How Payday Loans Work If It's Your First Time Getting One

October 1, 2021 | June Mckaig

how payday loans work

 

Payday loans are becoming ever more popular due to their simplicity and accessibility, but if you are a first-time borrower chances are you don’t know how payday loans work.

Many lenders advertise how quick and easy their loans are, but few actually delve into how payday loans work, and what makes them an option worth considering if you’re experiencing financial hardship.

We’re here to rectify that. Here’s all you need to know about how payday loans work at Mississippi Title Loans, Inc. for your help.

Learn How Our Payday Loans Process Works

1. There’s No Complicated Process

When we call Mississippi payday loans online simple, we mean that there’re no complicated, tedious procedures involved.

You only need to provide a handful of documents and, if they meet our qualifications, you’re very likely to get the cash you need without having to run around for additional documents or enduring long waiting times. Here’s what you’ll need:

  • A government-issued ID to verify your legal age (you must be over 18 to qualify for a payday loan);
  • Proof of income (usually your most recent pay stub);
  • A blank check from an active checking account (the account must be in your name).

2. You Don’t Need To Be Employed To Qualify For A Payday Loan

While the most recent pay stub is usually the proof of income the prospective borrower provides, it’s not necessarily the only proof you could provide. With how payday loans work – being unsecured and not requiring collateral – proof of income is needed to demonstrate your ability to pay the loan off in the long run.

If you have the means to do that without a salary – you’re still likely to qualify for the loan. What you need to do is inform the loan representative you’ll be working with about your situation and provide correct documentation according to their instructions. You can possibly use unemployment or welfare benefits, alimony, pension, even savings.

3. Borrowers Of All Credit Types Can Be Eligible

We’re open to borrowers of all credit types. You can get a loan if your credit is spectacular or absolutely in the red. With how payday loans work, we will check your credit, but you can still possibly qualify if your credit is not great.

 

payday loans MS

 

4. Payday Loans Won’t Affect Your Credit Score

An important thing to know about how payday loans work is that they won’t affect your existing credit score. Mississippi Title Loans, Inc. has a very strict information privacy policy and we never report our loan information to any credit agencies. A payday loan can neither bring your credit score down – nor improve it. Keep that in mind when considering getting one.

5. Payday Loans Are Usually Due On Your Next Paycheck

As the name payday loans indicate, they are usually scheduled to be paid off on your next payday. This means that in two weeks – usually when your next paycheck comes in – you will pay off your payday loan.

We will go into more detail about payments and when you are expected to pay back the loan when you come in and sit down with us. We will also go over all of our loan terms to make sure you understand what you are about to get into.

6. The Process Is Simple And Can Be Started Online

The major upside of how payday loans work in Mississippi Title Loans, Inc. is that you don’t need to pay the store an in-person visit to get started.

You can submit a form online, and our loan representative will call you back to set up the meeting. You will then come to the nearest location – by searching ‘Mississippi payday loans near me’ on our website – to finish the process. The whole thing could take as quick as 30 minutes to complete.

If you are approved, you could get the money you need on the same day. No waiting days or weeks to learn if you’ve been approved.

What The Process Of Getting A Payday Loan Looks Like

Now that you know how payday loans work, we can get right into what it takes to get one. Here at Mississippi Title Loans, Inc. the process is straightforward and only requires a few steps on your part:

  1. Make sure to have all the required items (the government-issued ID, proof of income, and a blank check from an active checking account in your name) on hand before getting started;
  2. Fill out and submit the form you’ll find on the website. Answer when the loan representative calls you and carefully listen to their instructions;
  3. Take the required items to the meeting they’ll schedule for you. Let the representative assess your documents to determine if you qualify for the loan and on what terms;
  4. If you are approved, we will go over the loan terms and have you finish up some paperwork. Once you are finished, you can get the cash either the same day or the next bank business day.

Get The Payday Loan You Need Today

So, as you can see, getting a payday loan is not nearly as difficult as you may have thought. This loan can help you out when you are in a tough situation with emergency expenses. Now that you know how payday loans work and how easy it is to get one – go ahead and apply right now! Fill out our online form to get started.