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October 30 2017


All about Payday Loans - You need know...

You might be in a situation wherein you need extra money immediately. A medical emergency usually requires some extra money. Accidents and unexpected expenses can also put you in a very tight financial situation.  Your car just broke down and need some major repairs. An option is to use your credit card. But you are already up to your limit. Borrowing from a friend or relative can be embarrassing for you.

What to do then? How can you get that much needed cash?  One way of getting that much needed cash in a quick way is through a payday loan. You might not be  familiar with this type of loan. If so, here is some relevant information about  payday loans (also you can read about 3 month payday loans here).


A payday loan is a loan that must be paid in your next payday. This loan is also called Cash Advance or Check Advance. The amount you can borrow is small and you have to repay it with  interest in a few weeks time. But the application process and approval can be very quick. You  can get your money in a few hours or the next day. In case of non-payment on the expected  date, you can roll over your debt to your next pay day. However, the interest will keep on accumulating until you can fully pay the borrowed amount.


If you have a regular income of not less than $800 a month then you can apply for a payday loan. Some payday lenders will require that you have been steadily employed for a minimum of six months.Other lenders will require your employment history as well as recent paycheck stubs. The maximum amount you can borrow will depend upon your income.A checking account may be required by some payday lenders. Your checking account must have been opened for a minimum of six months and must be currently in good standing. You may also be required to present recent bank statements. This checking account verification is needed because you will be writing out a check for your loan. This check includes the amount you will borrow and other fees. This check will be postdated to the date you will be paying for the loan. You can apply for a payday loan online or authorized payday outlets.

You can get your loan in a day’s notice. This is one advantage of a payday loan. You applied for a loan because you need the money right away. Other loans may take several days to process and get approved.  Those who have bad credit records or history can apply for payday loans. For other loans it will be difficult or even impossible to get approved when you have a bad credit record. Another advantage of payday loans is that lesser requirements are needed to apply for this loan. Even the application process is simple. All you have to do is fill up forms and present all the requirements. All these may take less than 30 minutes. Then your loan will be deposited in your bank account within 24 hours.

One disadvantage of this loan is the small amount you can borrow. The maximum amount you can borrow is $1000. The high interest rate is also another downside of payday loans. You have to pay the borrowed amount plus this interest in just weeks. Usually you are given 14 days to pay the total amount. Failure to pay will eventually result to paying a much higher amount than what you have loaned.

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