Payday Loans – Everything You Need To Know

Written by admin on April 5th, 2011

National Debt Relief Program

Payday Loans: All You Need To Know

Definition of a payday loan: A payday loan is a very short term loan. Usually the term is 1-2 weeks. Payday loans are also knowns as “cash advance”, “paycheck loan”, “check loans”, and “payroll advance loans”. The loan is repaid when you receive your next paycheck. If the borrower cannot or chooses not to repay the loan amount on the due date they can rollover the loan amount by paying an extra fee.

Why a payday loan: By the end of the month, you may face a problem in paying your expenses such as phone bills, utilities, mortgage or rent, plus your other expenses. Traditional lenders have no interest in small, short term loans. A consumer’s only avenue for a quick loan is often times a payday loan.

Payday loan companies/lenders: There are a great deal many companies offering payday loans online. The simplest and quicket means to apply for a payday loan is online, however a payday loan can also be applied for at one of the many payday loans stores in one’s neighborhood.

The usual requirements for a payday loan:

You must have a job or regular source of income.
You should have an active bank account.
You should be an US citizen.
You should be at least 18 years of age.
Your monthly income should be at least 00 Per Month.

Best time to apply for a payday loan: If you apply for a payday loan from Monday through Thursday, you will get the loan on the next business day, (Tuesday to Friday). If you apply for the loan on Friday, then you will get the loan on the following Monday, and if you apply on Saturday or Sunday, you will get the loan on Tuesday. So the best time to apply for the loan is Monday through Thursday.

When will you get the money? As the process is very simple to get the loan amount, in general you will get your loan amount within 24 hours of application. They payday loan company will verify your documents with an automated system and then approve your loan. The entire process of verification of your identity and depositing the money to your bank account usually takes only 24 hours.

Costs of a payday loan: Usually a payday loan company charges to USD per 0 borrowed. So if you borrow 0, you will have to pay 5 to 0 USD on the next payday.

Maximum amount of payday loan: If you are taking a payday loan for the first time, you may get up to 0 for the first time. After you repay back your first loan amount you can borrow more than 0 when you take out another loan.

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