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About Payday Loans

A payday loan is a type of short-term borrowing where an individual borrows a small amount at a very high rate of interest. The borrower typically writes a post-dated personal check in the amount they wish to borrow plus a fee in exchange for cash. The lender holds onto the check and cashes it on the agreed upon date, usually the borrower’s next payday. These loans are also called cash advance loans or check advance loans.

Payday loans offer cash assistance that extends from $100-$1500. The repayment term is quite short varies from 15-30 days. In case of your inability to meet repayment on time, you can extend the term on by paying additional charges. Generally the repayment date concurs with your upcoming payday.

Payday loans can be acquired to meet up and cater your short term financial needs. You can easily pay off your short term expenses with the help of these loans such as:

– Pay electricity bills
– Bounced cheque fee
– Medical fee
– College or tuition fee
– Home repair cost

Payday loans can be applied by all. Good and bad credit holders are eligible for these loans. bad creditors having credit tags like CCJs, IVA, late payments, arrears, defaults, skipped payments and bankruptcy can all entail these loans.

Payday loans are offered at relatively higher rates of interest as they are short term loans. These loans can be grasped by anyone who fulfills the following pre requisite conditions:

– You must be 18 years or above
– Must have a checking bank account
– Must be earning a regular income

Payday loans can be conveniently applied through online and offline medium. To apply online you just have to fill a simple application form. Also the tough ongoing market competition among lenders allows you entail lower rate and affordable deals that suit your pockets as well.

Absence of various formalities like faxing of documents, credit check, collateral evaluation and paperwork contribute to quick approval of the loan amount. The borrowers can get hold of cash amount within 24 hours of applying. So if you are in short term needs then this is the way to go!