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Cash loans Marlboro is another word for payday loans. This type of loan is generally lending a small amount of money for a short time period. Most will lend up to one thousand dollars repayable at your next payday. How much you can borrow will depend on your income. These companies make their profit by charging you a high interest rate, which can be fifteen to thirty percent. How to qualify In order to qualify for this type of loan you will need: - Proof of employment such as a pay check stub or if you are retired, your award letter. On the paycheck stub, you will need your employer’s name, phone number, and address.
- A blank check
- Bank statement
- References, but how many will depend on the loan company
Process The company does not do a credit check so it does not matter what type of credit you have. Once they figure out the amount you can borrow you will have to sign a contract that states the amount borrowed, interest rate, amount to be paid back, and due date. It is advisable that you take the time to read the contract to make sure that you understand it. Before you sign the contract, you will fill out your check with the company’s name, the date you are getting the loan, and the amount you are borrowing. They will hold your check as collateral and if you do not come in to pay on time, they have the right to deposit your check to be repaid. After all this is done, some will give you the cash you borrow while others will give you a check that you will have to take to your bank to cash. Cons of a cash loan The biggest con is that when it comes to repay the loan your paycheck is short and you may not have enough to live on and pay your other bills so you may have to borrow again to make ends meet. In most cases, you will only be able to borrow a set number of times before you have to wait a month before you can borrow again. The interest rate is also very high. Pros of a cash loan If you have an emergency and have bad credit that prevents you from getting a regular loan then cash loans Brick would be a good solution. In addition, it is a short time loan can be repaid quickly. Conclusion Make sure that if you apply for one of these loans that it is a reputable cash loan lender. There are many well-known lenders to choose from. Check out their interest rates, any fees, and the reputation of the company.
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