is a short term cash advance that you can borrow in order to meet some urgent expenses. It is often advertised as an easy lending program that provides you instant money when you need it, but there are several things that you must be well aware of in order to make an informed decision whether this type of loan is the right choice for you. In general, you can borrow up to $1500 anytime during a month. You will have to repay the money along with interest as soon as you get your monthly salary credited into your checking bank account. If you are unable to make the repayment, the loan term will automatically be extended for one month adding some penalty charges on your account. The rate of interest charged on these loans is usually very high. That is the reason there is an ongoing debate on whether these cash-term cash advances are good or bad.
The eligibility criteria are very simple. In order to qualify for a payday loan, you must be a US citizen and at least 18 years old. Besides that you must have a good employment record and a well maintained checking bank account. A common assumption is that only salaried individuals can qualify for this type of lending programs, but this not always true. You can browse this section for detailed information on whether you qualify for it or not.
People with fixed monthly income often have to deal with certain financial crisis when they need instant money to meet some unexpected, urgent expenses. But, payday lending is not the only solution. There are several alternatives available out there. Visit this section for extensive information on how you can meet your short-term, urgent financial needs without needing to borrow a payday loan.
Payday cash advances do seem to offer an array of benefits. For example, the application process is very easy. Your application gets approved within a matter of just a few hours. The eligibility criteria are very simple. You can qualify for it even if you are having a bad credit history. The lenders often do not perform any credit checking in order to determine your eligibility for these loans. What is more, it is often a completely fax less process; it does not require you to perform complex paperwork or fax any document to the lender. You can visit this section for complete details on how and when these loans can benefit you.
The most difficult task is to choose a genuine and reputable payday loan company. There are so many companies available out there, each claiming to offer the best lending program. You can browse this section to get comprehensive information on how these companies work, what they are offering, how to avoid scams, how to choose the best company, and many other such things.
Payday loan has also been one of the major causes that lead people to bankruptcy. Despite all the benefits that these loans claim to offer, it often turns out to be a nightmare for the borrowers, especially when the borrowers are unable to make the repayment. Different states have imposed specific laws to regulate these lending programs. If you want to make the best use of these cash advances, you must be well aware of these laws and the kind of legal rights you have in this regard.
If you are having difficulty in making the repayment of your payday cash advances, you must visit this section, as it explains an array of strategies on how you can get rid of the mounting debts and achieve a debt-free life.
Payday loan comes with certain risk factors. For example, the interest rates are high. Missing payments may result in hefty penalty charges. This section will give you an extensive rundown on the wide array of factors that you need to take into your careful consideration before you borrow this type of cash advances.
Tags: Payday loan, Payday loan alternatives, Payday loan benefits, Payday loan companies, payday loan Eligibility Criteria, Payday Loan Laws, payday loan Repayment strategies, payday loan risk factors
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