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My payday loans :

Payday is what we all think about whenever a financial commitment comes to our mind. It could be an installment due date, credit card payment date, house rent, and medical expenses or even may be just some shopping. Paydays are different for different people on various jobs. Whatever is the date but we all look forward to that day.

Since money is the key requirement for various needs in life, payday plays an important and vital role. In olden days, people would not have any option other than waiting for the day whenever the employer would pay the salary and then our needs would be satisfied. Time has changed since then, so are the needs. It is more unlikely that we would not require money on day to day basis. Life has become so fast that we all wish every day is a payday.

Unlike those traditional old days we don?t have to wait for the payday now to meet our financial requirements. Thanks to loans in the market and special thanks to payday loans.

Payday loan is a short term loan or advance (may be from $500 to $1500) which is borrowed with an intension to bridge the cash flow gaps of the borrower between his pay days. This loan can be given even without a credit check. This service should be used only for emergency financial situations. It?s better to avoid using this as a permanent source for any kind of financial funding.

My payday strives to be the #1 in the payday loan segment to satisfy their customers? needs. Usually most of the payday loans get approved unless you have submitted false information about yourself or your financial status. You can also be denied of payday loan if you are not currently employed, you already have payday loan that is outstanding, your personal details are not identified successfully, your monthly net income is less than $1000, you are paid monthly etc.,

As a first time borrower you can borrow only up to $300.Once you settle this, you can borrow $400 and once done with this you can borrow $500. Then you can go up to $1000, $100 at a time once $500 loan is cleared. The processing of pay day loans does not usually take long for approval and disbursal.

This facility is given even to people with poor credit history. However, people who have filed bankruptcy in the past year or the ones who have filed it multiple times will not be eligible for this loan. The fee for this loan also is at $25 for every $100 borrowed. The period of loan is designed to go up to 14 days generally; at times it could be lesser than that.

This loan approval does not need a credit check as such, but loan history is definitely verified with the available national database. Also the references that you provide will be contacted without revealing the name of the company. Hence it is important to give the right phone numbers.

The due date for the payday loan is decided after taking your pay date in to consideration. Irrespective of the pay date, payments are usually due once in 10 or 14 days. It is not necessary that the due date falls after the pay date. If it?s a concern, then you can contact the payday loan people immediately and have things clarified. Due dates can also be changed once matter is discussed.

To make things easier, an online payment request form needs to be submitted. The terms have to be agreed upon by you even before the loan is approved. This form contains the information as to how much you can afford to pay on your respective due date. This form has to be submitted at least two days in advance to the due date. If this is done then the mentioned amount will be deducted from your account and this will ensure that your checking account is in good condition.

If failed to submit the form, then the whole amount outstanding will be debited from your account.

Incase there are insufficient funds in your account and the check returns, and then you will be contacted to pay the amount due as a second attempt with a fees of $25 to $75 which will be collected in the next debit.

Once an existing loan is cleared, it will take five to six days for the approval of your next loan. In case you would like to apply for the renewal of a new loan, a simple online form needs to be submitted with an electronic signature.

The payday loans can be extended as many times as you feel you need it, keeping in mind that these are short term loans and should be settled as early as possible. The payment withdrawal request will hit your bank at 12 am on the due date. Hence it is important to have sufficient funds in your account.

There are different repayment options like, you can choose to pay the whole amount due, you can choose to make a minimum payment and enter in to a new contract with the rest of the amount for which there will be fees or you can choose to pay more than the minimum amount and carry forward the remaining amount with a new contract. (Fees will differ in this case as well).

With such easy options available in the market, opting for a loan has become far easier than olden days. However one things needs to be borne on your mind that any payment that is due has be paid by the date without fail to avoid accumulation of charges which are really heavy at times and to keep a clear credit history. This will help you have not only a good name with your bankers but also the loan processing becomes a lot easier the next time you apply for one.

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