Payday loans are short term loans which allow you to borrow the funds you need until you receive your next pay check. Many providers offer direct lender payday loans online and this allows for almost instant access to the funds you require. This type of loan is typically unsecured and allows you to borrow amounts up to several hundred dollars, depending on your current expenses and income. Establishing a relationship with a particular lender allows you to borrow increasing amounts of money providing each loan is repaid on time and in full.
Who is Eligible for Payday Loans:
Payday loans have fairly unrestricted lending criteria. Typically if you are over the age of eighteen with a regular income, you are likely to gain approval. You should also have a valid checking account. Even if you have poor credit, you may find that you can still gain approval providing you meet this criteria. However, you may find your first loan is restricted to a lower amount until you have established your reliability with the direct lender.
How to Apply for Payday Loans:
Many payday loans are available from a direct lender online. Often there is no need to fax or post documentation as the application process is simple and quick to complete. You are typically asked questions regarding your name, postal address, employment and monthly income. Often you will need to supply the amount you wish to borrow and the details of your bank account to receive the funds. Once you have submitted your application, your provider will usually respond within a few minutes. You are likely to receive an email with the confirmation of approval. The email will detail the repayment date, interest and other terms which apply to the loan. You will need to respond to the email to confirm you are happy to proceed. This will be processed and the funds deposited into your designated bank account.
Repaying Payday Loans:
The loan amount and accrued interest will need to be repaid on the date specified within your loan agreement. This is usually your next payday, which you have documented on your application. Repayment is typically collected as a direct debit from your designated bank account. This is usually the account where the funds and your wages are paid into. However, if you find that you are unable to pay the full amount by the due date, the lender may allow the repayment to be extended to a longer time frame. You should contact your provider and discuss your circumstances. The provider will them explain the options available to you to extend the loan.
The Benefits of Payday Loans:
There are a number of benefits associated with using payday loans. This type of financing provides a quick solution for cash flow issues or emergency needs. The process of applying is simple and takes only a few minutes. Even if you have poor credit, you may still find that you will obtain approval for this type of loan. You can use the funds for any use such as purchases or paying unexpected bills. There are no upfront charges, which makes it very attractive for situations where you have cash flow problems.
If you would like to know more about the benefits of payday loans benefits of payday loans or you wish to apply, contact us. We would be happy to answer any questions or queries you may have.