In this article you will get
information about common questions being raised by payday loan borrowers to
lenders. The common questions such as "What is a payday loan?",
"What are short term loans?", "What is interest rate?",
"How soon to pay?", "Does it require payroll information?",
"Do lenders check you credit history?", and same day bank transfer
possible etc. Borrowers are also asking questions such as "Is it risky
loan, spiraling into high interest loan?" etc.
1. What is a Payday Loan
This loan is an unsecured loan given
to borrower till he or she receives next paycheck. In other words loan is given
against the guaranty of next paycheck. Typically the need of this loan comes as
emergency need on part of borrower such as car repair, medical emergency or
unexpected bills etc. These loans existed earlier also and were called as
private loans. These loans came with higher interest rate. The reason for
higher interest rate was readily available and with less documentation. Same
loan features are provided under payday loan term. The difference is loan is
given against next paycheck. The length of loan is 2-3 weeks.
2. How to Qualify for paycheck Loan
Well qualifying process for paycheck
loan is easy and does not require long procedural documentation process as in
the case of traditional loan with banks. The basic requirements of loan are
very few:
1) Applicant must have a current job
2) Applicant should have age more
then 18 years old.
3) Applicant should be United States
Citizen
4) Applicant must have a saving or
checking account with any American bank.
5) Applicant must earn at least
$1000 per month to avail a small loan as $200
Please be aware some states in
America have their own laws governing payday loans. In some state such loans
are banned and also length of the loan period is fixed.
3. Length of Loan process
Since a payday loan is backed with
technology the approval process is fast and typically money is wired to
applicant's account with 24 hours. Different states and lenders have their own
terms an conditions, before applying check with staff for complete details. The
online process is simple and can be completed in few steps. The important thing
to remember is during this online application process you will be entering
personal details, social security, driving license number, and payroll details.
Be sure and confirm first with customer care and get all details you want to know.
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