If youâ€™ve ever been in a situation (as most of us have) of being caught short in a financial crisis, then youâ€™ll know just what a bonus a short-term Payday Loan can be. I know that many of us have found ourselves in mid-month with no cash and a family to feed; others have been faced with a personal crisis such as a death in the family and sudden funeral costs to face. Whatever the cash crisis or problem, a Payday loan has been the answer to a prayer for many.
What exactly is a Payday Loan?
Some people may not be quite sure what a Payday loan is, or what it involves. In short, a payday loan is an unsecured, short-term cash advance against your next paycheck. Your job and your next paycheck are your collateral against the loan. Typically, the amount you may lend varies from $300 to $1500 (the amount granted by the lender will depend on your income and various other factors). The payback period for these cash advance loans is short â€“ usually the loan is paid back on your next pay day, although some lenders are more flexible and offer slightly longer payback periods.
How does one apply for a Payday Loan?
You can sign up for a payday loan online. The process is quick and easy. Â Your first-time application will usually be followed up by a phone call or email from the lender, and in most cases you will be asked to fax some basic documentation such as proof of identity, bank statements or pay stubs. Your loan will be approved within a matter of hours, and the money will be deposited into your bank account electronically. This means you will have access to the cash within 24 hours â€“ which can be a real lifesaver in a tight financial situation!
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Can anyone apply for a Payday Loan?
Qualifying for a Payday Loan is easier than being approved for a traditional loan from a bank. The minimum requirements needed is that you are employed, make at least $1000 per month, are over 18 and a US citizen, and have a valid and current bank account.
What if I have bad credit?
Low credit scores is not a problem. Many borrowers have a subprime credit rating when signing up for an online Payday loan. Even bankruptcy, bounced-checks, and other credit problems won’t prevent you from receiving the cash advance you need.
How often should I use a Payday Loan service?
It is important not to lose sight of the fact that a payday cash loan is a short-term answer to a financial emergency â€“ not a solution to chronic financial problems. Payday loans are not intended for repeated use in supporting an on-going budget shortfall from one payday to the next. Repeated use or reliance on payday loans may create serious financial difficulties down the road.