You are in a really tough financial bind and a payday loan could reliably cover your immediate expenses. Yet, you are making the common error so many others do. You might be saying to yourself "Why bother applying when I am not going to be approved?" Do yourself a huge favor and avoid subscribing to the following myths about cash advance loans because you end up doing yourself a great disservice.
Myth #1: Not Earning Enough Per Week Disqualifies You From A Larger Loan
How much you are paid every week might not be as big of a hurdle as you think. If the loan you are taking out is not due until 14 days from receipt of the funds, you end up with receiving two full weeks of pay to cover it. So, as long as you are able to settle the loan by the time payment is due, you won't be deemed a borrowing risk.
Besides, you may be able to extend the due date. Depending on the lender and the circumstances, a fee may be required for an extension. Interest will also continue to accumulate on the loan. The bottom line is, though, your weekly salary does not disqualify you since you can be afforded more time to pay the loan.
Just be sure to pay as much as you can before going over the due date. This will keep interest costs down.
Myth #2: No One Lends To The Self-Employed
As the saying goes, nothing is 100%. For certain lenders, as long as you are able to provide proof of a consistent income, you can still be approved for a loan. The proof could come in the form of bank account deposit records or even photocopies of receipts for goods and services rendered.
Then, there is another option possibly available.
Cash loans may also be made available in the form of pink slip lending. A pink slip is another term for an auto title . Loans can be quickly issued when the title of the vehicle is provided as collateral whether you are employed or not.
Myth #3: No Loans Are Given To Those Without A Bank Account
Cash loans offers that don't require a bank account are more prevalent than you might think. Granted, the process of receiving the funds is going to be slower since there is no direct deposit. A wire transfer means you have to actually go to a third party place of business to pick up the funds. While less convenient, the option exists and it is far better than having no options at all.
Never dismiss yourself from consideration for a payday loan. Let a lender, like Koster's Cash Loans, tell you whether or not you are eligible. In fact, call the lender and express your concerns. More than likely, your perceived problems are not really the impediments you believe.Share