If you're in need of some instant cash, then you probably have a
number of options. Though you might have been considering
borrowing from friends or family, or taking out a sizable loan
from a bank, it's important that you consider the repercussions of
each of these decisions. Many people when they just need to get
money fast, like a few hundred dollars to help them make it for a
payday loan. Payday loans are small, short-term, unsecured,
consumer loans. Consumers apply for payday loans through the
Internet, with loans ranging from $100-$500.
A payday loan
has many names like - ''Cash Advance'',
''Paycheck loan'', ''Check loans'', ''Payroll advance loans'' Some
call it a “check advance loan”. Another name is a “post-dated
check loan”. Still others call it a “deferred-deposit check loan”.
The Federal Trade Commission in the U.S. calls it “costly cash”.
No matter what you call it, it’s the same thing: a small (usually
$50-$500) short-term loan with high interest.
By the end of the month, you may need some urgent cash to fulfill
family expenses like paying off your Medical Bills, Phone Bills,
and Electric Bills, House Rent or some other utility bills. These
things usually happen when you fail to maintain a proper budget at
the time of getting your paychecks or not keeping your expenses up
to your income limit. Hence in order to meet such urgent expenses
you need a payday loan
Consumers may also use payday loans to avoid late-payment
penalties and negative marks on credit ratings. Many people have a
periodic need for short-term financial assistance. When used
responsibly, payday loans can provide valuable assistance to these
short-term cash needs. However, you should evaluate the costs and
benefits of all alternatives before borrowing.
The term on payday loans
typically range from 4 to 18 days,
coinciding with the applicant’s next payday. Some lenders charge a
flat fee regardless of the length of the payday loan, while some
lenders vary the interest rate depending on the length of the
. Most payday loans lenders offer clients the
option of “rolling over” a loan, which means that the loan can be
extended to the next payday and the subsequent fees on it is
doubled. The larger and more reputable online lenders will allow a
client to roll over payday loans no more than one to two times.
There are few conditions to be satisfied to get an instant
payday loan though criteria of different payday loan companies may
be different few important factors are mentioned below:-
1. You must have a job or there should be a regular source of
2. You should have a Checking A/c in a bank.
3. You should be an US citizen.
4. You should be at least 18 years of age.
5. Your monthly income should be at least $1000 Per Month.
Best application time of payday loan:-
If you apply for the loan from Monday to Thursday, you will get
the loan on the next working day, i.e. Tuesday to Friday. If you
apply for the loan on Friday, then you will get the loan on the
next 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 to Thursday
you'll have the money transferred electronically into your bank as
quickly as one hour to one business day later.
There are so many companies who are promoting check cashing
facilities online. Besides some banks and other financial
institutions also provides you with a payday loan. You can apply
online for a payday loan or you can visit physically to an
institution to avail a payday loan.