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What Do I Need for Payday Cash Loans?

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Payday cash loans are loans that provide you with money to last you until payday. Generally, they are short term loans with relatively high interest rates- somewhere upwards of several hundred percent. However, although they do have the downside of being expensive, the loans are easy to qualify for, fast and convenient. Therefore, you may wish to take out payday cash loans once in a while if you need cash and don't have another way to get it. If you are interested, you will need to know what you need to qualify for payday cash loans.

Requirements for Payday Cash Loans

The specific requirements for payday cash loans vary depending on the type of loan you get. If you qualify for the loan in person at a local lender, generally you will need to bring your checkbook or bank account information, your pay stubs or other proof of employment, and some form of identification.

If you apply for a payday loan online, there are two major types. You can apply for a no-fax payday loan, which means you don't need to fax in identifying information. For such a loan, you need an email address, a listed phone number and a bank account. Alternatively, you can apply for an online loan that requires you to fax in your proof of employment, usually in the form of pay stubs.

This identifying information is required so the lender can verify that you will in fact be paid on the day the loan is due, so you can then pay the loan back. Lenders do not check your credit score, and often do not verify income and other such things that would be verified if you applied for a more standard type of loan. Instead, they just want to make sure you can pay them back in the week or two when the loan payment comes due.

When you apply for either type of payday loan, you need to authorize the lender to make a debit for the amount of the loan- plus the fee- from your bank account. In person, this authorization can come in the form of a post-dated check written for the date the loan is due; the lender can then cash the check on that date unless you come in and pay in some other way or renew the loan. If you apply online, you usually simply authorize the lender to automatically deduct the money from your bank account.

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