Sunday, February 2, 2014

Payday Loans: A Good Source of Emergency Cash, or a Trick to Get Your Cash?

Payday loans have been under debate as to whether or not they are ethical loans to provide. In fact, some states outlaw the practice of giving these types of loans. But what exactly are they and why is there a split consensus about them?

How Payday Loans Work

Payday loans are popular because anyone with a job and a bank account can get one. To apply for this type of loan, all you need are the following:

* An application filled out
* Proof of identification
* Social security card
* Proof of address (electricity, gas, or phone bill)
* Copy of last 1-2 pay stubs
* Bank account statement
* Checks with your name and address printed on them (temporary checks don't have this information printed on them and cannot be used)