Payday loan lenders are there to offer a helping hand to individuals who find that they are left short financially and need cash to tide them over to their next payday. A payday loan is an advance on your next pay cheque, which may come in useful for a wide variety of reasons.
It is not a long-term loan or borrowing that may be relied upon from month to month on a regular basis. Nor is it a suitable option if you are suffering from long term financial problems.
How to apply for a payday loan
You may apply online for a payday loan with lenders offering this service. As all the paperwork is done electronically, this saves an enormous amount of time – and is eco-friendly too!
A decision is usually given on your our application there and then, so there is no waiting around for application forms in the post. Once you have approval, with some payday loan companies you will have the money in your bank account within just a few hours if your bank accepts immediate transfers. If not, it will usually be there on the next day.
What the payday loan company may require
To be able to apply for the instant cash loan you will have to meet criteria set out by the provider. This may vary depending on where you apply for a payday loan. For instance, they may ask that you:
are 18 years of age or over;
are in regular, full time employment;
earn a certain amount each month;
have a bank account in the USA;
have a debit card associated with that bank account.
Remember, the criteria you may need to meet may differ with payday loan lenders.
Repaying the payday loan
Payday loan lenders typically make repaying the loan easy as they ask for your debit card information at the time of you applying for the loan. When your next payday arrives, they usually take the amount borrowed plus any interest and other fees from your debit card, as agreed. (These charges should be made known upfront so that there are no nasty surprises). As you can see, it can be fairly simple in getting a cash advance, so if you have an unexpected cost come up, looking at payday loan lenders may help you get cash in your pocket quickly.