The Inside Scoop on Payday Loans
A payday loan is an unsecured loan not dependent on collateral such as a car. They are short term loans meant to be paid back in a few days usually on your next payday. You can apply online and the money loaned can be credited into your bank account on the same day.
The most common amount lent for first time borrowers is $300 or more maybe depending on your income. You are more likely to be approved the less you want to borrow so it is advisable to borrow only what you need. Like other lenders once you have established yourself you can borrow a higher amount if needed the next time.
Who Can Apply for a Payday Loan?
To be eligible for a payday loan you must be over 18 and employed for at least three months. You must also have a bank account with a valid debit card. Even if you have bad credit history you should still be able to obtain a payday loan if you fulfill the above criteria.
How do You Repay the Loan?
According to the contract you repay the principle plus interest on the date agreed upon. Your next payday is usually the agreed upon date which is where the term payday loan comes from. The lender usually collects your payment by debiting your bank account once your pay is deposited.
Loan Extension Requests
Payday loans may be extended if you find yourself in a position to be unable to satisfy all of it on the repayment date. If you find this necessary you will need to contact the agency to explain the situation and ask for an extension.
The Benefits of Payday Loans
Eligibility: One of the benefits is the speed at which the cash can be credited to you. The money you need can be available to you in your bank account the same day you apply. This can be very helpful if you have a short-term cash flow problem and need money right now.
Applying for a payday loan is quick and easy and only takes a few minutes to fill out the form without wasting time going back and forth with faxes or emails.
Poor Credit History: Payday loans are available to people with poor credit. Reason being the payday loan firms will lend money based on you meeting their lower requirements. If you meet the application criteria you have a good chance of getting the money.
The reason payday loan businesses seem to be everywhere is because they can meet the needs of people who do not meet the criteria of the banks plus banks will not lend small amounts for any reason.
To Wrap This Up
There are a lot of good people who do not have a credit card or established credit so they use payday loan companies to help get them through a tough time.
All in all getting a short-term loan is easy and convenient giving you access to money when you need it without the hassle of getting rejected at the bank.
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