documents and evaluate your case based on your average income.

A tablet with payday loan on it

STEP 3: Get Money Deposited into Your Bank Account.

After you finish the final paperwork, check your bank account immediately because this part of the process is the most rapid. In fact, borrowers can get their cash deposited on the same day they apply for a payday loan. For more information on timing, talk to one of our representatives either via phone or using a live chat function.

TIP: Try to apply early in the day on one of the first days of the week for more efficient processing.

Do I Qualify for a Payday Loan in Carolina?

You qualify for a paycheck advance in Carolina if you can provide the appropriate documentation and are willing to sign a contract with Carolina Payday Loans, Inc. Plus, you must be 18 years of age or older to be considered for approval and must have a job with at least one taxable paycheck paid so far.

When Can I Apply for Another Payday Loan?

Did you know that you can get more than one payday loan? Although you can't borrow concurrently, there's no limit to the number of times you can ask for an advance on your paycheck. If you follow the guidelines and make your payments on time, then you should have no problem beating the clock every pay period.

Thus, you can apply for another paycheck advance once you pay the first one off, but you do need to let at least 2 business day cooling-off period between your payday loans. And if you get caught in a financial bind that's unexpected and need a bigger cash amount, you can also apply for a title loan. In Carolina, that means as much as $15,000 on the spot.

Get Your Payday Loans Today from Carolina Payday Loan Inc.

Getting an advance on your paycheck can spell the difference between success and failure, especially when the unexpected happens or when pay day doesn't line up with your debts. And if an emergency hits you, Carolina Payday Loans, Inc. is there to help with a payday loan in the times when you need it most.