Payday loans can be a great service to those in need of one, but are there certain people who would be unable to obtain a payday loan? What if someone wants to apply, but they have past bankrupt? Would they still be able to qualify?
In this article, MaxCash will discuss how someone with past bankruptcy may still be eligible to receive a payday loan. Let’s get started!
The World of Loans and How Payday Loans Fit In
Amongst the different kinds of loans that exist, payday loans are notably different. Payday loans sit apart from other investments because of their unique attributes.
One of the big reason’s payday loans stick out is because of the rarity of loans outside of a certain category: installment loans. Installment loans aren’t a specific type of loan, but instead a category that contains a ton of other types of loans. They’re all defined by one thing: the way borrowers repay them.
All installment loans feature the same process: a large initial loan from the lender, which the borrower takes, with the agreement to pay off the cost of the loan in regular, smaller amounts. Payday loans don’t follow this method, instead having a completely unique repayment process.
Instead of having a slow, gradual repayment plan that could take years, like installment loans do, payday loans have an incredibly short one. The length of a payday loan can be as short as two weeks, or as long as a few months.
Defining a Payday Loan
This is where the aspects that define a payday loan come into play. See, they’re not defined by their length, their amount, or their rates. No, payday loans are defined instead by the way in which they’re used. They exist because there’s not always money on hand to cover every situation.
When you’re talking about a payday loan, it’s better to not really look at it as a loan at all. Instead, for many, they are seen as deferment of a currently-uncoverable cost. Because that’s what they’re used for.
When someone gets a payday loan, often it’s to cover the cost of an accident or emergency that they can’t afford at that moment. Paydays loans are a good way to push back a large, difficult payment until your next paycheck can cover it.
Once you see it that way, the true picture of a payday loan starts to come together. Their short terms? Just long enough to make it to your next paycheck. Their lower amounts? Just enough to cover the type of issues that can arise suddenly and need just-as-rapid repair. Now that you understand them, though, it’s time to show you how you could apply for one.
How to Obtain a Payday Loan: Information Supply
In order start the inquiry process, just like you would with any other type of loan. The first step you’ll need to take is to contact with a MaxCash representative. Inquirers have the option to speak to an agent by calling (833) 207-9052 or sending an email to Info@MaxCash.com.
When you establish contact, MaxCash will ask you for some information. That requested info includes:
- Your Address – Unfortunately, not every lender can provide loans to all parts of the country. Providing your zip code, state, and city of residence ensures that MaxCash only works with the lenders that could help you.
- Contact Information – Another necessity of the process will be the step in which you and your lender get in contact with each other. MaxCash will need your email address, phone number and name.
- Financial Documents – MaxCash will need your social security number and some proof of current income for this section. Your monthly income will affect how much your monthly payments will be, as well the overall loan value.
How to Obtain a Payday Loan: Seeking the Right Lender
Once they have your information in their hands, MaxCash will go on their way towards finding you the perfect lender. Their first order of business will be to track down a lender that serves your area, which they’ll do using your location information. These potential lenders will all be presented with your information, which they’ll use to decide whether they want to work with you. If they decide they’re interested, they’ll send MaxCash some initial offers
Using those initial offers, MaxCash will haggle with lenders and try to negotiate for even better terms and conditions. After acquiring offers, MaxCash will compare and contrast them to find one that is best for your current financial situation. The loan offer will be presented to you, and if you agree to the terms, you could go ahead and proceed with the process.
How to Obtain a Payday Loan: Coming to Conclusions
In the final thrust of the payday loan process, all you’ll need to do is establish the final details of the loan with your lender. In order to do that though, you’ll first need to contact them. This is finally where your contact information comes in, letting MaxCash share that information with your lender so you can make that all-important connection.
Once you’ve made this connection, you’ll be able to do the final negotiations with your lender, including the all-important funds transfer method. The methods you can choose from include in-person transfers, online e-commerce, and business via mail.
Once you’ve decided and finalized your decision, you’ll have finished the payday loan process! You can now put your funds to use. Interested in learning more about payday loans? Then why not check out MaxCash’s website for even more informational knowledge? Click here to learn more!