You should not apply for a loan on behalf of someone else. Loan approvals, including payday loans, depend on the borrower’s individual credentials, such as age, residency, income, and employment. In addition, taking out a loan can be a big deal, in the sense that if unpaid, the fees can really add up and it…
Each year, 12 million Americans use payday loans, with 6 percent of the adult population having taken out one since 2017. In total, borrowers in the U.S. spend nearly $9 billion annually on payday loan fees. These statistics reveal that millions of Americans, from Texas to Maine, are turning to payday lending each year, and…
As part of the loan approval process, a payday lender may reach out to your employer to confirm your job status. The prospect of payday lenders contacting your employer may cause you concern regarding privacy breaches and professional integrity. Although it is relatively uncommon for payday loan companies to call your employer, understanding the circumstances…
If you fail to repay your payday loan you will receive contact from your lender, you could incur late fees and additional interest, and it can negatively impact your credit score. While payday loans offer quick financial relief, the repercussions of defaulting on your repayments can be worrying. If you find yourself unable to meet…
It’s important to evaluate whether you can meet the repayment obligations and fees before applying for a payday loan. Payday loans often seem like a quick solution when faced with financial emergencies, however, it’s crucial to approach them with caution and thorough consideration. We have put together some important factors you should think about before…
Failing to repay a payday loan could result in legal action. While payday lenders typically see the court as a last resort, they do have the right to take legal steps to recover the money if you breach your loan agreement. Ready Payday Loans is here to help you understand the potential legal implications of…
Using a payday loan won’t have any impact on your credit rating. Payday loans provide fast access to emergency funds, but they do not contribute to building your credit score because their repayments are not reported to credit bureaus like other forms of credit. Having a better credit score is an important goal for many…
Canceling a payday loan is typically a simple process at any point during its term. That said, you may still be responsible for covering costs like accrued interest. If you no longer require the borrowed funds or have found a better alternative to your payday loan, before canceling your loan, you should fully understand the…
