You may have heard about payday loans which offer short term financial solutions when you need money in an emergency. These loans have become a popular source of finance in recent years and many thousands of people are using them every month to meet a shortfall in their finances. There can be occasions in life when you do not need or cannot obtain a large loan from your bank and this is where payday loans can come to the rescue.
Sometimes an unexpected bill can occur and with payday some time away bridging the gap in your finances can be difficult. Rather than incur late payment fees from your other creditors, payday loans offer a means of bridging the gap till payday and allowing you to meet all your financial commitments. Most people with a regular income can obtain payday loans and the application process is short and hassle free.
Most payday loan lenders can be found online and applying online only takes around 15 minutes to complete. Once the lender has reviewed your application they will provide an answer within 1 hour and if approved you can expect the money to be in your bank account within 24 hours or the next working day. The speed in which payday loans can be obtained has helped to make them one of the most popular forms of short term finance.
If you have a bad credit rating you can still obtain payday loans as they are secured against your next pay check and are repayable usually within 14 days. You will need to be 18 years old or over, be in employment with a regular income, hold a valid checking account and be a permanent resident of the country. Providing that you meet these requirements, you are sure to be accepted.
Aside from applying online for payday loans you can also apply over the phone or in person at a loan store. As long as the lender can verify your employment and income details, you will not need to fax the supporting documents as you would with a traditional personal loan from your bank. Loan amounts can be anything between $50 and $1500 although some lenders will offer larger loans depending on your income.
Different lenders will have different terms for repaying payday loans. Most offer 14 day terms only whilst others will offer various terms up to 100 days. The loan must be repaid in full on the agreed date or you will incur further charges and fees for late payment. When applying for payday loans it is important to note the interest rate being charged as this can make them very expensive, particularly over long terms and to never borrow more than you can comfortably afford to repay.