Payday loan is a short term loan which is used when one is out of money. A small amount is basically given in the form of loan, which need to be repaid by the individual on his next payday. Payday loan is also termed as payday advances or cash advances.
How much payday loan can you borrow at a time?
Well, this is a common question that we all think about before approaching for a loan. Generally, one can expect to get within 100-1500 dollars as a payday loan. The amount if decided by the lender on the basis of your weekly income, dividing it by 3. For instance, if you earn 600 dollars every week, then you can borrow maximum 200 dollar. Thus, it means you can borrow within the range of 100-200 dollars. The minimum loan amount is 100 dollars and you cannot get below this amount.
It can also be said that payday loan is designed to meet the short-term temporary cash flow requirements. Apply for Instant payday loan from Payday Loans Now and get the money instantly in your account.
Requirements for getting payday loan
Well, it can be said from the general aspect that there is no such requirements. The terms that need to be fulfilled in order to get the payday loan are simple and general. Still, for the benefits of the readers I would like to point out the basic minimum requirement. The very first factor is that you need to be 18 years or more. You need to give an income proof as well as banking verification.
The verification proof will vary from one lender to another. The best part is that there is no credit check when it comes to online application of payday loan. The active employment status is a must to get this loan. As we all know that payday loan is given with the terms that it needs to be repaid within the next payday check so it is a known fact that you need to have active service tenure. At the same time you need to show your minimum income as well as an active savings or checking account. Again, the income proof and eligibility may vary from one lender to another.
How can you apply for a payday loan?
It is quite easy to borrow money through payday loan. In fact, the process of application is also quite easy. The process becomes much easier if you choose to go with paperless or faxless loan application. Just, you need to fill up the online application form properly and give the amount you wish to borrow. The lender will conduct a quick check in order to confirm the banking details provided by you as well as verifying the other documents submitted.
The loan approval can be received within the next few working hours. In fact, in most of the cases you will see that the loan amount is directly deposited to the bank account within just 1 hour of sending the application.
The author of this post, Mr. R. Hammer has worked as a payday lender for several years and he has mentioned the positive aspects of this kind of loan. In this post, he has also stated about Instant payday loan from Payday Loans Now.
Image Credit: Donel DeFreese