A payday loan sometimes called a cash advance loan, is typically a short term personal loan that is supposed to get repaid at the time when the borrower gets their next payday. Online payday loans are becoming more popular in recent years, as online technologies have enabled potential borrowers to connect with a lender faster than before.
Depending on a wide range of factors like credit rating and loan amount $100-$2000, the terms of payday loans might vary, and a lender could offer some loans to certain types of borrowers who match their requirements.
What is the process of getting a payday loan in Maine
The process of getting a payday loan is different from getting a loan from a credit union or other financial institution. Banks could be much less willing to work with borrowers who’ve got a low credit score. Whereas a payday-specific lender may require a possible borrower to have a bank account, in most cases, they’ve less strict requirements than banks themselves.
For borrowers in Maine who need additional the money and don’t mind a loan’s term with a relatively short repayment schedule and probably higher interest rates, a payday loan might be an option to consider. However, it’s important to keep in mind, despite the fact that there are payday lenders willing to work with a bad credit score clients, it’s virtually impossible to get a loan with no credit score check.
Payday loan locations in Maine
Requirements to get a payday loan in Maine
Personal credit score isn’t the only requirement that goes into a payday loan. A possible lender in Maine may need to see:
Proof of income
A lender may need to see that borrower has the means to pay back any loan that’s provided. Because of this, they could ask to see a proof of income, to show that the borrower has a steady influx of cash that can be used to pay back the loan in a timely manner. Remember, when a lender is analyzing a possible borrower, they are thinking about the loan in terms of risk to their business. If they suppose the borrower is likely to be risky with payments, they could not go forward with the loan. But don’t be discouraged. Even a bad credit score people may be able to get connected with a lender, as there are many lenders who do offer payday loans to people with lower than perfect credit.
SSN – Social Security number
A powerful type of identification, a borrower’s Social Security number is an instrument that some lenders will use to evaluate the borrower’s credentials further. It could help a lender get a fuller picture of a borrower’s profile, which may be used to determine whether or not the borrower is qualified to receive a loan.
Proof of residency
You might notice a standard theme in these requirements. Payday loan lenders want to be sure they know and understand anyone to whom they’re lending cash. It is a reasonable process since anybody lending cash would need to know the one who is borrowing it as well as possible. Proof of residency is just another instrument that lenders might want to use when evaluating a potential borrower.
Usually, if a borrower is approved and accepts a loan from a lender, the funds will be deposited directly into the borrower’s checking account. Because of this, many lenders might require potential borrowers to have an active checking account that can be used to receive the funds. It may also give a lender another glimpse into the financial trustworthiness of a possible borrower.
A lender may need to take multiple steps to ensure a potential borrower is who they are saying they’re. For this reason, some lenders ask for identification documents like:
- a driver’s license
- state ID
Lenders might want to see these proofs because, for a lender, every loan they provide contains some form of risk for them. When they’re considering whether or not to approve a certain borrower, it is often because the lender is weighing the potential risk and deciding if it fits their qualifications.
Requesting a payday loan in Maine
Beginning the payday loan request in Maine process is easier than in the past, thanks to the availability of online lenders. We aren’t a lender, but, we work with many lenders in our lender network who could offer payday loans.
To begin the request process, it’s so simple as filling out an easy online form. From there, a potential lender will overview your request, and if you meet their qualifications, they may connect with you shortly.
Need more loan options?
If you require more than $3000 or a longer-term, these short-term loans may be better for your needs.
Installment loans. An installment loan is a loan that is repaid over time with a set number of scheduled payments. Each payment is known as an installment, which is why it’s called an installment loan.
Personal loans. Personal loans are a type of installment loan you can use for a variety of purposes, like rent or paying off unexpected expenses.
Cash advance loans. Cash advance loans are a short-term loan that is quickly funded to your bank account after approval. They are very similar to payday loans.
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