What is payday loan?
A loan which is offered to the short term and its tenure is extended till your next payday, is recognized as a payday loan. The process of payday loan is very convenient without walking distance; it can be grabbed through the internet. The repayment process is very easy for the borrowers
What are the eligibilities of a payday loan?
The qualifications of payday loans are designed in order to remove all the conundrums in their ways. There are a few terms and conditions such as:
- Earn at least $1000 per month
- Be an inhabitant of USA and at least 18 years of age and above
- Have current and saving bank account
- Currently have a job or other source of regular income
Can bad credit apply for this loan?
Yes, they can go for payday loan. Without getting their past records checked, payday loans are approved.
Do the borrowers need to place collateral?
No, your job and your paycheck work as your collateral.
How long does this process take?
Hardly, 24 hours or on the same day of applying, if you fill all the authentic information in given loan application form, the required amount is transited electroni cally into their account.
How much is taken as application fees?
Nothing, there are no application fees
What if I don't repay within stipulated time, will I be convicted?
The first priority is to repay your loan within stipulated period if you fail to repay within time, you will be charged with additional amount that will create adverse effect on your fiscal condition. You will not be convicted unless you refuse to pay your debt
What is the repayment period?
The repayment period depends upon your payday or paychecks. Keep remember that is not a long term loan on the contrary it is short term loan