Nobody knows what economic crisis will arise at which point of time. Emergency can occur to anyone and in any form and at that time you really don’t find any options but only need money in short duration. Most of the people opt for loan programs so as to cope the crisis but unfortunately it also happens that after making a lot of efforts, you are not getting loan. Don’t worry, the solution of your problem is given here. If you need urgent money, you can use Payday Loan also called payday advance. Payday loan is best option for borrowing money as it provides the monetary help whenever you required and the process of taking loan is also very easy and simple.
Payday loan is a short term cash loan given to the borrower when there is urgent requirement of money for any personal reason. It is very helpful as in last of month, you need money for urgent work like repair bill , hospital issues, rent issues etc. Along with payday loans, it will also provide cash advances loans, post-dated check loans or deposit loans. Borrower get the money directly into the bank account and after the approval of application and write a personal check for the amount borrowed with interest charges. You have given a month to return the loan with specified amount of finance charges. It is cheaper to take loan from it than preferring to the unauthorized overdraft form your bank. It is very easy to take and if you having problem in returning the loan, the lender gives offer extension for the payment of loan back.
Benefits of Payday loan:-
If you are facing difficult financial situation, payday is available for helping to come out of it. It is much better than other lenders for borrowing money. There are several benefits of using payday loan for taking money as described below:-
- You can easily apply and qualify as only it requires the information about your income and about any past payday loan or not.
- It is very fast and flexible that after the application process completed, money is delivered into the borrower’s bank account.
- It having no restrictions for what purpose you required money.
- You can directly online apply for it.
- It also having some fixed percentage of charge rates over the loan.
Loan Amount offers:-
Payday loan provide the loan in range of $100 to $1000 depend on the state specified legal amount with average loan term is about 14 days.
Maximum Loan Term : 45 days
Maximum Loan Amount : $700 or 30 % of your gross monthly income, whichever is
Maximum Fee : 15% on the first $500 and 10% above $500
Repayment Mode of Payday loan:-
Repayment of the loan is also easy as it like in borrowing time. It having different plan for different amount of borrowed money. Mostly, the loan is given for one or two month after that you have to pay back the loan with specified amount of financial charge. In case you are not able to pay the loan at the fixed date, it also facilitate you other alternatives. You can also apply for the extension of date of repayment. But yes with date extension, some amount of financial charges may increase.
What criteria should be qualified for getting the loan?
Payday loan lender are very genuine that doesn’t mean that your application is approved automatically. You must have to satisfied the following criteria given below.
- You have to be the permanent resident of US.
- Age should be at least 18 years ( some firms take 21 as minimum).
- You must have valid phone number and email address.
- You also have to be in paid employment. Many lenders decides entry level salary requirement also, below that loan is not given , i.e. around $500.
- You should also have a bank account in the US which provides a debit card and you can use that account for payment.
With above mentioned requirements, it doesn’t mean that you carry a credit card and allowed to borrow money and also you will not able to repay. The loan providers also check that if you are able to do the repayment or not. It is carried out very fast that you cannot find out the process of it taking place. After meeting the afore mention requirements, you are eligible to apply for a loan and lender will let you know that how much amount you can borrow.
Payday loan is the fastest process of taking loan in emergency . First of all, you have to be authorized for applying the loan application. It is done by visiting the online search engine for payday loan. Before the payday application is made, you have to give the basic information demanded like US citizenship is must, borrow should earn $1000 a month etc in the registration form. It is mandatory to fill the required information correctly and valid also. After filling the basic information in the registration form, the enrollment is done, the borrow have to fill the online cash advance application. With the approval of application, the amount of money is transferred into your bank account. It is very fast and flexible process. You can easily opt it for borrowing money in urgent requirement.