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Are you facing financial problems or are bills piling up and you’ve got a long wait till your next paycheck? Payday loans can help out in an emergency financial situation. A payday loan could be the answer to cover bills that are one-offs or expenses that have come up unexpectedly. It’s a quick way to get cash into your bank account. Having said that, they’re not for everyone or everything. Before you press the button to apply for a payday loan, here are 9 things to think about.


1. Do you know what a payday loan is?

There’s no standard definition for a payday loan. Put simply, it’s a short term loan generally for a small amount of money – $500 or less. You’d typically pay it back after you get your next paycheck. Payday loans are also called cash advance loans, deferred deposit loans, and check advance loans but they work in the same way.


2. Are you eligible to apply for a payday loan? 

  • To get a payday loan you must:O
  • Live in the US 
  • Be older than 18
  • Prove you have a steady income of no less than $800 per month
  • Have a checking account so the lender has a place to be deposit your funds. 


3. What if your credit rating is bad?

Don’t worry about your credit rating. Of course, if you have a higher credit rating, it will help your chances of getting a payday loan approved but Funding Zest does consider all credit histories. So go ahead and submit an application even if you’re not sure that you’ll be accepted or even if you’ve already been turned down because of poor credit. Applying for a Funding Zest payday loan will not affect your credit rating at all. Plus, applying is free. 

You may also want to look at other options, like borrowing from friends and family.


4. What should you use a payday loan for? 

These help you if you run into a crisis and need cash urgently. If you have hospital or vet bills to pay, your car broke down, or your boiler took a turn for the worst, these are good reasons to take out a payday loan. Whatever the problem could be, a payday loan from Funding Zest could supply the funds you need to get you to the next paycheck. 

5. What a payday loan isn’t for…

This type of loan is not for outlandish spending or spur the moment shopping spree. You also don’t want to use it to repay other loans because that’s definitely not what it’s designed for. 

6. Where can you apply for a payday loan with Funding Zest? 

With Funding Zest, you can request your payday loan online. You don’t have to go anywhere. You don’t have to make any phone calls. You can apply from your kitchen table using your phone, laptop, or tablet.

It’s free to apply and only takes a couple of minutes. Once you input your basic details like…

  • Name
  • Address
  • Job-status
  • Monthly income
  • The amount you want to borrow
  • The length of time you’d like to repay it

We’ll work to find a lender and the one that matches what you need most. Many states that allow payday loans, put a cap on the loan amount and how high the accompanying fees could be. So check with your state. See what the laws are there. You’ll want to know what your state charges before.


7. How quickly can you get your money?

Funding Zest can get your money to you the same day you apply with a same day loan because unlike a bank fast as opposed to a bank that can take way too long. That’s even to find out if you’re approved. If you’re turned down then you can be weeks down the road and still not have the financial help you need.  

With Funding Zest, we can give you an answer right away so you will know instantly whether you’ve been approved for your loan. This is a huge advantage. You know that help is at hand. This can give you the best way at getting under control of the finances that you’re having problems with. 


8. Do you know how much money you will need?

Are you wondering what amount you should ask for from Funding Zest? We have payday loans anywhere from $100 all the way up to $35,000. But, you need to remember, that these loans are designed to be just a one-time thing for emergency payments. 

If you need much larger amounts, a payday loan might not be right. Another type of loan might fit the bill. You may want to look at an installment loan.

Borrow the right amount for you to help your chances of being approved. If you borrow too little you may not have enough to make a difference and reach your next paycheck.

On the flip side, borrow too much and that can be equally bad. A lender will do checks to see what you can afford to repay – on time. So think about that when you review how much you’re going to request. Too much might not just hurt your chances of getting approval but it could make it more difficult to pay back the loan. 


9. For what period should you borrow? 

Well, think about how long you’ll need the money to get through the difficulties that you’re currently experiencing. It can be for as little as two to four weeks until your next paycheck arrives. Then you can repay the whole lump sum in one repayment. 

If you think it’s going to take longer to repay your loan, you can borrow for up to a maximum of five years. When you do this, you make your payments in equal amounts or installments each month. 

If you want to repay early, there’s usually no penalty but check with your lender. There’s definitely a big benefit. If you repay early, you save on the interest you would have paid on the remaining repayments. 


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