Things to Consider Before Requesting Your First Payday Loan

Are you in a financial tight spot and thinking of getting your first payday loan? Have questions about your 1st payday loan? Worried about your credit history and how it might affect you?

The main reasons someone requests their first payday loan are very common: you have an auto repair that must be done so you can get back and forth to work, you have an unexpected medical bill and need to pay something on it, you have a few small checks you wrote and realize they will bounce (@$35 each) if you do not cover them or any other urgent expense that requires cash….fast.

First Payday Loan

Is it possible to get a 1st payday loan even with bad credit?

There are a few important things you should consider before selecting your first choice payday loan. While good credit scores are needed for traditional loans, having poor or bad credit will not deter your opportunity for a first payday loan. This is because direct lenders for first payday loans do not do hard credit checks. What is required is evidence of your current employment. Your recent and upcoming income is the biggest factor in approval for your first payday loan or any future ones.

How much does a first payday loan cost?

You should also know that payday loans are fee-based loans. That means there is a fee, governed by state law, that is set based upon the loan amount. In most states, this fee is between $10-20 per $100 you borrow. Check your state website to see the fee range or maximum fee allowed in your state.

The most important thing to remember about your first payday loan is that you should be sure you can pay it back when it is due. Never take out a payday loan if you are not sure of repayment. The additional fees and/or penalties can be large and are not worth it.

With a little planning and knowing your financial situation, you can have a great experience with your first payday loan.

Which is the best place to get a first payday loan?

Consider all your options and if you find yourself with no way to get emergency cash fast, then go to CashOne and complete the short loan request form. You will get an answer in seconds and cash in 1 business day if approved. CashOne has served more than 500,000 people over the past 15 years as a trusted partner. And our service costs you nothing!



Robin Williams

Robin Williams is the General Manager at CashOne, a reputable financial services company that helps consumers tide over their short-term financial crises. Our fast, convenient, and secure online loan application eliminates the unnecessary hassles or time required to procure payday loans online.

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