Free First Time Payday Loans
Posted on | February 25, 2010 | No Comments
Payday lenders often offer free first time payday loans or cash advances for those who are first time customers. This means, you will receive low interest or reduced fees and/or charges the first time you obtain a payday loan from their company. Payday loans supply immediate attention to your emergencies or are perfect when you need cash fast for special occasions or unexpected bills. A payday loan is a short term cash advance.
Generally, payday loans are to be repaid within fourteen days. You can extend the loan if some emergency should happen or unexpectedly come up. Extending a payday loan is simple. You just pay the minimum payment amount owed. The first time you make a payday cash loan, usually you will be allowed to obtain up to $300. This will ensure the lender that you are a legitimate and responsible customer who is willing and be able to repay your debts.
Payday lenders often offer their first time customers a free payday loan by waiving fees for their first cash advance. Applications can be done entirely online for the payday loan with no difficulty or hassle. Most lenders now offer a no fax required, easy application. This means the applicant has to submit no documentation as part of their lending process. These methods ensure a paperless, inexpensive, fax less and fast payday loan.
For first time borrowers, there are basic requirements as well as other certain criteria that must be met in order to be eligible for payday loan benefits:
- Theborrower must have an active banking account that is older than three months.
- Applicants must have steady employment or a steady source of income.
- The applicant must bring home no less than one thousand dollars per month.
- The applicant must not have previous payday loans or current loans from the present company.
There are a few reasons that applicants may be refused a payday loan:
- Time of employment at their current job is less than five months.
- Being unemployed or without a steady source of income.
- Having a checking account less than 3 months old or an inactive account.
- Having filed bankruptcy within one year or filing many times in the past
- Monthly income is less than one thousand dollars per month after taxes and deductions.
- They have outstanding payday loans or returned checks that are unpaid.
- If they have many NSF or overdraft fees associated with their checking account.
- If their contact information and/or reference information is incomplete or not accurate.
- The lender is not able to verify financial records such as a bank account.
- The payday loan lender is not successful in verifying personal information such as telephone number, employment status, social security number, or driver’s license information.
Following these guidelines will ensure that you get a fair and accurate answer when you apply for your first payday loan.
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