A payday loan is a short term loan
that is intended to cover a borrower's expenses until his or her next payday.
Payday loans, also known as cash
advances, can easily be obtained by submitting an online application form.
These forms usually take less than five minutes to fill out.
Once a payday loan lender receives
your application, they will call you to verify the information you provided on
your application form online. They will also verify your employment and any
other source of income you may receive. Individual companies have their own rules.
Some companies require you to have held a job for at least 6 months and to have
an active checking account of at least 3 months.
After verifying your personal,
employment and bank information, the cash advance lender decides to approve or
reject your loan application based on their criteria.
While most companies have a long
list of requirements, some companies have very basic requirements. You must be
at least eighteen years old, own a bank account and have a job (making at-least
$1000 a month after taxes).
Once approved, cash will be
deposited directly into your checking account as early as the next business
day. You have all the freedom you need to spend your money the way you want to.
Now that you have spent the money
you borrowed, the question is how to repay the loan and fees. In most cases,
you do not have to do anything, the loan repayment and/or the loan finance
charge is electronically withdrawn from your bank account on your next payday.
You can turn to payday loans when an
unexpected expense occurs or you are short on cash and your payday is days or
weeks away. Payday loans can bridge the gap between paydays and can make any
day your payday.
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