If you are still new in the payday lending industry, you will surely have a lot of questions about it. Well, it is true that payday loans are very popular nowadays but it does not mean that everyone in the country already knows about it and how it works.
If you are a new borrower, you will surely have a lot of questions about payday lending. Here are the common questions of new borrowers when they are looking at payday loans to help them with their concerns.
What are Ameriloan Payday Loans?
As the name implies, it is a kind of loan that must be paid back on your next payday. If you apply for this loan, they will be expecting you to pay it back on your next payday. You must pay it in full including the interest rate.
What are the Requirements that you need if you want to Apply for Payday Loans?
• You must be of Legal Age or 18 years old and above
• You need to have a Job or a regular source of income
• You need to be a citizen of the country
• You need to have your own savings account
• You need to have a minimum salary of $1,000
• You must be no less than 3 months employed on your current job
Do you have to submit the documents and requirements needed?
Some payday loans ask for documents and other proofs while some of them do not ask for any documents like No Fax Payday loans. It depends on your preference if you prefer traditional payday loans or no fax payday loans.
Do you need to have a good credit score for Ameriloan?
Payday loan lenders do not pay attention to credit scores and they do not care if you have a good or bad credit. Even if you have a bad credit, you cannot negotiate for a better interest rate because the rates that they offer are fixed.
Are they Legitimate or Legal?
In most states, payday loans are legal but if you are not yet sure, you need to research if they are legitimate or legal on your state. If they are not legal and you found payday loan lenders on your place, it will be very dangerous to apply for it.
Are Ameriloan offering any other payment options?
It depends on the lenders and the terms and conditions that they provided. They differ when it comes to terms and conditions and some lenders are generous enough to help their borrowers and provide them a better payment option if they cannot pay for the loan on time.
How long is the Process and release of money?
The whole process only takes a couple of hours and the money will be released in less than 24 hours after the approval of your application. It is really fast so payday loans are reliable when it comes to immediate need for cash.
These are only some of the many questions of borrowers about payday lending.