The Glossary Of Absolutely Essential Payday Loan Terms To Know

Getting any kind of loan is an important decision. You need to know how it works and what’s included in the contract. And when it comes to payday loans specifically, there are certain payday loan terms you need to know. To help you with that, we here at Cash Cow have put together this guide to explain the payday loan definition and other common words you’ll hear throughout the process. Hopefully, by the end, you’ll realize that payday loans are actually simple to understand.

Make Sure You Know These Terms About Payday Loans

Payday Loan

When it comes to payday loan terms, the first thing you need to know is the payday loan definition. A payday loan is a short-term loan that you pay back on your next salary date. When you come to Cash Cow, you can qualify for anything between $100 to $300, depending on your income level. This can help you cover emergency expenses that can’t wait until your next paycheck comes in. Basically, this loan helps bridge the gap between pay periods.

One of the benefits of a payday loan through us at Cash Cow is that you can still find out if you qualify for approval even if you have a low credit score. We will not automatically turn you down if your credit isn’t perfect. Plus, we only require you to bring in your driver’s license or state-issued ID, your most recent paystub, and a blank check from an active checking account in your name to find out if you qualify.

Payday Loan Term

The next on this list of payday loans terminology you should know is payday loan term. The term of the loan is the time you have to pay it back. Long-term loans are paid over several months or even years. Common examples are student loans, mortgages, car loans, and so on. A short-term like a payday loan is due on your next salary date. So for the average employee, that would usually be two weeks from the time you get the loan. We can give you more information when we meet.

Repayment Schedule

When it comes to your repayment schedule, this will describe your total loan amount and when that amount is due. For larger long-term loans like car loans or mortgages, the repayment schedule will be much longer since you’ll likely be repaying these loans for a while. For a payday loan, we will go over your repayment schedule so you know exactly when the repayment is due. And if you find that you can’t meet the schedule, talk to us and we will see what we can do with you.

Secured Vs Unsecured Loan

Secured loans are loans where you provide security or collateral to secure the money. While you can borrow larger amounts, you need to own something of value such as a vehicle, property, stocks, and so on. Unsecured loans, on the other hand, do not require you to put anything up as collateral. Instead, approval is based on your creditworthiness or your ability to pay off the loan on time.

Payday loans are unsecured loans because your approval is based according to your proof of income. While you could get more cash from other loans, this loan would be good for smaller emergencies that need your attention right away and will only get worse over time. So, this loan can be an option for people who have a low credit score or do not have any property they can use as collateral.  

Payday Loan Process

The last term you need to be familiar with is the payday loan process. This is the entire process you’ll go through when you come to the nearest Cash Cow in Louisiana. To begin the process, all you have to do is fill out the online form found on the homepage of our website. This form – which is completely secure and easy to fill out – sends your contact information to the nearest store so we can give you a call.

This call allows us to go over the required items you need and what you should expect. This also allows us to schedule an appointment for you to come in. When you arrive, we will assess your items to help us make a determination on whether you qualify or not. If you do, we will help you finish the paperwork and really go over the loan terms. Once the papers are signed, you can get the money either that same day or the next bank business day at the latest.

Inquire Now To Find Out More About Payday Loans!

After reading this guide, you should know more about payday loan terms. So if you are interested in getting a payday loan or are still confused by payday loan terminology and prefer to speak to a loan representative, just fill out the form. We’ll give you a call personally to explain the loan and help you with the application process. Don’t hesitate any longer and fill out the online form on our website today.

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.