Inlägg publicerade under kategorin Payday Loans

Av Kris Magbet - 7 december 2010 09:54

Different surveys, we see that the number of customers taking payday loan companies and payday loan are more frequent. If you are a person taking the payday loan for the first time or if you want to collect information regarding payday loan, then this article will be of great help to you.

Definition of payday loan: -

Payday loan is a loan in the short term. Usually, the term is 1-2 weeks. There are other names of payday loan like - "Fast Cash Advance", "Paycheck loan", "Check loans", and "advance loans payroll. After receiving your paycheck, the loan must be repaid. If you can not repay the loan plus fees from the lender for the payday loan on your salary, you can rollover the loan amount by paying an additional fee for the lender, the more you pay the interest and for the period transition. So, payday loan can be called "usury".

Need payday loan: -

At the end of the month, you may encounter problems in maintaining some urgent family expenses, such as reimbursement of medical expenses, phone bills and electricity bills, house rent or utility bills more . These things usually happen when you are unable to maintain a proper budget at the time of getting your paychecks or not to keep spending up to your income limit. So in order to meet these urgent expenses you need a payday loan.

companies payday loan: -

There are so many companies who are promoting check cashing service 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 qualify for a payday loan.

Eligibility for an instant payday loan: -

The criteria for various payday loan companies are

1. You must have a job or there should be a regular source of income.

2. You should have a Checking a c / a bank.

3. You must be a citizen of the United States.

4. You must be at least 18 years.

5. Your monthly income must be at least $ 1000 per month.

Best time of the application payday loan: - If you apply for the loan from Monday to Thursday you can get the loan the next business day from Tuesday to Friday. If you apply for the loan on Friday, then you will get the loan on Monday, and if you apply on Saturday or Sunday you can get the loan on Tuesday. So the best time to apply for the loan is Monday to Thursday.

When will you get the money? As the process is very simple to get the loan amount, generally you will get the amount of your loan within 24 hours after application. Company will check your documents and verify your data with an automated system called VPN Based software, and then approve your loan. The whole process of verifying your identity and to deposit money to your Checking A v is 24 hours long. There are some companies who will deposit the loan amount within 24 hours.

Costs of payday loan: - Typically, a payday loan company charges 15 to 30 USD per $ 100 borrowed. So if you borrow $ 100, you'll pay 115 to 130 USD the next payday. The TAC of loan interest payday advance cash increases to 391%.

Maximum limit of payday loan: - If you take a payday loan for the first time, you can get up to $ 500 for the first time. After you repay back the amount of your first loan in time, you can get over $ 500 when you return to the company for another payday loan.

Think before taking a payday loan: - 1. You should keep in mind the factor of April of the loan before taking it. You should find that the company is charging a lower APR than its competitors.

2. You must take care of the confidentiality of your document and information. So if the trend in society is to treat the applicant's information in an encrypted page, you must think that your information will not lick, and you can then move on.

3. You should read the company policy and legal matters complied with before submitting an application for them.

Repayment of payday loan: -

The lender company will take money out of your control A / c on the date of your salary. You should be prepared and aware of your salary and the amount to be refunded. If you are unable to repay the loan on time, you may need to ask the lender for bearing the amount of your Internet Payday Loans.

Alternatives to payday lenders: -

1. To avoid taking such a loan without interest rates, as advance payday loan money, you should make an appropriate budget which is based on your income.

2. You can also save some money from your paycheck every time you get it.

3. Before taking a cash advance payday loan, you should be looking for a loan from a friend or relative because they take no interest in lending money to you. Another thing is also involved here that if you are unable to repay the money in the future, you may not have to flee your creditors.

Skapa flashcards