Loan until payday
There are a number of situations where we are caught in desperate need of money and there is no source to get it. Either we do not have credit cards or if we have the is crossed and we obviously do not like borrowing from friends. In such a situation a payday loan always serves to be handy and the savior.
Payday loan is a loan given till the payday and is popular by a number of other names like cash advance or check advance or a post-dated check loan. There are many people who also know it by the bane of deferred-deposit cash. However, in the loan market it is popular as the costly loan. Whatever, be the name all these loans are till the payday, which is a short period till it needs to be paid back. You can borrow any amount of money ranging from $50 to $1,500 at high interest rates.
Why should you take a payday loan?
The popularity of payday loans is because of a number of reasons. People who are really in need of money for them the loans till payday serve to be more advantageous. If you are in urgent need of money and there is no other way in which you can get money this is the only resort.
With payday loans you can:
There are no up front costs related to the loan
Now that all these things have been informed taking a payday loan does make some sense. However, you should be sure that you would be able to pay off the loan on the next payday .
Where can you get these loans?
There are a number of payday loan companies that you can find all over the United States. There are more than 10,000 payday loan companies that are available and even if you do not have a physical outlet near your location you can always go in for an online payday loan.
For applying for these loans you are required to be just above 18 years of age, you should have a checking account and should be a permanent full-time employee with a minimum take home salary of $1,200 per month. Fulfilling these basic necessities can make you eligible for a payday loan. At time you are required to fax your pay stubs and latest bank statements and some companies would ask you for an identification proof. However, to make the lending process easier there are many companies that do not require these documents and give out faxless payday loans.
Some of the companies include:
Easy Online Payday Loan:
They offer faxless payday loans. Their application process is simple and fast. You can fill out your basic details to know more about their offers.
Personal Cash Advance
:They do not carry out any credit check and offer confidential and secure services. They also have flexible payment options.
Payday Loan Care:
Borrow up to $1,500 with them. They do not carry out any credit check and offer instant approval for the loan.
Platinum Cash Advance:
Borrow up to $500 with them. Get instant approval and have the cash directly deposited into your account.
Payday Cash:
Get money in 24 hours without any credit check and apply online to get instant approval.
Payday Loan EZ:
Get no credit check instant cash in your account with them. You can apply online to get approval within no time.
Shortcomings of these loans
Now that we have seen how convenient it is to get a loan till payday and you also have a few companies where you can apply let us fairly analyze these loans.The payday loans have been analyzed at all levels and have found that there are a number of companies who take advantage of the financial situation of people. For this reason there have been implementation of a number of laws regarding these loans.
The first problem with these loans is that they carry high interest rates and if you are not able to meet the expenses at the payday then your amount is rolled over to the next month and you are charged interest on that period .Suppose that you have borrowed $100 with an interest rate $20 for a period of 15 days so on your due date you are supposed to pay $120. But if you cannot make the payment and roll the payment for three times the duration then you would have to pay $80 for the same $100 and this amount would keep increasing unless you pay off the loan.
The second is the security associated with these loans. There are some people who promise to give you a payday loan and gather most of your financial information from your application and can make misuse of the information.
Before you apply for the payday loans you should keep these things in mind and make sure that you select your company after considering its licensing and reputation.
Now that both the sides of the loan till payday have been analyzed it can still be said that these loans do serve the needs of people in need and if handled properly do not serve to be disadvantageous.
