The Inside Scoop on Payday Loans
Payday loans are considered unsecure meaning they do not require security or collateral. It is considered a small short-term loan to be repaid on your next payday. You can apply online and the money loaned can be credited into your bank account on the same day.
Generally when you make your first application you can borrow $300 depending on your take home pay. You are more likely to be approved the less you want to borrow so it is advisable to borrow only what you need. Like other lenders once you have established yourself you can borrow a higher amount if needed the next time.
Requirements for Payday Loans
To be eligible for a payday loan you must be over 18 and employed for at least three months. You must also have a valid debit card for your bank account. Even if you have bad credit history you should still be able to obtain a payday loan if you fulfill the above criteria.
How do You Repay the Loan?
You will need to repay the loan amount plus interest on the date specified in the loan agreement. The repayment date is usually your payday hence the name payday loan. The repayment may be collected by debiting your bank account on your next payday.
Repayment Over a Longer Period
Payday loans may be extended if you find yourself in a position to be unable to satisfy all of it on the repayment date. If you find this necessary you will need to contact the agency to explain the situation and ask for an extension.
The Benefits of Payday Loans
Eligibility: One of the benefits is the speed at which the cash can be credited to you. The money you need can be available to you in your bank account the same day you apply. This can be very helpful if you have a short-term cash flow problem and need money right now.
Applying for a payday loan is quick and easy and only takes a few minutes to fill out the form without wasting time going back and forth with faxes or emails.
Bad Credit: These types of loans are designed for people with poor credit. This is because payday loan companies do not make their decision to lend solely based on credit history. As long as you meet their needs they can give you what you want.
For many people a payday loan may be the only way they are able to get credit especially in current times where many lenders are unwilling to provide loans never mind to a person with poor credit.
To Wrap This Up
Many people do not have access to credit cards or traditional loans so the convenience of a payday provides options you cannot get elsewhere.
All in all getting a short-term loan is easy and convenient giving you access to money when you need it without the hassle of getting rejected at the bank.
Place ID: ChIJZ9FBOV97cVMRmoOiW21XLc4
Abbeydale is a neighbourhood in the north-east quadrant of Calgary, Alberta. It is bordered to the north by Trans-Canada Highway, to the east by Stoney Trail, to the south by Canadian National Railway tracks and to the west by 68 Street E.
Abbeydale was annexed by the City of Calgary in 1976.
Area: 494 acres
Population: 6,012 (2006)