Payday loans are the life savers for the people who need instant cash. Applying for payday loans is as simple as opening the cap of a bottle. All you have to do is just surf certain sites which are providing you these loans and apply for loans. You need not to fill any lengthy forms,no documentation, need not to fax any documents. Payday loans are getting extremely popular in some big countries like UK. To apply for these loans you must fulfill these requirements.
You must be a permanent citizen of UK. You must have a regular income of at least $1000 per month. You must have a permanent checking bank account. Your age must be of at least 18 years.
People those who are having bad credit history can also apply for these payday advance loans. The most important thing is it is given for a short period of time and do not require any collateral. You do not have to wait for a long period of time for knowing whether your loan is approved or not you will come to know within few hours. If you are not able to pay back the loan then there is a facility known as Roll-overs that is you can submit your installments to the very next month. Some jury s impose strict usury( The act of lending money at an interest rate higher than permitted by law.)limits, limiting the nominal annual percentage rate (APR) that any lender, including payday lenders, can charge; some outlaw payday lending entirely; and some have very few restrictions on payday act lenders. Due to the extremely short-term nature of payday loans, the difference between APR and effective annual rate (EAR) can be substantial, because EAR take compounding into account. For a $15 charge on a $100 2-week PAYDAY LOANS, the APR is 26 15% = 390% but the EAR is (1.1526 - 1) 100% = 3,685%. Careful reporting of whether EAR or APR is quoted is necessary to make meaningful comparisons.