Speical Payday Loan Lenders for Quick Cash
Thousands of people around the world experience unforeseen emergencies. Such emergencies can come about because a car suddenly breaks down a breadwinner leaves the home a friend or family member dies a job ends an acquaintance is jailed or an adult child goes off to college. In these types of situations the consumer usually needs the money quickly. For example a utility might be at risk of being cut off by the provider. The individual may also need his or her car to get back and forth to work. Additionally a person who is in jail will surely want to get out as quickly as possible.
Payday loan lenders are organizations that understand the consumer’s need for fast cash. These special lenders give all consumers a chance by having reasonable terms and minimum requirements. Anyone who needs money fast and without questions asked can apply for a payday loan to get him or her through a rough patch.
What are Payday Loans?
Payday loans are short-term cash advances lenders disburse to people who meet certain requirements. The reason that people call these advances payday loans is the repayment terms. The lenders receive their payments by deducting the funds from the borrower’s bank account on his or her next payday thus the name payday loan.
Who Qualifies for a Payday Loan?
Payday loan lenders do not place strict rules on their loans. However some qualifications exist. For one the person who is applying for the advance must be 18 years of age or older. Minors are not eligible to sign contracts in most countries. Therefore only a true adult can apply for a wage day advance. The person who is applying for the loan must also live in the area in which he or she is applying. For example a UK resident must reside in the UK to apply for a UK payday loans. The same applies to United States residents.
The payday loan lenders generally expect their applicants to earn at least $1000 per month. Most lenders ask that the person make $1500 per month but some are flexible. The applicant must also have a valid bank account that does not have a record of any negative transactions. This means that the person cannot have a history of insufficient funds transactions or overdraft instances. The reason behind this requirement is repayment reliability. The lender needs to know that the funds will be available in the borrower’s account when it comes time to repay the advance.
A person has a better chance of gaining approval for a wage day advance if he or she has a bank account that has been in existence for at least 90 days. A history with the same employer for at least 90 days is also desirable but not required.
How much can a Person Borrow?
The amount that a person can borrow from a payday advance depends on the lender. Thousands of lenders are operating and they each have their own limits. Some companies might offer a person a small initial loan for one or two hundred dollars while another firm might be more trusting of the client. This lender may issue a larger loan in the range of $500. Some lenders will disburse over $1000 to a person who has a hefty income.
How Long Does a Person Have to Pay?
As previously stated payday advances are short-term loans. Therefore their usual life span is 14 or 15 days. The intention is for the lender to receive its money back the first time the borrower receives a paycheck. However some lenders offer special longer-term arrangements known as installment loans. With installment payday loans the borrower can repay the advance at a slower pace over the course of several months. The interest rate is sometimes much lower for installment products.
No matter what type of payday advance a person gets he or she will be happy because payday advances have a turnaround time of less than 24 hours. More info here