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Philadelphia Payday Loans From The Bank

Philadelphia payday loans are different from a bank loan in terms of how you qualify for the funds. With a bank loan, you get an application and it can be lengthy. You have to document your income, your expenses, and agree to allow them to conduct a credit check. They may require you to have some type of collateral to reduce the risk of default on the loan. Most banks do this unless you have exceptional credit.



The loan officer will go through your loan application and make notes of any additional documents they may need. They will also run your credit report and go through it. Not only will they look at your score but your income to debt ratio and any late payments. If you see likely a high risk customer they will likely deny your application.



The exception can be if you agree to have someone with very good credit co-sign on that bank loan for you. If you default, that person is legally responsible for your debt and it will also show up on their credit report. With that in mind, it can be tough to get someone to agree to take on such a role. Get paydayphilly.com from pdp. It can take several weeks after you apply to get your final answer from the bank.



If you are approved, you will sign the final documents. This will outline the amount of money you are borrowing and the interest rate. They will calculate your interest based on your credit and on the current market rates.



With Philadelphia payday loans, you can complete the application online or at a walk in location. The application only takes a few minutes to complete. There is no credit check so you don't have to list your debts. There is no question about what you plan to do with the money and you never have to offer any form of collateral.



Every single borrower of a given payday loan will pay the same amount of interest. That amount will be disclosed before you even apply. You may have to provide a few types of verification such as income and photo ID. However, it is far less information than what the bank will require.



You can get your money in as little as one hour with some payday loans. With others it can be up to 24 hours after you apply and get approved before the funds are available. Still, this is much faster than with a bank loan. They would still be reviewing your information the following day, not getting you the money.



Once you are approved for a payday loan, you sign the final documents just like you would at the bank. This is your obligation for the amount you get, the interest rate, and when you will repay them. This is the one part of getting the loan that is the same as at the bank. As you can see, it may be in your best interest to apply for a payday loan when you need money in a hurry.

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