What Is A Payday Loan?
Understanding what is a payday loan can help you know the appropriate situations that may call for this type of financial assistance. Payday loans can be a simple way to get the money you need to cover an emergency expense, and by learning everything you need to know about what is a payday loan, you better equip yourself for such situations in the future.
What A Payday Loan Is And What To Know About Them
A payday loan is a type of short-term loan that you can use to get emergency cash to make ends meet before your next paycheck arrives. This is one option that you can consider when you need money quickly to cover an emergency expense.
Since a payday loan is a type of short-term financial help, people typically use it to tide themselves over when they need emergency cash until their next paycheck is in. In Tennessee, you can get payday loans of a value anywhere between $100 and $400 when you work with Tennessee Title Loans, Inc.
It’s important to note that understanding what is a payday loan also means understanding that it is not meant to be a permanent solution to long-term financial problems. It is simply meant to be a short-term option to a temporary financial difficulty or emergency expense.
How Do Payday Loans Work?
1. Starting The Process
In order to fully understand what is a payday loan, you should also understand how payday loans work. Payday loans are popular because they can be simple to qualify for. The process of getting one is quick and straightforward.
- You can start by filling out the online payday loan inquiry form, which sends your information to the nearest Tennessee Title Loans, Inc. location.
- Once you have done this, you will soon get a call from a loan specialist from Tennessee Title Loans, Inc. Your loan specialist will confirm the basic information that you sent with your online inquiry. Tennessee Title Loans, Inc. understands the importance of data privacy and we are committed to keeping all your sensitive personal information strictly confidential.
- During this call, your loan specialist will also answer any questions that you might have and they will help you schedule an appointment to meet with them at the nearest Tennessee Title Loans, Inc. location.
- They will also double-check to make sure that you have all of the items that you need in order to apply for a payday loan with Tennessee Title Loans, Inc.
2. Getting The Requirements Together
There are just a few documents that you need to have in order to qualify for a payday loan:
- Your driver’s license or another form of valid government-issued photo ID.
- This proves your identity and that you are at least eighteen years old or older. Minors are not allowed to acquire payday loans in Tennessee.
- Your most recent bank statement.
- Your most recent pay stub.
- A blank check from an active checking account that is open in your name.
This small list of required documents is one of the reasons why payday loans in Tennessee can be used for emergencies.
3. Completing The In-Person Process
Once you arrive for your appointment at Tennessee Title Loans, Inc. you will meet with your loan specialist:
- They will evaluate the documents that you have brought with you. This is important for them to be able to properly evaluate how much emergency cash you are eligible to receive with your payday loan.
- The value of your loan is based on a few factors such as your income level and your ability to repay the loan. Notably, your credit score is not a factor when it comes to qualifying for a payday loan. Unlike when you apply for a traditional bank loan, you do not need to worry about a bad credit score holding you back from qualifying at Tennessee Title Loans, Inc. We welcome good, bad, and no credit.
- Once the value of your loan has been determined, your loan specialist will answer any final questions that you might have and they will help walk you through the last steps of the application process. Once you have finished your application, you can receive your money on the same day or the following business day.
This is another reason why payday loans in Tennessee can help during an emergency. When you apply for a traditional bank loan, you usually have to wait days or even weeks in some cases to learn how much you qualify for and to get your loan. This long wait time for a traditional bank loan is inconvenient at best, and if you need money quickly it is simply not an option to wait around that long.
Understanding What A Payday Loan Is
The answer to, "What is a payday loan?" is simple. Payday loans are a form of short-term loan that you can use to help get yourself out of a jam. This is one option that you can consider if you need money to make ends meet before your next paycheck comes.
Payday loans can be useful because the process of applying for them is simpler and easier than applying for a traditional bank loan. Find out if you qualify for this loan type today by submitting a Tennessee payday loan 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.