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A personal payday loan sometimes known as cash advance loans, is usually a short-term personal loan that is supposed to get repaid at the time when the borrower receives their next payday. Online payday loans are becoming more popular recently, as online technological innovation has enabled potential borrowers to connect with a lender sooner than before.
Depending on a wide range of factors like credit and loan amount $100-$1000, the terms of a payday loan may be different, and a lender may provide some loans to certain types of borrowers who match their requirements.
Payday loan locations in Maine
Requesting a payday loan in Maine
Beginning the payday loan request in Maine process is more easy than in the past, due to the availability of online lender networks and online lenders. We aren’t a lender, but, we work with many lenders in our lender network who may offer payday loans.
To begin the request process, it’s as simple as filling out a simple online form that may take just minutes to fill out. From there, a possible lender will review your request, and when you meet their requirements, they may connect with you shortly.
What do You need to get a payday loan in Maine
Personal credit isn’t the only requirement that goes into payday loans. A potential lender in Maine may also want to see your:
Proof of income
A lender might want to see that borrower has the means to pay back any loan that’s provided. For this reason, they may ask to see a proof of income, to point out that the borrower has a steady flow of cash that can be used to pay back the loan in time. Remember, when a lender is inspecting a potential 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 may not go forward with the loan. However don’t be discouraged. Even poor credit people may be able to get connected with a lender, as there are many lenders who do offer payday loans to borrowers with less than excellent credit score.
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 can help a lender get a fuller image 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 could notice a standard theme in these requirements. Payday loan lenders want to ensure that they know and understand anyone to whom they are lending money. It’s a reasonable process since anybody lending cash would want to know the one who is borrowing it as well as possible. Proof of residency is simply another tool that lenders may want to use when evaluating a potential borrower.
Often, 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 may require potential borrowers to have an active checking account that can be used to receive the funds. It might also give a lender another glimpse into the financial trustworthiness of a potential borrower.
A lender may need to take multiple steps to verify a possible 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 items because, for a lender, each loan they issue contains some form of risk for them. When they are considering whether or not to approve a certain borrower, it is sometimes because the lender is weighing the potential risk and deciding if it fits their qualifications.
Process of getting a payday loan in Maine
The process of getting a payday loan is different from getting a loan from a bank or other financial institution. Banks may be less willing to work with clients who have poor credit. Whereas a payday-particular lender might require a possible borrower to have a bank account, in most cases, they’ve much less strict requirements than banks themselves.
For borrowers in Maine who need extra cash and don’t mind loan term with a relatively short repayment schedule and potentially higher interest rates, payday loans might be an option to think about. However, it’s important to remember, even though there are payday lenders willing to work with bad credit borrowers, it’s nearly not possible to get a loan with no credit score check.
Are you looking for other loan options?
If you require more than $5000 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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