Payday loans cater for small borrowings and normally get paid one day after placement of the request. With the present situation, where the economy is quite hurting, many people are opting for these loans as a means of fulfilling their short-term needs.
For you to secure these loans you should meet the following requirements:
- Own a legal checking account,
- Be above 18 years,
- And have a minimum of $1,000 monthly income.
These are applicable to both payday and personal loans.
Convenient for Urgent Financial Needs
Payday loans are instant loans that simply help you when you need emergency cash now. Despite the fact that you’re working, you might face sudden financial predicaments that need quick responses. Such situations will force you to seek advances even though your salary is just a few days/weeks ahead.
For instance, if you urgently need to repair your car and you don’t have enough cash, you may be forced to seek emergency loans. When your needs are so pressing, a payday loan might work out perfectly for you. Such loans are practically functional especially when you can’t access credit. Most lenders offer emergency loans online, no need to visit any bank or store. Even when you’re unemployed between jobs it’s possible to secure a loan.
Payday loans offer incredible benefits including:
- Flexible repayment conditions
- Quick acquisition – it’s really simple to secure payday loans
- No hard credit checks are required from major credit bureaus. However your lender may conduct some checks to verify your income
- Payday loans greatly boost your credit score by allowing you to settle your monthly bills without much hassle
- Bad credit loans allowed
Repayments are normally structured as lump-sum payments, but sometimes they could be made in installments depending on the lender’s lending terms.
The loan funds could be remitted in either of the following ways:
- Depositing of money into the borrower’s checking account
- Loading the debit card with cash
- Provision of cash or a check
The cost might be around $10 – $30 for a $100 loan. For instance, a two-week payday advance can attract an interest rate of $15 for every $100.
The amount you can borrow is influenced by state laws. Different states have different laws governing the issuance of payday loans. Hence, it’s essential that you clearly understand what the law stipulates as far as payday loans are concerned in order to avoid frustrations during emergencies.
Nobody is financially guaranteed during these tough economic times. You may encounter an urgent financial need which will prompt you to seek a short-term loan, anyone might now and then need some emergency financial aid.