Payday Loans in Memphis, Florida
Life happens, and we often wind up in a spot where we have to pay for some unforeseen expenses. Think about submitting an application for a cash advance loan in Memphis, FL, to see if you meet the requirements.
The loan process is swift and effortless. To qualify, loan borrowers have to meet a couple of straightforward requirements.
What is a Cash Advance Loan? What Can It Cover?
A payday loan is where the borrower will be extended a petite sum of money on a short-term agreement. This is thought of as an unsecured personal loan as no collateral is required.
When unforeseen bills arise, such as past due rent or utility expenditures, vehicle fees, medical or vet expenditures, and so forth, people usually turn to payday loans.
Cash Advance Loan Stipulations In Memphis, Florida
In Memphis, Florida, payday loan borrowers need to meet several requirements to be eligible for a loan.
The borrower must:
- Show proof that they reside in Memphis, Florida
- Must be 18 years of age
- Have an income that they can provide proof of being at least $1,000/month
- Provide current contact information like phone number and email address
- Give their SSN
If a borrower does not meet the above rules, they will immediately be denied a payday loan. Ensure that you possess the documentation needed when applying.
Laws and Rules Regarding Paycheck Advance Loans in Memphis, Florida
Florida has deemed cash advance lending legal. Still, they have created the below rules and regulations for the payday lending market:
- An individual money lender cannot offer a loan for more than $600. Borrowers may not have more than two outstanding loans from different lenders. There is no minimum loan amount.
- The minimum loan term is not determined, the longest loan term length is 31 days. In the State of Florida, borrowers are not allowed to rollover their loans.
- The fees and charges vary for each money lender. The service fees charged by the lender on a 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 must be mutually decided upon. APR can range up to 369%.
Will Paycheck Advance Lenders in Memphis, Florida, Complete Credit Checks? What If I Have Dismal/No Credit History At All?
Yes, the lenders we partner with will run a credit check on you, but, even if you have no credit or poor credit, you might still be approved for a loan given that you can show that you are able to repay the loan. Lenders are commonly unconcerned about your credit if you provide proof of income and a strategy to repay the loan.
Lenders will perform a soft credit inquiry, which will not impact your credit score. This is only to get an idea of your credit history and basic information.
A hard credit check, dissimilarly, requires your explicit consent. These credit checks are performed for a plethora of purposes, such as mortgages, credit card applications, and more.
You might still qualify for a paycheck advance loan with bad credit in Memphis, Florida, provided that you can prove you will repay the loan.
So, when you apply for a loan, whether it is in person or online, ensure that you have your income information at hand and any other documents verifying that you can repay the loan. The more evidence you show, the more likely you are to be approved.
When Will I See My Cash in Memphis, Florida?
When you get your funds really depends on your lender as some lenders advertise same-day cash advance loans, which means you will see your paycheck advance loan on the same day you submit your application, as long as you get an approval.
Much of the time, however, lenders will send the borrower their lump sum on the next business day. Businesses often close for holidays and weekends. So, if you submit your application on a Friday, you may not receive your deposit until Monday.
If you're needing a same-day payday advance loan in Memphis, Florida, you will need to make sure you're applying by 10:30 am. Any and all same-day payments going out that day will be approved by that time. However, you should request a loan earlier than that if able, as it will boost the likelihood that you receive your money on the day that you apply.
One more consideration that you should know is even if the money lender approves your application and posts the credit to your bank account, sometimes the bank won't release that deposit immediately. It's vital that you let your bank know that you plan to get a cash advance loan, so they might make an exception in releasing the funds earlier.
On the whole, it's wise to prepare in advance to get your funds 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 Us
If you have underwhelming credit or no credit and are looking to get a cash advance loan, think about applying with us, as you probably have a better chance of approval.
We partner with hundreds of different lenders who offer their services online. Often you will see your deposit on the next business day so ensure that you plan appropriately.
However, you can always find the closest payday advance loan storefront to you and apply in person to boost the chances of receiving your loan on the same business day. When requesting a loan in person, ensure that you have your government ID or driver's license; a passport is sufficient. Sometimes, lenders may request proof of address, so take along a utility bill to the store too.
To find the nearest payday loan storefront, please navigate to the list below and find your city.
Payday Loan Direct Lender Companies in Memphis, FL
Below you will find a list of payday loan companies offering their services in Memphis, Florida. If you can't find a lender near your location in Memphis, 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 Memphis, 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.