PAYDAY LOANS FOR POSTAL EMPLOYEES-GOOD OR BAD?

 

There are a lot of choices when it comes to loans, and if you’re a federal employee, Payday Loans might be your last resort if you happen to have poor credit. There are several companies offering loans, and as someone needing a loan, it would be a good decision to take a careful look at what Payday Loans are and how they work.

Payday Loans are usually short term loans and can have a very high interest rate depending on your credit. Loans are normally set up on a bi-weekly schedule, are normally for a limited time period, and you have to pay more for them the longer they take.

There are a lot of different items that must be included in the loan application for a Payday Loan, but these are mostly focused on the income that you have. If you have good credit then you are going to get better terms and lower interest rates on the loan than someone with poor credit.  A borrower also needs to opt for an automatic payroll deduction repayment plan. That is how the lender makes sure that the borrower won’t miss a payment, unless of course they quit or lose their job.

Payday Loans are good for emergencies, but you also need to look at the repayment options that are offered and this is extremely important.  Any time you borrow money, you are taking out a contract, and this contract needs to be considered before you sign anything. You need to be aware of what your choices are and this is important when you are borrowing money, especially for the first time.

If you’re a postal employee, hopefully you’ve also considered disability income insurance to protect yourself from loss of income.  Postal workers have the highest occurrence of severe injuries in the United States.  If you were to have an illness or injury and ended up having a lengthy time off from work… and didn’t have disability income insurance you might just need a loan!

LOANS FOR POSTAL EMPLOYEES

To sum things up, do yourself a favor if the need for a loan arises and check out your options. Payday Loans for postal employees will more than likely be one option you should avoid!    

ALLOTMENT LOANS FOR POSTAL EMPLOYEES

Allotment loans for postal employees provide an option for U.S. Federal government employees to acquire a loan with favorable terms.  This includes no credit check loans for postal employees, and is especially important when you need emergency cash!  In most cases a “payroll deduction plan” will be required.

MINIMUM REQUIREMENTS TYPICALLY NEEDED TO QUALIFY FOR AN ALLOTMENT LOAN

  • You must be employed with the post office for a minimum of one year
  • You must physically work a minimum of 32 hours each week
  • You will most likely need a Minimum Net Take Home Pay of $800
  • You cannot be in the middle of a bankruptcy
  • Where applicable, you must be paying your State and Federal Taxes
  • You may be ineligible if you currently have other loans coming out of allotments (Ask Your Lender)

Creditors are more likely to approve a loan for USPS employees because they have a secure job, along with a steady and reliable income.  They are also aware that job security is likely to continue in most circumstances.

In most cases, loan companies offering these loans will not require a credit check.  That alone makes the application process  needed to apply for a loan much quicker because there is a lot less paperwork to fill out. 

NO CREDIT CHECK REQUIRED

Since lenders prefer to loan money to people with a stable job, loans for postal employees are considered high-priority loans for many lenders. Therefore, postal workers can usually count on getting money whenever they need it, although the above conditions (or similar conditions) may be required in most cases.

IMPORTANT INFORMATION REGARDING A POTENTIAL LENDERS TERMS

 When looking for a premier loan provider, you should inquire about the following.

  • You want to be provided with loan terms convenient for you.
  • Additional Fees.  Are there any processing fees or additional charges.
  • Check to see if there are any penalties for making additional payments or paying off your loan early.
  • Find out if your application affects your credit score.
  • Ask what your annual rate will be.  (This may depend on what state you live in).

LOAN APPLICATION

Quite often the loan application and approval can be completed in a very short period of time.  Once approved, you can usually expect the money to be transferred the next business day via ACH.  (Fridays and holidays excluded).

 

HOW TO SPEED UP THE PROCESS OF GETTING YOUR LOAN APPROVED.

Allotment loans for postal employees are not time-consuming when it comes to supplying the information needed by the lender. It’s best to gather the information below, and have it all ready when applying for a loan.  Most companies will have a Toll Free number to call if you have any questions, along with the ability to Text or Fax information required.

Loans for Postal Employees typically require the following;

  • Pay Stubs
  • Copy of Postal ID Badge
  • Date of Hire
  • Copy of Driver’s License
  • Copy of Social Security card or a W2 with Name and Social Security number on it
  • Copy of a Utility Bill with your Name and Mailing Address
  • Banking Information.  Voided Check or Bank Statement with Full Account # and Routing #
  • A Phone Number Where You can be Reached

 

ATTRACTIVE FEATURES OF ALLOTTMENT LOANS FOR POSTAL EMPLOYEES

  1. The qualifications are minimal and do not require a credit check.
  2. There’s very little paperwork.
  3. Approvals are usually very fast.
  4. The interest rates are fixed for the term of the loan.
  5. You can use the money for whatever you want including emergencies, home remodeling, a vacation, a wedding etc.
  6. Refinancing is often available throughout the loan if you need more money.