If you are need of a cash advance due to a financial emergency, then payday loans are a good way to go. These short term loans are usually in amounts ranging from $100 to $1,000, the terms of which are set for approximately 30 days depending on the agreement. Also called check loans, payday loans are designed to help people with immediate debt problems overcome unexpected bills and get back on steady legs of financial stability once again. Unexpected bills can come in a variety of ways such as a speeding ticket or medical expenses that must be paid quickly to avoid penalty. People who live on a limited income sometimes need cash help when unexpected bills arise. It is not that these people are lazy or unemployed, it is just that they need a cash advance to help them until they reach their next pay check date.
Anyone can apply for a payday loan, but not everyone is accepted. In order to qualify for payday loans, the borrower must have some source of income. This is usually a job, but can also be government assistance such as welfare. Under certain circumstances an expected inheritance will also be accepted payday lenders as expected income. It is not enough to simply tell the payday lending office that you are expecting money to arrive soon; you also need to be able to prove it with some sort of documentation. Usually pay check stubs are substantial proof, but court documents may also serve the purpose as well, so long as there is no doubt that you will be able to repay the loan in the amount of time that the loan is designed for.
Other criteria needed in order to qualify for payday loans are that you must have an active bank account. This is a requirement for security purposes and to ensure that when the due date for you loan arrives, the payday lenders may auto deduct it from your bank account without worry. Proof of identification is needed, although that is a given and the borrower must be at least eighteen years of age.
Payday lenders do tend to be lenient in who they will give payday loans to and they do not require collateral or even a good credit score. For this reason, the APR interest rate on payday loans tends to be rather high. For example, the interest rate on payday loans may be anywhere from 390 to 780% of the interest rate you would get from borrowing cash at a bank or traditional lending institution. That is also why it is so important to repay a payday loan in the amount of time that you have agreed to. If you are late repaying your payday loans then the interest amount multiplies and you will end up having to repay the payday lending office many times more than the original principal amount of the loan. Failing to repay your payday loan may also hurt your credit score which may prevent you from getting a payday loan in the future.
Payday loans are not for everyone and they are certainly not for every circumstance. However if used with caution and responsibility, payday loans can be your best friend in a time of financial need. Payday loans online are also a new option available only over the past few years.Payday Loans: Not for Everyone
Anyone can apply for a payday loan, but not everyone is accepted. In order to qualify for payday loans, the borrower must have some source of income. This is usually a job, but can also be government assistance such as welfare. Under certain circumstances an expected inheritance will also be accepted payday lenders as expected income. It is not enough to simply tell the payday lending office that you are expecting money to arrive soon; you also need to be able to prove it with some sort of documentation. Usually pay check stubs are substantial proof, but court documents may also serve the purpose as well, so long as there is no doubt that you will be able to repay the loan in the amount of time that the loan is designed for.
Other criteria needed in order to qualify for payday loans are that you must have an active bank account. This is a requirement for security purposes and to ensure that when the due date for you loan arrives, the payday lenders may auto deduct it from your bank account without worry. Proof of identification is needed, although that is a given and the borrower must be at least eighteen years of age.
Payday lenders do tend to be lenient in who they will give payday loans to and they do not require collateral or even a good credit score. For this reason, the APR interest rate on payday loans tends to be rather high. For example, the interest rate on payday loans may be anywhere from 390 to 780% of the interest rate you would get from borrowing cash at a bank or traditional lending institution. That is also why it is so important to repay a payday loan in the amount of time that you have agreed to. If you are late repaying your payday loans then the interest amount multiplies and you will end up having to repay the payday lending office many times more than the original principal amount of the loan. Failing to repay your payday loan may also hurt your credit score which may prevent you from getting a payday loan in the future.
Payday loans are not for everyone and they are certainly not for every circumstance. However if used with caution and responsibility, payday loans can be your best friend in a time of financial need. Payday loans online are also a new option available only over the past few years.Payday Loans: Not for Everyone
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Payday lenders do tend to be lenient in who they will give payday loans to and they do not require collateral or even a good credit score. For this reason, the APR.... Learn more at Wyoming Payday Loans and lending
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