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What is the process of getting a payday loan in South Carolina
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 have a bad credit score. While a payday-specific lender could require a potential borrower to have a checking account, in many cases, they’ve much less strict requirements than banks themselves. For borrowers in South Carolina who need additional cash and don’t mind a loan’s term with a relatively short repayment schedule and potentially higher interest rates, payday loans may be an option to think about. However, it’s important to remember, despite the fact that there are payday lenders willing to work with poor credit borrowers, it is virtually not possible to get a loan with no credit score check.
Requesting a payday loan in South Carolina
Beginning the payday loan request in South Carolina process is easier than in the past, because of the availability of online lenders. We aren’t a lender, however, we work with many lenders in our lender network who could provide payday loans. To begin the request process, it’s as simple as filling out a simple online form. From there, a possible lender will overview your request, and if you meet their qualifications, they might connect with you quickly.
Requirements to get a payday loan in South Carolina
Personal credit isn’t the only requirement that goes into a payday loan. A possible lender in South Carolina may also need to see:
Proof of income
A lender might need to see that borrower has the means to pay back any loan that is offered. For this reason, they might ask to see a proof of income, to check that the borrower has a regular flow of money that can be used to pay back the loan in a timely manner. Bear in mind, when a lender is inspecting a potential borrower, they’re thinking about the loan in terms of risk to their business. If they think that the borrower is may be risky with repayment, they may not forward with the loan. However don’t be discouraged. Even borrowers with poor credit might be able to get connected with a lender, as there are many lenders who do offer payday loans to people with less than good credit score.
Social Security number
A strong form 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 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 could notice a standard theme in these requirements. Payday loan lenders want to be certain that they know and understand anyone to whom they are lending cash. It is a reasonable process since anybody lending cash would need to know the person who is borrowing it as much as possible. Proof of residency is just another tool that lenders may want to use when evaluating a possible borrower.
Typically, if a borrower is approved and accepts a loan from a lender, the funds can be deposited directly into the borrower’s checking account. For that reason, 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 might need to take multiple steps to verify a possible borrower is who they say they are. For this reason, some lenders ask for identification documents like:
- a driver’s license
- state ID
Lenders may want to see these items because, for a lender, every loan they provide contains some type of risk for them. When they’re 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.
Payday loan locations in South Carolina
Are you looking for other loan options?
If you need more than $4000 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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