A payday loan is sometimes called a cash advance is a short-term and usually unsecured loan, and (usually) small sum of money is involved in this type of loan. Why this loan is called "payday"? In many cases the repayment of this kind of loan is linked to a borrower's payday.
Lender usually check previous employment and payroll records of person who apply for payday loan. Please note that legislation and financial regulations concerning payday loans varies widely between different countries and even states, within the United States.
Some countries limit the annual percentage rate (APR) that lenders can charge, to avoid excessive rates of interest, and to avoid draining money from low-income consumers.
To get a payday loan (or cash advance) consumer usually need to fill out a simple application, and sign a few forms. The majority of lenders are present on the internet nowadays, so this easy application online process only takes minutes, on the lender's secure web-site.
When your loan get approved, consumer get the cash in hand or have the money deposited into bank account, usually within 24 hours. On the consumer's next payday, borrower's account is debited for the amount you owe. Please note that you can choose the option to renew your loan, if this is allowable by local law or financial regulations.
What are the requirements concerning getting payday loan? Usually, you need to be employed and to make at least $1000 a month (this sum vary in different states of the United States), be a citizen, have at least 18 years of age and have an active checking account. We are talking about US, so citizens from other countries have to take a look at local law and financial regulations.
Payday loans and cash advances are very popular way of short-term borrowing in Australia, New Zealand, Canada, Great Britain and the United States. There are over 200 payday lenders in Great Britain alone and payday loans are a rapidly growing industry in this country. We love that the UK's law require at least to state the effective annual percentage rate (APR) by payday loan providers.
No consumer, household or family can ever predict when financial problems might arise. At any time, we could become victims of an unexpected expense like a car or home repair could happen, causing financial short-term problems.
If you do not own credit card or do not have access to any kind of credit within your bank account, short-term payday loan is quick and easy-going alternative to your short-term financial problems.
Please browse below the quality and informative web-sites that offer payday loans or provide information about short-term lending services.
Payday Loans Featured Listings
Payday Loans Regular Listings
For families and people who do not have access to bank's loan or credit card, easy-going payday loan is good solution for short-term cash shortage.
Do you own quality web-site about payday loans, loans, lending services or financial related?
Please submit your web-site to our Best Financial Directory.
Submit Payday Loans Site