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Payday loans are becoming the most popular source of emergency funds today. Compare to other types of loans, payday loans are more convenient and accessible. It doesn’t require much information when applying for one. To educate you about the said loan here are some basic information about it.
What is a payday loan?
A payday loan is a short-term lending where a person can borrow a certain amount of money with an equivalent interest rate. The borrower typically fills up a form that needs to have his/her details including the date he/she wishes to get the said cash, the amount that he wishes to borrow plus a fee in exchange for cash. The lender hands-out the cash to the agreed date, and it is deducted by the borrower’s salary during payday. This is also known as the cash advance loans or salary loans.
How much can you borrow on a payday loan and how much is the interest rate?
An individual can borrow as low as £150 up to £2000. The interest depends on how you will repay the amount you’ve borrowed over time. Usually, the shorter the time of repayment, the higher their interest rate. The rate usually in the range of 10% – 30%
The advantages of payday loans
Compare to other types of loans, payday loans are one of the best kinds of loans you have. Here are some of the advantages of using payday loans:
Fast transaction process. A payday loan can usually be approved in at least by an hour after filling up a form of request.
Payday loans do not require a credit report. If you have a record of bad credit in a bank or you haven’t have a credit rating yet, you are still eligible to have a payday loan.
It may help you save money. Covering up a certain bill by using payday loan may help you save money for required penalty fees like late payment, bounced check and bank overdrafts
Payday loans allow you to be independent. If you are young and just learning how to balance your budget, you may not always manage to have enough cash on hand to meet your expenses from one pay check to the next. Using a payday loan means that you do not have to beg your family for money.
Suitable for emergency purposes. When you suddenly needed money for sudden reasons like a broken tire, delay salary check or a roof that unexpectedly fell down, payday loans are the one of the best solution to those kind of problems.
Requirements for applying a payday loan
To have this kind of loan, you don’t have to provide a lot of requirements like asset statements, annual salary report or any kinds of collateral. All you need is a job that receive a monthly salary not less than the required amount of the lender’s criteria, an active phone number and email address for security and loan agreement purposes and an active bank account. Other concern doesn’t matter when accessing a payday loan, like what is stated on the last paragraph even if you have a bad credit history, you can still get approved.
Can anyone apply for a payday loan?
No. not anyone can apply for a payday loan even if payday loans can be easy to have. Lenders still considers some requirements when applying. If you are only working part time or currently unemployed, despite of the other requirements that you have you can’t get approved by the lender as the lender is will judge you if you can repay them or not.
Also, the approval of the loan depends on the perception of the lender. They will still check if you are capable of repaying the amount that you request base on your monthly salary and occupation background.
Does only employed people are eligible for a payday loan?
As long as you are receiving regular payment monthly, you can apply for a payday loan. If you have fix payments like monthly retirement pension or regular monthly remittance you are eligible for applying a payday loan.
Where can I apply for a payday loan?
There are many ways for you to apply for a payday loan. One of the option is you can go to the actual address of a lending company, fill up the form that they will give, submit it when you’re done and wait for their approval. You can also apply online if you have no time going to the actual place, just look for their website and follow their instructions, wait for their response whether in your email or on your mobile number
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