Whenever you are trapped by an unprecedented expense, like shopping, grocery, appliance or vehicle repair, buying a gift for your dear ones, paying up advance for a holiday, etc., payday loans come as a boon to solve the problem.
What Are Payday Loans?
Payday loans are short-term borrowings, which can be borrowed within a day and need to be foreclosed with the interest charges once you receive your next paycheck.
Payday loans are for people who are looking for instant cash. Long-term borrowing is out of the question for payday loans. Payday loans get approved on the same day of application getting money deposited in your account.
Payday loans are for everyone- bad creditors, zero creditors, and people with excellent credit records too!
You can borrow from $100 to $1500 for around 2 to 4 weeks. Most of the time, you will receive the funds in your bank account on the same day you applied.
Features Of Payday Loans
No need for credit history: You may have a bad credit score or no credit score yet, stand eligible to get payday loans.
Easy and fast: Since it’s an online process, you save your valuable time visiting the financial institution/bank/lender. Everything is online, and within hours of your application getting reviewed, funds get deposited in your account.
You get funds irrespective of location: Payday loan lenders don’t consider where you live. You can avail of the loan even if you are from another state different from the payday loan lender.
More affordable than overdraft charges: In case you aren’t in a position to foreclose your payday loan, the fees charged for keeping the debt on your range from $20 to $90, depending on the amount of loan and type of lender. The charges are comparatively less than the overdraft charges.
Be Cautious Before Applying!
- Know Your Lender: Knowing your lender before applying for a payday loan is advisable. Check for any complaints or negative reviews about the lender on consumer complaint websites like Better Business Bureau. In case the lender has negative reviews, start looking for another lender.
- One At A Time: Don’t go on adding one payday loan over the other. If you aren’t in a position to pay the previous payday loan, discuss with your lender if you can refinance the old loan with a new loan. This way, there will be only one loan on your account, maintaining yourself with a good record.
- Check Terms And Conditions: Make a habit of going through the terms and conditions thoroughly to avert unpleasant surprises at any point later.
Online payday loans are a quick solution to instant cash. You can get the amount funded within 24 hours of your application submission.
The payday loans save your time as the process is online. You can apply from the comfort of your place. There is no need to visit the banks or financial institutions or lender’s office.
If you find all this overwhelming to do, you can always look for an agency to work for you for a nominal fee.