Payday loan companies have amassed millions in their businesses. Unfortunately though they have also lost millions of dollars as fines in community service and rehabilitation. There are many lenders who are ready to offer you a payday loan right now, the basic criteria being that you fill up the form with all the details and fulfill the basic clauses.
Another name for payday loan is paycheck advance. A payday loan acts as an advance on your paycheck so if you are missing your bills or you don't have enough money for that great occasion then you can satisfy your temporary need by filling up a payday loan form. Remember, when you are filling up the payday loan form you also agree to some terms and conditions specified by the payday loan lenders. If you are getting paid biweekly, then you need to return the amount on your paycheck date. For example, you applied for a payday loan on fourteenth of this month, then you agree for a direct debit of said amount from your account on the thirtieth of the same month. Failing to pay your payday loan will make you accumulate NSF charges from your banker and payday loan company.
The lending industry was not regulated in its infant stages. But as the industry grew, it made large profits from the financial hardship of the people. With the borrowing population growing in size, the regulators had to step into the industry to regulate it. Strict rules and regulations were passed making it difficult for the payday loan lenders to take advantage of the financial hardships of the poor defaulters. The State of Washington has a payday loan regulation that gives extended time after a borrower fails to pay a loaned amount at the designated time.
In April 11, 2008, the U.S. Congress passed a new legislation related to payday loan that must be strictly followed. Payday loans should be limited to no more than one quarter of the borrower's income. Also you can have some extra amount as your payday loan.
Requirements for payday loan borrowers were also established:
one should be employed
one should receive a regular income from dedicated sources
one should be making at least $800 to $1000. Although this amount may vary from one payday loan company to another. Payday loans are issued in those countries where lenders can directly debit the borrowed amount from a borrower's checking or savings account electronically.
one should have an active checking or savings account
one should be 18 years and above
Terms and conditions vary for different companies, and make sure that you check for those clauses before applying for a payday loan. Payday loans applications and processing are now available online. Make sure that the websites you visit for such applications are credible to avoid having problems about information leak. Interest rates are generally very high for short-term loans so make sure too that you read their terms and conditions before applying for a payday loan. Payday loans do not require credit check, which makes it an ideal choice for many.
