Getting payday loans by phone can be one of the ways to tide you over till you get your paycheck. Getting the loan is easy but most people worry about the cost of the loan and whether they are doing anything illegal. If you are one of those people who worry about payday loans over the phone; here are a few frequently asked questions and answers that will soothe your mind.
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How does a person qualify for the loan?
Almost anyone who has a job can qualify for payday loans. You must currently have a job or have regular source of income. You should be making at least $500-$1000 per month and you must be 18 years or over age to be eligible for the loan. You should also have a legitimate social security number and not be a member of the military. Most loan companies have these same requirements however; you can get in touch with payday loans over the phone to get additional details about particular eligibility requirements.
How much can a person borrow?
Ideally, you can borrow the amount that you get in your paycheck. That means if you get paid about $1500, you can borrow up to $1500 or more. The exact amount that you are borrowing will also depend on the company that is lending you money and the geographical location that you are based in. The best part is that there are many lending companies now that offer as many loans as you require in any amount that you want. You can check with each to find out about interest rates and payback methods and the amount that you are eligible for.
What are the current interest rates I can expect?
Ideally, interest rates on these short term loans are very high. That means you can expect an average interest rate of fifteen to thirty percent. You could land up paying as much as $30 on a $100 loan but this is the only way that you will get a loan without a credit check or any guarantor. However, the upper limit for these loans has been fixed to a 36% interest that can be paid on these short term loans. Before you sign on, check with the interest rate applicable on you at present.
How are these loans paid back?
You have to pay these loans back when you get your paycheck. That means if you are getting paid on the seventh of every month, the company will direct deduct or put in a check for their loan amount on the tenth of the month. This period of time can be extended in a process called a rollover. In a rollever, rather than paying the loan back, the borrower extends the time period of the loan so that they can pay back at a more convenient time.
What is the proof that the payday loan company is legitimate?
Most companies that are located on line are approved to lend to people with a legitimate interest rate. However, we do suggest that you get in touch with the BBB or the Better Business Bureau to get more information on the company and how to proceed. If you have even the slightest doubt about the legitimacy of the company, please do not proceed.
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