Payday Advance - Meant for Urgency Purposes

by : Tom Dikkin

Often, it becomes increasingly harder for salaried people to combat urgency like repairing a car, clearing a medical bill and avoiding penalties by making timely payments. By the mid of a month, they tend to spend most of their salary cheque. However, they also have the option of taking out .

These loans provide small money in the range of ?100 to ?1500 to the salaried people, who are in the current job for past six months at least. They must also be drawing a fixed monthly salary, and should have an active bank checking account for past three months. Only adult people of 18 years and above are eligible to borrow the money. The loan amount is wired to the borrower's bank account within 24 hours.

The borrowed amount carries a very short period of 14 days, so that its repayment can be made at the time of the borrower's next paycheque. The loan can also be rolled over for a month. There is no security involved, with the lenders only asking for your permission for withdrawal of the loaned amount plus interest charges from your bank account on the due date.

However, ensure that you borrow only an amount that you can repay without extending it. This is because of very high interest rates involved in the borrowed amount. A typical rate may be 30 percent for two weeks only, implying that if you rollover the loan, it may become a huge debt because of exorbitant rates.

The borrower's bad or poor credit history of late payments, defaults and arrears is usually not a hurdle as approval of payday advance is given without any credit checks. This means that these loans can also be used for improving your credit rating in the coming days. However, make sure that you have compared various such offers on internet to find out a loan at comparatively lower rates.