A Beginners Guide to Payday Loans
When urgent cash requirements come up at times when you aren’t economically prepared for it and to make your matter worse, your next payday is at a distant, then the best thing that you can do to pay off such expenses is to avail a payday advance loan. The payday loans provide easy and instant cash. The eligibility criteria require you to be employed with some reputed employer receiving paychecks every month. The loan offers generous amounts and comes with highly flexible repayment terms.
Urgent monetary expenses don’t come up with a prior notice and need to be mitigated at the earliest. Paying off such sudden expenses can be a herculean task especially if it’s a month end and your next paycheck is yet to arrive. The expenses can’t wait for your next payday. So, what do you do to pay them off immediately? That’s exactly when payday loans (payday advance loans) come into play. These loans offer quick cash equivalent to your monthly income. They are the best option for clearing off minor cash requirements and utility bills. Any employed person drawing monthly paychecks can avail this loan.
The payday advance loans offer instant cash without any extra or hidden charges being levied. However, the borrowers will have to qualify the criteria set by the lenders. The requirements include:-
1) The borrower should be an US citizen.
2) The borrower must be employed and must have a permanent source of income.
3) The borrower must have a valid bank account with direct cash transfer facility.
4) The borrower must be an adult.
Features of Payday advance loans:-
The payday advance loans are feature-packed and offer a bunch of benefits to the borrowers. These loans are best thing that one can have in order to clear off urgent cash requirements. Some of the special features of this type of credit policy are mentioned below:-
1) The loan can be availed with ease without much hassle or paperwork.
2) Only those documents need to be submitted which verify your employment details and income sources. No check on your credit ratings is performed by the lenders.
3) The application can be made through both online and offline modes. The first option is the most advantageous one as it comes with simple and lucid processes. Just visit the official website of your preferred lender to submit a loan application.
4) Borrowers can avail the loan in two different formats - secured or unsecured. While the requirements for both the formats are entirely different, borrowers can freely choose their option as per their needs and affordability.
5) If opted for the secured format of the loan, the borrower will have to provide collateral (security) to avail the cash. Once the security is deposited, the lender will dispense the cash to you at highly minimized interest rates along with longer repayment duration of 1-25 years.
6) The loan amount offered is largely governed by the value of the collateral/security deposited.
7) However, if a borrower doesn’t wishes to deposit any collateral or security, then the best option available for him is the unsecured format of the loan which doesn’t requires any security deposit to be made.
8) In case of the unsecured format of the loan, the interest rates are comparatively higher.
9) The loans offer a handsome amount of money which can be used for unrestricted purposes. One can use the loan amount to pay off utility bills, medical bills, school/college fees, rent, debt, household expenses, etc.
10) The repayment terms of the payday loans are highly flexible and comfortable too. The borrower has the option to either pay off the loan all at a once, or repay back the entire amount in equal monthly installments. The repayment is expected after your next paycheck arrives.