There are many different issues and unexpected things that can occur to create financial hardships for an individual or a family. Issues such as a medical emergency, a costly vehicle breakdown or even an unexpected bill coming due can often cause hard-working families in Florida to struggle to make ends meet between paychecks.
For these families and individuals, a standard bank loan may not be an option. Typically, banks will have a minimum lending amount, which may be as much as $5000 dollars. It is also difficult for people to get traditional loans from banks, particularly if they have bad credit.
An option to consider for loans of $500 or less are payday loans. These are easy to obtain and allow the individual to borrow just what is needed to cover expenses between paydays.
No Credit Check Required
Unlike traditional types of loans from banks, payday loans do not require a credit check. Instead, the applicant’s work history and current employment status serve as the proof they have the ability to repay the loan.
This also means there is no need to provide collateral for the loan. You do not have to submit a title for a vehicle or put up some type of asset to offset the value of the loan.
With this method for backing the loan, these cash advances can be completed in just minutes. Most people with current employment will be approved for a loan, which makes this an ideal option to avoid having to use high-interest credit cards or trying to borrow money through traditional lenders.
What to Bring
In Florida, applying for payday loans is easy. In addition to a personal check, which will be made out of the loan amount and the fee, you will also need to have current and valid government identification, a social security card, a checking account statement as well as a proof of income.