How Payday Loans Can Work For You
Do you Have Unexpected Expenses?
There are times when you stumble over unexpected expenses such as car repair bills or medical bills. You do not have any money to pay, which would normally be a problem.
Yet it doesn’t have to be! Payday loans can offer a solution. They help you avoid situations where you are forced to borrow money from your friends and family or use your revolving debt traps called credit cards to cater to these unexpected bills. Payday loans provide instant cash at reasonable interest rates for people who are gainfully employed.
How Can You Get Payday Loans?
Outlets like Personal Money Store offer instant loans and the process is very easy. The best way to apply for them is on the World Wide Web. All you need is to provide your name, bank details, address and proof of employment. It takes about 24 hours for the money to be transferred electronically to your account, but there are some providers that will give you an instant loan in just an hour.
How the Money is Paid Back
The method used to pay back the loan generally depends on the provider, but a majority will either withdraw the money directly from your account as soon as you get your next salary or request you to deposit a check that is post dated. It indicates the amount that you owe and will be cashed in when you get your next paycheck.
What are the Benefits of Payday Loans?
One of the main benefits of payday loans is that they offer money instantly, which can help you a lot if you need the money right away. The application process is very easy, unlike other types of loans that require more paperwork and a longer origination period. The process only involves a simple online form and you do not even have to visit the lenders in person to get the money. If you happen to have bad credit, you can still get payday loans because your credit is not used to determine whether you qualify or not. This makes it easy for people who have been denied loans by banks to get the money they need. Payday loans can also save you a lot of money because unlike other types of loans, they do not have interest rates as high as some of the fallback options like overdraft protection and late fees.
What You Should Remember
Pay back payday loans as soon as you get your next salary to avoid late fees. If you are not able to pay back the loan when you get your salary, you can ask the provider to give you an extension. Make sure you do not ask for a very long extension, however. The initial amount you borrow is small, but the late fees could end up making a large percentage of the whole amount you pay.
What are the Eligibility Criteria?
The eligibility criteria for these loans are actually very simple. You are required to be at least 18 years old and have a checking account at any bank. As an applicant, you also need to have a minimum monthly income of about $1,000 and be a U.S. citizen.