Payday Loans Cater to Instant Monetary Needs

By: Andrrew

People sometimes get into financial hurdles all of a sudden. They have urgent expenditure to be made but their coffers have exhausted. The next payday is also far away. These people can rely on a class of borrowers who provide solution in the form of payday loans.

require no collateral and are available for a short period of 14 to 31 days. Depending upon needs, amounts in the range of ?100-?1500 are available. These loans are short term loans for meeting short term expenses like paying medical expenses, car repair bills, tuition fees, grocery store bills and many other urgent expenses.

Borrowers have to fulfill certain prerequisites for getting payday loans.

&bull He must have a stable job with steady monthly income of at least ?1200.

&bull He must possess a valid bank account which is more than three months old.

&bull He must be more than 18 years old.

&bull He should have a residential proof.

After all these information are verified, the loan amount is transferred to the borrower's bank account, to be repaid on the next payday. Some lenders also take a post dated cheque of the borrowed amount for approving these loans. Payday loans are processed very fast as no credit check is involved in approval of these loans. Often the loan amount is transferred in less than 24 hours.

Payday loans have comparatively higher interest rates due to its short term nature. But lower rate loans can be obtained by through research of the offline and online market.

Payday loans are also available to borrowers with CCJs, IVAs, arrears and defaults since no credit check is done on the loan application.

Financial needs arising in a short notice can be met with payday loans. These loans thus pull out people from money crunch.

Payday Loans
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