Short Term Payday: Simple Finances for Sudden Urgencies

By: Tim Kelly

The basic purpose of a loan is to provide financial back up which in turn enables the individual borrower to fulfill various needs. These loans are further classified to suit the various needs of the borrower. Short term payday is one such financial scheme which is designed to help borrower face sudden unexpected or unplanned expenses.

Short term payday is a unique way of availing finances for a relatively short span of time. These loans help individual borrowers to overcome the sudden cash gap which can occur at any point of time. It is structured in such a way that borrowers are not at all required to provide any asset as collateral. Borrowers from various cross sections irrespective of their credit status can access these loans.

To successfully avail these loans borrowers are required to fulfill certain prerequisites.

&bull Borrowers applying for the loans should be at least 18 years of age.
&bull An active bank account number is required.
&bull Borrower should be suitably employed with a regular source of monthly income.

After fulfilling the necessary terms and conditions, lenders do not waste any particular time and approves the amount in to the borrowers bank account. The amount approved is limited and are usually in the range of ?100-?1500 with a repayment duration that stretches for a period of 14- 30 days. However if there is any discrepancy, borrower can extend the repayment duration by paying an extra fee. As these loans are offered without any collateral, the rate of interest levied on the loans is slightly higher.

Short term payday offers finances mainly to help borrower counter sudden unexpected or unwanted expenses. The approval of the loan is fast and the cash gets deposited in to the borrower's bank account within a period of 24 hours. Besides using the online mode also assists the borrower to acquire these loans in a quick way that too at very competitive rates.

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