What’s a Payday Line of Credit?
Just like payday loans, you’re borrowing against your next paycheck, so they’re short term, with no ongoing debt to worry about. With a payday line of credit, amounts you repay go back to a “pool” of available cash that you’re approved for – so you can borrow those same dollars repeatedly as needed, as long as you keep repaying them on time, without applying for multiple loans.
How much can I borrow?
A payday line of credit loan can be approved for as much as $1500 depending on your income and other factors, but you can borrow as little as $100 at a time – only as much as you need, so you only pay interest on the smaller amount. The rest is waiting on standby until you really need it.
How long does it take to get approved?
The application and approval process is very quick – like all payday loans it takes only minutes from application to approval and acceptance.
What if my credit score is bad?
You can get a payday line of credit with a bad credit score. The lenders use a proprietary set of criteria that doesn’t usually involve the traditional “Big Three” credit score. They know that we’ve all made mistakes and sometimes those involve money management – but that shouldn’t mean that you can’t be approved for credit again once your situation is proven to be stable again.
What do I need to do to apply?
The application is simple – just a quick three-part form that checks into your income, bank account, and the usual forms of ID. In order to be approved you do need to be at least 18, have a bank account, and income of at least $1000 per month.
What about collateral or financial statements?
There is absolutely no collateral needed, and no prior year tax returns or anything included in the application, so you can get a payday line of credit without owning your car or home outright, having a significant savings account, or digging through your files to find specific pieces of paperwork.
It’s really that easy?
It’s so easy you don’t even need to be at your computer to apply! The website is optimized for mobile so you can fill out the application, receive the loan agreement, and even sign it, all using nothing but your cell phone!
I’m ready – how do I start?
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