Why Payday loan

Among the various types of loans available in the market, payday loan is one of a kind. It is a short-term loan paid by the borrower till his next payday. The term extends from one payday to the next payday. You can get a maximum amount of $200 to $1500 as a payday loan and can return it in small installments. These loans can be repaid in 30 days and if there is any problem in the repayment, an additional fee can be charged by the lender.

Features of Payday Loan

Payday loans are very popular these days due to their striking features. These loans are easily available and can be easily availed from any financial institutions available in the market. Payday loans can be borrowed without any collateral and charge an interest ranging from 10-25%. The only conditions for availing these loans include-

• The minimum age of the borrower should be 18 years.
• The residential address should be of the place where you are staying for at least last 6 months.
• The borrower should be permanently employed with a fixed monthly income.

Benefits of Payday Loan

Payday loans are fast cash loans that are easy to avail and easy to pay off too. Some of the benefits offered by payday loans include-

Fulfill Urgent Cash Need: Payday loans help you to fulfill your urgent cash need. These are short-term loans that help in easing your small financial problems or sudden expenses like repairing a car or paying the tuition fee for your child.

Easy Approval Criteria: There is a very easy approval criterion for availing the payday loans. You need to choose the lender and apply with information like name, address, contact number, monthly income, and bank account status.

Online Access: You can also fill an online form to avail this type of loan. It is a simple procedure, which includes filling an online form with the above-mentioned details. After this the loan application is reviewed and sent to different sites.

Direct Deposition of Money: The pay day cash amount is directly transferred to your bank account on the same day or in the next two days.

Automatic Deduction: You don’t need to be worried about the date and amount to be returned in the due time. The money lent to you is automatically deducted from your account after your payday.

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