If you have never had experience with payday loans in Seattle, you might not be aware of the basic loan requirements. Fortunately, these loans have minimal requirements, but they do have a few must haves. Not to worry though, these are easy things that just about every adult will have so even if you have bad credit, you may qualify for a payday loan. Here are the loan must haves.
- A Verifiable Job
You must have a source of income so that your lender knows that you will be able to pay back the loan. Income requirements vary by lender but most are minimal.
- A Checking Account
Your lender will deposit your loan into your checking, so you will need one. A savings account will not do, you need to have a checking account in good standing.
- A Government ID
Just to prove that you are who you say you are.
That is it. Pretty easy isn’t it. This is what makes payday loans the easiest way for people in Seattle to get money. For those with less than perfect credit, it is often the only source of emergency funding.
Is A Payday Loan A Good Choice?
Now that you know that you qualify and meet the requirements, is a loan the right choice for you. They can be a useful tool, but payday loans are not for everyone.
If you need a few hundred dollars to get through an emergency and you know that you can pay your loan back in a few weeks, then it might be the right choice for you. Before taking out a payday loan however, you should look for other cheaper sources of funding. Can you borrow money from friends or can you get an advance from work. If so choose that route to save money.
If you need more than a thousand dollars and/or need months to pay the loan back, a payday loan is not for you. These loans must be paid back quickly and should not be carried for longer than a few weeks. You can often extend a payday loan, but doing so will involve many more fees. Taking out a payday loan is never a good idea if you are not completely sure that you can pay it back when it is due.
If you have any further questions about loans in Seattle or there requirements, please do not hesitate to contact us through the contact form.