Helpful Borrower Tips For A Secured Payday Loan
If you’re short on money and still far from your next paycheck, then you might want to consider going for a payday loan. The reason why a lot of borrowers choose such a lending option is because they might get the money that they need incredibly fast.
What exactly should you know before opting for a loan? And is there such a thing as ‘secured payday loans’? Learn more about secured and unsecured payday loans and three tips for applying for one such as, the documents you need, making sure you can pay the loan back, and finding the right lender, like Carolina Payday Loans.
Is A Payday Loan Secured Or Unsecured?
You might not be able to find secured payday loans as you typically wouldn’t have to put up any form of collateral to take out such a loan. Your signature on the final paperwork guarantees that you’ll pay the loan back. This means that you won’t be asked to put a valuable asset (like your car or house) at risk.
3 Tips On Taking Out A Payday Loan
If you manage to follow the tips mentioned below, your payday loan experience will go as smoothly as possible.
- Prepare Your Documents
You will be able to get the much-needed cash in the shortest timeframe if you have the necessary documents on hand. In general, you wouldn’t have to bring in a ton of documents, but you would have to make sure that you have:
- Your valid state-issued ID or driver’s license
- A blank check from an active checking account in your name
- Your most recent paystub
In case you’re self-employed or you don’t have a job at the moment, the lender might agree to accept alternative documents that can prove your income. Just bear in mind that the overall loan amount that you might be able to qualify for would mainly depend on how much you earn and your ability to repay.
- Make Sure That You Can Pay The Loan Back
It is recommended to borrow only the amount that you actually urgently need. It might be tempting to agree to a larger sum but remember that paying off the loan in such a case might become more challenging.
To determine how much exactly you can afford to pay back each month, use the 28/36 rule. It states that one household should spend a maximum of 28% of its income on total housing expenses and not more than 36% on the overall debt service (this includes housing, credit cards, and loans). Anything above these numbers might be too difficult for borrowers to sustain.
- Find The Right Lender
Perhaps, one of the most important parts about taking out a loan is finding a trustworthy lender with competitive rates. A company is reputable if it is registered in your state, has a physical address, and has a secure website. The latter can be easily checked by locating the padlock sign next to the site’s address.
It is essential to vet the lender that you’re planning on working with, but, unfortunately, the process might take quite some time. And if you’re dealing with a financial emergency, you might simply not have the whole day to spend comparing different companies. Thankfully, we have already done the hard work for you.
Why Choose Carolina Payday Loans, Inc.?
Carolina Payday Loans, Inc. is a reputable company with hundreds of 5-star reviews that can help you get some extra cash for you to spend on unexpected expenses between paychecks. The lender has convenient neighborhood locations and welcomes all types of credit.
The company is committed to providing you with the best customer service possible and to building long-lasting relationships with its clients. That’s why all of the employees are incredibly professional, helpful, and friendly.
How Long Would It Take To Get The Money?
This is the best part. You can choose to submit an online inquiry online and then receive a phone call from a lender representative or drive directly to one of the stores.
Once you arrive at the location, one of the staff members will verify your documents and determine whether you qualify or not. If approved, you will be asked to sign the final paperwork and after that, you can get your cash. This whole process might take only 30 minutes!
Apply For A Payday Loan Today!
There is no such thing as ‘secured payday loans’ which means that you're not required to have a valuable asset in order to apply for such a lending option. In fact, all you’re going to need to take out a loan offered by Carolina Payday Loans, Inc. is your ID, most recent paystub, and a blank check – that’s it.
By the way, you may be able to qualify even if your credit score is poor or non-existent. And you might walk out of the store with up to $550 in just 30 minutes! To get the process started, simply gather the required documents and fill out the short online form.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.