Payday Loans in Lake City, Florida
Life happens, and we often find ourselves in a spot where we must pay for some unexpected bills. Consider applying for a payday loan in Lake City, Florida, to see if you qualify.
The loan request process is swift and straightforward. To be qualified, you must satisfy a few general criteria.
What is a Paycheck Advance Loan? What Can It Cover?
A paycheck advance loan is where the borrower will get a small sum of funds on a short-term contract. This is thought of as an unsecured personal loan as no collateral is required.
When surprise financial needs come up, like missed rent or utility payments, auto fees, medical or vet bills, and so on, people commonly turn to paycheck advance loans.
Payday Advance Loan Requirements In Lake City, FL
In Lake City, FL, payday loan borrowers need to meet a few stipulations to qualify for a loan.
The borrower has to:
- Provide proof that they reside in Lake City, Florida
- Must be 18 or older
- Have a steady income that they can provide proof of being at least $1,000/month
- Give up-to-date contact information such as cell phone number and email address
- Provide their social security number
If a borrower does not meet the above criteria, they will immediately be denied a paycheck advance loan. Make sure you have the documentation needed when submitting your application.
Laws and Rules Concerning Cash Advance Loans in Lake City, Florida
The State of Florida has deemed paycheck advance lending legal. Although, they have enacted the following rules and regulations for the paycheck advance lending industry:
- An individual money lender can't extend a loan in excess of $600. Borrowers cannot have greater than two outstanding loans from different lenders. There is no smallest loan amount.
- The minimum loan term is not set, the longest loan term length is 31 days. In the State of Florida, borrowers may not rollover their loans.
- The fees and charges vary for each loan lender. The service costs enacted by lenders on a cash advance loan do not fall under interest. The service fees apply to each $100 borrowed and can range from 11% up to 15%.
- An interest rate is required to be mutually decided upon. APR can be as high as 369%.
Will Cash Advance Lenders in Lake City, Florida, Complete Credit Checks? What If I Have Dismal/No Credit History At All?
Yes, the lenders we work with will complete a credit check on you, but, even if you have no credit or dismal credit, you may still be eligible for a loan provided you can prove that you can pay back the loan. Lenders are commonly unbothered by your credit history if you have proof of income and a plan to repay the loan.
Lenders will use a soft credit inquiry, which will have no impact on your credit score. This is simply to get a look at your credit history and basic information.
A hard credit check, dissimilarly, requires your permission. These credit pulls are utilized for a plethora of purposes, such as mortgages, credit cards, and more.
You might still be approved for a payday advance loan with imperfect credit in Lake City, Florida, if you have proof of repayment.
Therefore, when you apply, whether it is in person or online, ensure that you have your income information easily accessible and any other documents verifying that you can pay back the loan. The more evidence you show, the more likely your loan application will be approved.
When Will I Receive My Cash in Lake City, Florida?
When you receive your deposit really depends on your lender as some lenders advertise same-day payday loans, which means you will see your payday advance loan on the same day you apply, as long as you receive an approval.
Most of the time, though, lenders will give the borrower their lump sum on the following business day. Businesses often close for holidays and weekends. Because of this, if you submit your application on a Friday, you might not get your cash until Monday.
If you're searching for a same-day payday advance loan in Lake City, Florida, you will need to ensure you're applying by 10:30 am. Any and all same-day funds going out that day will be approved by that deadline. However, you should apply earlier than that if able, as it will increase the likelihood that you see your cash on the same day that you apply.
One additional factor that you should understand is despite if the money lender approves your application and posts the credit to your checking account, sometimes the bank won't release that funds immediately. It's important to let your bank know that you plan to get a payday loan, so they might make an exception in releasing the loan earlier.
Overall, it's best to prepare in advance to get money on the next business day. That way, you're not out of luck if you cannot receive it on the same day.
Think About Working With PaydayLoanRadar
If you possess bad credit or no credit and are wanting to secure a cash advance loan, consider applying through us, as you most likely have a better chance of approval.
We work with more than one hundred different lenders who provide their services online. Much of the time you will see your deposit on the following business day so ensure that you plan accordingly.
Although, you can always find the nearest paycheck advance loan storefront to you and apply in person to boost the chances of seeing your funds on the same day. When requesting a loan in person, ensure that you have your government ID or driver's license; a passport will work as well. Sometimes, lenders may require proof of address, so bring a utility bill to the store too.
To locate the nearest payday loan store, please use the list below and find your city.
Payday Loan Direct Lender Companies in Lake City, FL
Below you will find a list of payday loan companies offering their services in Lake City, Florida. If you can't find a lender near your location in Lake City, consider applying in a nearby city in Florida. Alternatively, you can apply online on our website and get a decision almost instantly.
If you can't find a lender near your location in Lake City, consider checking out payday loan lenders in nearby cities. Alternatively, apply online on our website and get an instant decision. If approved, you will get your cash the same or next business day.