What exactly is a payday loan? A
payday loan is a fast and quick method to get some extra money. In most cases,
you can easily get a loan of $500. You can get the money by verifying your
income source and your debit card. It is a risky method but does not involve
your home, car, and other possessions. Payday loans are granted on the promise
that the amount will be returned when the borrower will receive his next pay.
Usually, your monthly income is the only source of verification for the company
to grant you the loan. However, every company has their own criteria. Generally
there are two types of loans available. The first, considered an in-store loan,
allows you to visit the physical location of the establishment and you will receive
your payday advance in person. Usually, the process takes about 15 minutes and
you will get your money right there. The second is considered an online
advance. You will submit an application online providing your paycheck
information, bank account information and references. Generally, the money from
the advance is deposited into your personal account within one business day.
Features of Payday Loan
These loans are small amounts and
you can easily get them. The procedure does not involve any lengthy
investigations. You will have to show a proof of your monthly income which must
be over $1000. It will be easier to obtain the loan if the amount is relatively
less. Once you have established a good relation with the company, you can ask
for loans of higher amounts.
You can easily pay the loan when you
receive your next payment. The deadline for such loans is typically short.
Payday loans are granted at high interest rates and that is why they can easily
be obtained. You may have to pay $15 for every $100 that you borrow. Each state
and each company has its own rules. There are certain restrictions about how
much you can borrow, limitations of interest rates and what should be the due
date for such loans.
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