Life is an expensive affair these days, with ever increasing inflation, taxes and what not? For majority of populace it is very difficult to make both ends meet. They just struggle through with their finances from one payday check to another. There are times when the unplanned things happen because life does not follow any plan. There may be someone in the house who requires emergency medical attention, you may have some close friends insisting on visiting you, your kid might demand for something extraordinary, your car may betray you on the way to office, there are end number of things that can happen to shoot your expenditure along with your blood pressure. So to cope up with these kinds of situations, payday loan is there.
As the name suggests , it is a loan that is taken against your pay or regular income and needs to be paid back on the day you receive your pay. The time period is normally short , maybe two weeks. The amount can vary from $100 to $ 1,000 . It depends on the state laws , how much each state allows?
Who can avail Payday loan?
Any American citizen who has minimum 18 years of age and has regular income can avail this . He needs to have a bank account , valid email id and residence address. That is it. Easy to qualify ,isn’t it?
How to apply payday loans?
- Payday loan can be availed by visiting in person a front store or it can be availed online too.
- You can walk into the store, you will be asked to fill some personal information like, your name, social security number, residential address, employment information, paystub Once this information is verified you are asked to give a postdated check, with due amount filled in it.
- The due amount will be principal amount plus the interest plus the fee.
Online Payday Loan
Online payday loan is all the more easy. What is required, is a laptop or your smartphone. The first step on the digital platform will be to compare the rate of interest. Ensure that your lender is licensed. You just require to fill a simple form, you will be asked to share the above written information Once it is verified by direct lender, the lender will ask you to give your payday account number and permission to have electronic access to your account so that when the pay comes, the due amount is withdrawn.
What are the advantages of Payday Loan?
- Speedy – Speed is the buzz word. Yes due to its speed it is known by different names like, instant cash, fast cash. The lenders are aware of the fact that financial emergency is the reason for this kind of loan , so they try to lend as soon as the verification process is over. The time taken can be from a few hours to 24 hours.
- 24×7 Money – Yes you can have access to online loan 24 X7. There are lenders who provide this kind of service because they are aware emergency does not wear a watch . It can arise even in the middle of the night. The loan can be applied even in the middle of the night, such is the convenience.
- No Collateral required – In order to avail this loan you need not mortgage your vehicle or other valuable. Whereas in most of the personal loans, the loan is given against collateral and in case , you are not able to pay it then you lose your vehicle or the valuable mortgaged. That is too big a loss.
- No credit history required – Even if you have a bad credit history, the lenders are O.K with it.
- They are not concerned with your past but take only present in account.
- The loan can be used for any purpose : You can use the loan for any purpose to meet the increased expenditure. It can be used to pay the bills or the rent or medical expenses or to buy much wanted home appliance or it can be used even to pamper yourself with vacations.
- The payday loans is easy to access . The only caution you need to take care is just ask the lender to explain in writing all the charges, including fee, interest etc. Ensure there are no hidden charges.