It has been surveyed that payday loans taking people are increasing simultaneously and as well as the companies are too. If you decided to take payday loans for the first time then this is a good article for you because this article gathers lots of information about payday loans.
What is a payday loan:-
Payday loans are for short time loan and basically it is a loan for one to two weeks. It is also called Paycheck loan, Payroll advance loans, cash advance etc. You have to repay the loan after getting your check. If you are unable to pay the amount of the loan and the lender’s fees on the estimated payday then you have to pay for extra fees and also the interest. Payday loans are extensive interest loans.
Why do you need payday loans:-
Payday loans are so effective for little earning family and people. Suppose you have to go for a short tour or you have to buy some important things but you don’t have money after paying your house rents, phone bills etc. So you have to borrow or lend money and payday loan has brought you an excellent opportunity for you.
Who will give you payday loans:-
There are few banks who give you payday loans. But you can find lots of companies over the internet and in your local area who also give payday loads. So you can apply for it online or can visit the companies physically.
Conditions to get payday loans:-
In order to get payday loans instantly you have to meet several criteria. But different companies have different criteria. I am summing up all the things below…
- At first, your nationality would be American (USA).
- Minimum age should be 18.
- Your minimum monthly income should be one thousand dollars (1000$).
- You must have an account in a US bank.
- You must have a regular income or you must have a job.
When to apply for payday loans:-
As payday loan is very urgent so you don’t want to wait for three days for it. Please apply within Monday – Thursday. Saturday and Sunday these two days banks are closed so you have to wait for 2 days more if you apply Friday for payday loans.
Maximum time to get the loan:-
You will get your payday loan within 24 hours. After checking your documents the company will approve the payday loan. They will do it automatically with the software.
Payday loan’s interest:-
As I have told you before, payday loan’s interest is extensive. It may charge 14$-30$ for borrowing 100 dollars. So take a small loan, ranging money 100$-200$. There is a maximum limit of 500$ for payday loans.
Considerations before taking payday loans:-
- Find a good company online who is charging lower APR.
- You should be clear about the company’s policy.
- Check out the company’s reputation.
Please don’t forget the repay date of your payday loans. If you forget the date they will charge and extra fees.