Can I Get A Paycheck Loan If I’ve Never Borrowed Before?
The idea of borrowing using a paycheck loan can seem unapproachable for people who’ve never done it before, but it’s an option if you’ve fallen on hard financial times. Here’s everything you need to know about getting a paycheck loan for the first time.
Paycheck loans allow you to take and use money from your next paycheck in advance, giving you the flexibility to pay off bills or other expenses ahead of time.
There are several uses for paycheck loans, and the rest of this article will cover all the need-to-know information for a first-time borrower.
What To Know About Getting A Paycheck Loan For The First Time
What Is A Paycheck Loan?
If you need quick funds to cover smaller expenses, then a paycheck loan is an option for you. Also referred to as a payday loan, paycheck loans are formulated to meet your current expenses so that you don’t have to wait until you get paid. As such, this loan proves useful should you be caught without the money you need for a bill.
In a number of cases, you can apply for these loans right from the comfort of your own home. Generally, the repayment period for payday loans is very short, 2-4 weeks at most, so these loans are great when you just need that extra little bit of money to cover your expenses.
When Should I Get A Paycheck Loan?
It’s important to understand that paycheck loans—any type of loan really—should only be used in emergencies. Whenever you’re behind on a payment and just need that extra little bit of cash to tide you over, a paycheck loan is an option worth considering.
One good example of when you might turn to a paycheck loan is if you are behind on your monthly rent payments and need to catch up before your next paycheck rolls in. In that situation, a paycheck loan can help you get that bill taken care of so that you’re not in delinquent and keep your expenses under wraps.
At the end of the day, it’s your decision when to get a paycheck loan, but you should always exercise discretion and only use them when you need to.
Have a dedicated plan in place for how you’re going to repay the loan and be sure to stick to the terms and conditions for your repayment. Remember, your payday loan will usually be due by the time your next paycheck comes in.
The Benefits Of Paycheck Loans
Paycheck loans offer some advantages over other types of loans, largely for people who need quick cash, don’t have the best credit, and want versatility in their options.
First of all, paycheck loans are very straightforward to apply for, with the in-person process generally taking as little as 30 minutes to complete. Similarly, you can get the quick funding you need in your account very quickly—sometimes getting the fast cash the same day or very next day.
Paycheck loans also offer the chance to get a loan for people who don’t have good credit since most paycheck lenders don’t have strict credit score requirements. Better still, paycheck loans offer small amounts ranging from $100-$400, allowing you to get just the right amount of cash you need exactly when you need it.
How Does The Process Work With Tennessee Title Loans, Inc.?
To get started, you’ll need to fill out the online form on our website and wait for a representative to give you a call back. Once you’ve gone over the details of the loan, you’ll need to bring the following items:
- Your driver’s license or another form of state-issued ID
- A recent bank statement from an active checking account
- Your most recent paystub
- A blank check from an active checking account listed in your name
Once everything’s been verified and confirmed, a representative will go through the final stages of the approval process. Should you be approved, you’ll get the money you need on the same day or the next business day.
If you have bad credit, don’t worry! There’s no harm in applying, and you may still be able to get a paycheck loan even with bad or nonexistent credit.
Submit An Application Today
Being a first-time borrower can make the whole experience seem more stressful, but a paycheck loan is a viable option if you’re struggling to handle some important expenses that you need to take care of.
Using a paycheck loan gets you the fast cash you need to take care of those bills before they become a major thorn in your side, and Tennessee Title Loans, Inc. has got you covered with fast, simple loans that can help you out of a pinch. To get started, visit our website and fill out the application form today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.