Pay day loan is a small term cash loan. In other words, Payday Loans are small amounts lent on a very high interest rate. It is also known as payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan. Pay loans are borrowed from business or other lenders, not from the bank. You can apply for payday loan with easy to understand steps.
These loans are basically paid when one gets their next pay. Payday Loans amount is usually less than $500.
People can apply for Payday Loans for many different reasons. Sometimes banks cannot provide the loan to the person for some professional reasons, so one can apply for Payday Loans.
If God forbid, someone in your family becomes sick or your car breaks down and you need the money instantly, acquiring the money is fast. There can be a situation where your family member or friend might need some money. You can pay your daily grocery or utility bills. Or even your bank loan.
Why I Need Payday Loans?
Payday Loans is one of the best ways by which you can make your both ends meet. It is becoming the most common and popular as it can be used for many emergencies. Some of the major advantages of Payday Loans are; it takes less time to process the loan and the loan is approved faster than applying from a bank.
You can apply for the loan by sitting at home. There are lots of companies that offer Payday Loans online. You can apply your Payday Loans with very few requirements, as long as you have a stable source of income.
Although Payday Loans are lent on minimum amount of $500, but if you are paying your Loan amount on time then the Loan amount lent can be increased.
How to Apply for Payday Loans
A lot of people have faced situations in which we want to buy something but due to scarcity of money we don’t purchase it. But now this is will not be the circumstance, because different companies provide Payday Loans that are very easy to apply.
- You should be a citizen of the US
- Should provide the proof of age and identity
- Must be of age – minimum 18 years
- And should provide verifiable physical address (phone or utility bill)
Many different companies and individuals provide Payday Loans through applying online. Applying for Payday Loans through online is the most convenient way. Many individual lenders and companies have created their own websites. You can one of the sites.
A form will appear. Fill the required details. Your loan details like amount and purpose. Your personal details, your full home address, your employment details, your financial details. Then read the term and conditions thoroughly. Now click the submit button and you will receive Payday Loan in on time.
Apply through Phone:
An alternate way to apply to Payday Loans is by providing your loan application information on the phone. This service is available 24/7.
Call any company’s toll free number or you can call an individual lender. Follow the instructions given by the person. Provide the information needed to apply and it will take five minutes to approve your Payday Loan.
How to Contact the Lenders Directly:
You can also visit the company or the individual lender who is providing the loan personally at the address mentioned on their websites. Fill a hard copy of the form that is also available online. And within minutes acquire your Payday Loan.
Some Alternatives to Payday Loans
If one does not feel comfortable or confident that Payday Loan is a better option, then there are other options available.
Line of credit — this is loan offered by a financial institution which allows the customer to withdraw cash up to a certain credit limit.
Overdraft protection — you can withdraw cash through your bank account, even if your credit limit is zero.
Cash advance on a credit card —you get cash from an automated bank machine (ABM) or bank using your credit card.
Disadvantages of Late Payment of Payday Loans
What if due to some circumstances you are unable to pay your Payday Loan on time? At many times you apply for loan, use it and go away from home. But you forgot to pay the loan amount then what? You may be charged with additional fees: the loan lender may charge you with extra amount, if the amount you paid is not sufficient.
The interest rate will continuously rise until you pay the full loan amount. This will cause more difficulty in paying the required amount. The lender can contact your friends and family members in order to get in touch with you. This will be embracing for you and your family.
Another disadvantage of late payment is that the lender can contact a legal adviser and can sue you. And if it is successful in court, then your property can be seized. So if you want to avoid these situations then one must try to pay the Payday Loans payment on time.
If someone wants to pay their utility bills or just go on a recreational trip and wants cash instantly, then Payday Loans is the best, fast and convenient choice for you. Other options are also available but they require many details and some guaranty. Whereas, Payday Loans only require your basic information and a source of income.