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Why Payday Loans Are Considered Fast Help
You cannot tell what’s going to happen to you at any time of your life and urgent expenses may totally devastate your checking account and make you look for extra sources of finances borrowing money from your relatives, family members and friends. But borrowing from someone you know may turn to be embarrassing especially if you want everybody to think you are always in a good financial situation.
This is the reason why payday loans have become more and more popular recently. These are small loans which are taken for a short period of time and are supposed to be returned on your next payday, which is not a problem for any person getting salary each month. Moreover, there are so many people who have to resort to borrowing money nowadays that lenders and loan providers decided to address the financial problems of such people with the help of payday loans. But despite all their advantages and before rushing to fill in the application form you should know several things concerning payday loans.
Important Facts about Payday Loans
Payday loans are supposed to be your assistance in emergency situations when you need to pay some bills, for example, and shouldn’t be some financial trap. However, there is a risk to get caught into that trap if you don’t follow some advice concerning application for a payday loan. Many people are attracted by the fact payday loans provide a small sum of money for a short period of time being literally instant cash. As far as the money is transferred to your account within 12-24 hours, you have an opportunity to pay off the needed expenses fast. But before getting a loan there are certain requirements which should be met by a borrower. If you don’t have a job or a stable source of income, you may not be able to qualify for it. Moreover, you need to have your own checking account and be of age. Another negative fact about payday loans is that they can have high interest rates, and this fact is often missed by a borrower who is eager to obtain the loan. If you have a bad credit score, it’s possible to get a payday loan; however, there is a high chance you will pay off higher interest. The amount given out by the lender is usually based on the borrower’s salary, but often it ranges from $100 to $1000. The borrower doesn’t need collateral for this kind of loan but the lender will ask for a post-dated check which has to include the loan amount and additional fees. Payday loans should be repaid within a certain period of time – usually it’s 2 or 3 weeks. The lender usually deposits the post-dated check which was issued by you to the bank and gets the repayment.