The Inside Scoop on Payday Loans
Payday loans are considered unsecure meaning they do not require security or collateral. 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. Like other lenders once you have established yourself you can borrow a higher amount if needed the next time.
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. 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.
Loan Extension Requests
If something comes up and you are unable to repay the loan on time you can ask for an extension. If you find this necessary you will need to contact the agency to explain the situation and ask for an extension.
What are the Benefits of a Payday Loan?
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.
The application process is very simple it takes a few minutes to apply and you do not have to waste time posting or faxing documents to the lender as you would with a bank loan for instance.
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. 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.
There are a lot of good people who do not have a credit card or established credit so they use payday loan companies to help get them through a tough time.
Overall payday loans are convenient easy to access and offer a viable option when you need money quickly.
Place ID: ChIJFQMCP1dxcVMR7pZipg0RCJw
Braeside is a residential neighbourhood in the southwest quadrant of Calgary, Alberta. It is located north of Anderson Road, south of Southland Drive, west of 14th Street SW and east of 24th Street SW.
Population: 5,916 (2010)