How Do Payday Loans Work If You Have Existing Debt?
Utah Title Loans, Inc. wants our customers to understand much more than just how to get a payday loan. We want to answer every question concerning how do payday loans work so that you know exactly what you’re signing up for when you apply.
We’ve helped thousands of Utah residents get extra cash, even with existing debt or other would-be hindrances.
Check out the details below about how payday loans work no matter how much debt you have. We’ll also explain some of the basics about how to apply for cash advances and get your money fast.
Can You Get A Payday Loan With Existing Debt?
The first thing you’ll learn when researching how does a payday loan work is that they are designed to help you make it from paycheck to paycheck. They can fill in gaps in your income for food, work-related travel, bills, and unexpected expenses. This can help you pay off other debt and improve your credit score when used wisely.
Payday loans are literally MADE for people with existing debt. Here’s what we mean…
When you apply for a loan with traditional lenders, one of the first things they’ll do is run your credit to obtain your score and credit history. This can immediately disqualify you from getting a loan from their establishment.
And that’s unfair because your finances can change quickly. While you are rebuilding your credit and getting out of debt, these lenders could hold your past debt against you even though you are perfectly capable of repaying a new loan now.
Payday Loans And Debt
Payday loans are different. While we do take past credit into account, we also look at your current ability to repay the loan. Therefore, many more applicants are able to get approved with the following:
- Outstanding debt
- Bad credit
- No credit
- Nowhere else to turn for fast cash
- High debt-to-income ratio
Our primary focus is the future. If you can prove that you have current income, we will do everything we can to get you approved for a payday advance.
If you’ve been wondering how do payday loans work and have concerns about your existing debt, don’t worry. Our experienced associates can help you get approved in many different financial circumstances.
What About Other Short-Term Loans?
There are specific rules we must follow concerning payday loans and our other loan options. These rules are in place to help protect you, the customer, and regulate the cash advance business as a whole.
In some cases, it is possible for you to have more than one payday loan at a given time. The regulations surrounding this situation are applied on an individual basis, so what has been the case for a friend or family member may not necessarily work the same way for you.
You may even find that different regulations apply to you from one payday loan to another. The terms of each loan are unique to the person and their current situation.
So, the answer to our question, “Can you get another payday loan if you already have one?” In Utah, you can only have one payday loan at a time, but there are some exceptions. Confusing, right?
That’s why it is so important to work with someone who knows the industry inside and out — someone who can confidently tell you how do payday loans work and help you get qualified for the right loan at the right time.
How To Apply For A Cash Advance With Existing Debt
Utah Title Loans, Inc. makes it easy for anyone to apply for payday loans, regardless of how much debt you currently have. You can qualify for $100 to $500 in just minutes.
- Fill out the form on our website. This sends your information directly to an associate who will handle your loan.
- The associate will call you to explain the terms of your loan and any other details you may need about how do payday loans work.
- You will then need to visit the store in order to deliver your documents and finish your loan request.
As long as you are 18 or older, you are eligible to apply. You will only need the following things:
- Most recent pay stub
- A blank check from an active checking account in your name
- Your photo I.D.
You aren't obligated to report existing debt to us. After following the simple steps above, you should find out if you are approved quickly. In fact, most customers find out within minutes. If approved, you can get your cash the same day or the next business day, depending on a few timing factors.
Get Started On Your Loan Request Now
Don’t let existing debt stand in the way of extra cash before your next paycheck. Whenever you’re ready, let our helpful associates guide you through the simple process of paycheck advances.
The emergency cash you need could be in your hand as soon as today. Submit your information with the online form to get started now!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.