Do you need sudden cash to pay your medical or utility bills or to pay your credit bills? Do you need money to repair your car or to repair your house? If yes, you can take advantage of payday loan and get relief from this emergency critical financial situation.
What are payday loans?
Payday loans are offered by lenders to meet your emergency financial needs. These are short term cash advances, given against your next monthâ€™s pay check. You need to give a post-dated check to the lender. The check will contain the loan amount, interest and the transaction fee. The lender will process the check on your next payday in order to get back his money.
You need to pay a fee of $25 for every $100 you borrow. So, if you have borrowed $700, you will have to pay back $875. Generally you need to pay back the money within two weeks, but, if you make a minimum payment and request your lender to extend the loan term, your lender may extend it to a month.
From where will you get the loan?
You can opt to get a payday loan from different lenders or loan agencies across your state. You need to apply to the agencies and have to provide them with some basic information like, your name, address and bank account information. If your application gets approved, you will have to sign some documents related to terms and conditions of the loan.
How will get yourself approved for the loan?
In order to get eligible for the loan, you need to meet the following criteria:
* Bank account: You need to have a valid bank account and you have to provide the lender with your bank statement for the last 3 to 6 months.
* Age and residence: In order to get the loan, your age should be minimum 18 years. You also should be an American citizen. So, you have to provide documents as proof of your citizenship and age to the lender.
* Fixed income: You must have a permanent job and have a regular income. To give proof of your income and repayment capability, you need to show your salary stubs for the last 3 months.
What are the benefits of payday loans?
Some of the benefits of payday loans are:
* You can get the loan for any reason: You can opt to take the loan for any good reason and also do not have to specify the reason to the lender. You can take the loan to pay your bills or to make payments for any repair done to your home or car or even to take a vacation trip.
* Minimum paperwork involved: Minimum documentation is required to get this loan, thus making it easier for you, to get the loan.
* Can get the loan instantly: Unlike other forms of loan, you can get a payday loan in your account in less than an hour.
* Payday loans help you to solve credit card problems: If you exceed your credit limit or have problem with your card, you can solve that problem by taking a payday loan.
* No collateral: You can get this loan without providing for any collateral.
* Does not require credit check: You do not require to have a good credit score in order to get this loan.
* Easily accessible: You can get a payday loan through innumerable loan agencies located in your area. You can also get this loan through internet or even through a phone call.
However, you also have to keep in mind that you should take the loan from licensed and registered lenders only. You should also have to be aware of the detailed terms and conditions of the loan. You should repay the loan as earliest as possible; otherwise, you will have to pay heavy interest.
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