If you’re wondering what a payday loan is and how beneficial it is for you, this post is totally for you. So lets quickly get to know everything about payday loans:
What is a Payday loan?
If you require a small amount of loan before you get the next salary credited to your account, you can easily opt for a Payday loan. It’s just like a cash advance – you just have to borrow against your next salary – it’s as simple as that.
Where can you get one?
There are tonnes of websites and firms out there which give you this option, making application for a payday loan easy and accessible. You can even sign up for a payday loan online, which is an even better, hassle-free option.
Who can apply for a Payday Loan?
Well, for starters, you need to have a pay day coming up! This just means you need to be presently under-employment with some company or organization. You also need to have an active account to which your salary is credited. An income proof and a bank statement are must-haves. And yes, you need to be above 18 years of age to be eligible for a Payday loan.
How to apply?
Select the firm which lends out payday loans, and go as per the instructions and guidelines they have specified. The typical procedure to apply for a payday loan is as follows – fill up an application form that asks all your personal details and other documents. Once this is done, your application will be scrutinized – whether you are eligible for a payday loan or not will be established, and then your application will be forwarded for further processing.
How long will it take for approval of a payday loan?
Well, it’s pretty quick – not much of procedural work – just quick and straightforward approval (subject to availability of relevant documents). If all goes well, you’ll have your payday loan in hand within 24 hours!
When and how much do you pay back a payday loan?
The due date of your payday loan will be the immediate next day after your upcoming payday. So make sure you clear off your dues by this date. The amount you will have to pay is the principal amount you borrowed plus some nominal amount of fees.
A payday loan is any day better than the bank overdraft facility, which is a more tedious and expensive process.