People have always wanted small term loans of small amount. Payday loan fulfils this very want by providing a small amount of loan, from $ 200 – $ 1000, which is sanctioned and deposited to your account in a days time. There are lenders who give you a payday loan which you can return when you get your pay check. So, mathematically, you have a maximum time of 30 days to return the loan.
Payday loans are a big plus if you need a small amount of money in quick time. They are the best way to treat short term money problems, which can be pending bills, debts or emergency financial needs. Another major advantage of payday loans is while applying for them, your credit rating is not taken into consideration. So, even if you have a bad credit or not-so-good credit you can freely apply for this loan. There is no collateral for the loan, thereby making it an unsecured loan. So you do not need to go to your company or a relative for a favour to borrow money, instead apply for payday loan.
Applying for payday loans is easy. In other financial institutions and other online website which provides loans and credit cards, it takes many days to get the decision whether your loan is going to be approved or not. But the best thing about payday loans online is that these online loan applications instant decisions. People do not have to wait for long. Lenders are easily willing to lend between $200 and $ 1000 dollars. You approach the lender and he will deposit the amount directly in your account. The next day, you can withdraw the amount and spend it as you wish. The rate of interest for a payday loan is usually 15 per cent.
However, there are certain criteria you need to meet before applying for a payday loan. Most of the lenders would require you to make at least $200 a week in order to qualify for the loan. So, if you make around $1200 per month, any lender would lend you money happily. Other than that you need to have a current and active checking account, where the amount could be deposited, and surely be the citizen of that country of at least eighteen years of age. However, the key requirement that would get you a payday cash advance is your employment or a source of recurring income to pay off the amount borrowed.
On the whole, payday loans are immensely popular because of its availability with ease and zero risk factors. So next time you need some quick money in an emergency you know where to go.