Payday loans are small, short term loans which are usually extended till the next payday. The most common duration of these loans is just a couple weeks and such loans are taken to meet up with expenses till the next payday. These types of loans are typically involve small amounts which range from £500 to about £1000. Payday loans are also known as cash advance and the rate of interest is on the higher side.
The particular loan process
To successfully apply for this type of loan, a borrower should have a steady job and a functional bank account as payday loans are extended on the basis of salary. To repay the loan the particular borrower needs to issue an article dated cheque or arrange for automated debit from the bank account to cover the particular loaned amount and the interest thereof.
In the event of the cheque getting came back for any reason, there will be an extra levy of late charges and cheque bouncing charges besides a levy of additional interest. To help borrowers avoid this type of situation, payday loan lenders extend the deferral facility where the pay back of loan can be deferred by a certain period for a fee when funds are not available for repayment.
To be able to convince lenders of your job plus salary you might be required to furnish handful of your latest bank statement or salary slips. However no credit score checking is done, thus people with steady work opportunities but bad credit ratings can use and successfully get payday loans.
Now with Internet based application process, quick online payday loans have become truly hassle free method of getting necessary funds. You just need to fill up an online form furnishing details of your employment, bank account.
If you be eligible on the basis of your salary and job, approval is granted within mins and money is directly acknowledged into the account within 24-48 hrs. In some cases there is not even need of faxing the documents. Thus you are able to avail of no fax payday loans as quickly as in one day.
Emergencies like unpredicted guests, urgent unpaid bills, emergency repair, sudden medical problem within the family etc . come without notice with times available liquid cash is just not enough to cover these expenses.
It can be downright embarrassing to ask through friends or family and if credit cards are maxed out there seems to be no chance out. But with payday loans one can quickly take care of such expenses. Following would be the benefits of payday loans.
o It is fast thus money becomes available right when you need it.
o It is non fussy plus hassle free way of borrowing, which gives this the name no fax payday loans. You just need to fill up the form and you can have the essential cash next day or so.
o You don’t need to to go from office to office. You can apply for a quick online payday loan from your home or office.
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o Good credit rating is not a pre-requisite of getting approval. Thus people with bad credit history need not despair.
While quick online payday loans are great way of taking care of sudden expenses, there is danger of falling the trap of debt spiral when it is not managed well because of its high interest rate. To avoid this kind of situation, you need to payback the loan as soon as possible.
If you feel you cannot return the loan inside the stipulated time, ask for a deferral but don’t make it a habit. Whatever the case maybe, don’t let your cheque jump as it can have legal repercussions besides hefty late fee and bouncing charges will be levied upon a person by the lender and the bank both.