The Inside Scoop on Payday Loans
A payday loan is an unsecured loan not dependent on collateral such as a car. They are short term loans meant to be paid back in a few days usually on your next payday. You can apply online and the money loaned can be credited into your bank account on the same day.
The most common amount lent for first time borrowers is $300 or more maybe depending on your income. You are more likely to be approved the less you want to borrow so it is advisable to borrow only what you need. Once you have successfully repaid your loan they may then offer to lend you more in subsequent loans.
Who Can Apply for a Payday Loan?
Eligibility for a payday loan is that you have been employed for at least three months and you are 18 or older. You must also have a bank account with a valid debit card. You should be able to get the money even with a poor credit history if you meet the above criteria.
Best Way to Repay The Loan
You will need to repay the loan amount plus interest on the date specified in the loan agreement. Your next payday is usually the agreed upon date which is where the term payday loan comes from. The lender usually collects your payment by debiting your bank account once your pay is deposited.
Loan Extension Requests
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
Approval Rate: Most people like how easy it is to get the money they need. Cash is usually deposited into your bank account the same day you apply for the loan. This helps relieve any stress related to a lack of money in the moment.
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. Reason being the payday loan firms will lend money based on you meeting their lower requirements. If you meet the application criteria you have a good chance of getting the money.
The reason payday loan businesses seem to be everywhere is because they can meet the needs of people who do not meet the criteria of the banks plus banks will not lend small amounts for any reason.
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: ChIJM8Fr0GZ7cVMRxDgjOriDJfE
Applewood Park is a residential neighbourhood in the south-east quadrant of Calgary, Alberta. It is located at the eastern edge of the city, north of 17 Avenue SE. Elliston Park, the site of GlobalFest fireworks, is located south-west of the community.
Area: 321 acres
Population: 5,628 (2006)