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How Do I Qualify for a Payday Loan

Dec 27

If you need a payday loan but don’t have the best credit, you may consider Capitol Drive Loans. Our company offers lower-interest payday loans to people in need, and we take care of the entire approval process. Just fill out our online form, and we'll get right on it. We understand how difficult it can be to get a loan when you don't have great credit, so we're here to help.

What is a Payday Loan?

Payday loans are short-term, higher-interest loans that can help you cover unexpected expenses. Payday loans can be a convenient and affordable way to tide you over until your next payday, but take care to understand the terms and conditions first. Interest rates, fees and repayment rules typically vary depending on the lender, however most often borrowers must pay back the loan plus interest within two weeks via direct debit. 

At Capitol Drive Loans, Payday loans can be a lifesaver in tough financial times. They're short-term loans that you can use to cover expenses like groceries or rent. Once approved, the funds will be transferred directly into your bank account within 24 hours.

Qualifications for a Payday Loan

To qualify for a payday loan at Capitol Drive Loans, simply visit our site and be prepared to: 

  1. Fill out an application, including your bank information (routing number, etc.) and provide copies of relevant documents, such as your ID.
  2. Agree to the terms and conditions of the loan, which will include the interest rate and other fees.
  3. Contact us with any questions or concerns you may have during the application process

General Loan Requirements:

  • You must be 18 years or older.
  • You must have a valid checking account - this means your account must be active and in good standing
  • You must have proof of regular income

How Much Can You Borrow?

The minimum amount you can borrow is $100, and interest rates range depending on the amount borrowed. Make sure you can repay the loan from your next paycheck or call us to discuss other loan options.

How You Can Use Your Payday Loan

At Capitol Drive Loans, we provide payday loans for many different reasons - however there are no rules on how to use your cash advance.

Payday loans are often used to cover other expenses ordinarily covered by one's regular monthly budget. For example, if someone struggles to pay their rent on time each month despite trying to save up for the down payment on a new apartment, they may turn to a payday loan to cover that one-time payment.

Some people use payday loans as an emergency cash infusion until their next paycheck arrives. In that case, they can use the cash immediately to cover essentials like groceries or higher than expected bills.

Finally, payday loans are often used with other forms of debt and financing to improve an individual's overall financial situation. For example, you may want to pay down another bill, loan or credit card to reduce the higher interest charged.

How Do You Repay a Payday Loan?

Repaying a payday loan is simple - you will make full payment on your next payday. The terms are based on your payday, so payment may be due in 1 week, 2 weeks or 1 month.

Interest Rates on Payday Loans

Capitol Drive Loans offers competitive interest rates on payday loans. Our lower-interest loans are affordable and convenient, so you can get the money you need as quickly as possible. These rates do tend to be higher than that of a traditional bank loan, which requires a longer application process and high credit ratings, in addition to around 30 days to get your money.

Apply Today for Your Payday Loan

Payday loans can be a lifesaver in times of need. Make sure you read all the terms and conditions before submitting your application, as payday loans can be expensive. 

For more information, visit Capitol Drive Loans.