The people at american payday loans offer their services to those in need of a fast short term loan, and also to those who may not qualify to borrow money from traditional lenders. When paychecks are not sufficient to cover bills and living expenses, a quick application with minimal personal information is all that is needed to start the process.
Minimal Requirements
Short term lenders like American Payday do not require credit checks, but a few items will be needed for approval. The first is a local checking account that is active and in good standing. Applicants also need to demonstrate they have a steady source of income, which can be done with a bank account statement or pay stubs. Depending on the individual, they may need to have a job and/or a checking account for a specific amount of time before qualifying.
A state-issued driver’s license of picture identification card is also required, and it must show the borrower is at least eighteen years of age. Other personal information includes home address and phone number. Having these items available when applying makes the processing faster.
American will loan first time borrowers $100, and can approve and provide the funds in minutes, according to their advertising. If the information is taken over the phone, their ‘Express Service’ will have the cash ready in five minutes or less at the pick-up window. There are a total of seventeen locations to serve their customers throughout the Kansas City, Oklahoma, Iowa, and Northern Arizona areas.
Terms
Terms are simple: The borrower has fourteen days to remit payment in full, including the interest charged. If the money is not paid on this date, additional interest will be charged, and the small debt will rollover into a larger one, with increasingly greater interest charges. Perhaps to minimize the chances of this happening, american payday loans no more than $500 dollars, and no less than one hundred, in an industry which usually maxes out at $1,500.
Payments are made automatically on the due date of the loan, using the checking account provided. If funds are not available on this date, overdraft fees or insufficient funds fees will be levied. In order to prevent this from happening, borrowers can contact the lender two to three business days in advance to request an extension; extensions require additional charges.
With American payday lending, bankruptcies, bounced checks, and charge offs are not an automatic denial. No credit checks are performed, and they are primarily concerned with the presence of a current steady source of income to repay the debt.
Applying for and receiving fast cash is easy, but borrowers should review the rates on different sums before attempting to take on a debt. The annual percentage rate for these loans is 391.1% if allowed to go on for that long. To put this in perspective, borrowing $100 dollars incurs a charge of $15 if it is paid back on time, and a $500 sum costs $75 dollars to borrow.
Taking on additional high interest debt is not a way of solving long term credit difficulties. Avoid excessive interest charges and use short term loans with care.
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