Payday loans are short term loans and most preferable option available for the salaried people. This credit must be taken carefully in order to afford the repayment structure. It is also referred to as payday advance, paycheck advance, paycheck loan and cash advance.
Features:
Through online mode instant access to money is granted, this helps you to get rid of your problems instantly as it is easily availed.
Such kind of finance carries a high rate of interest. Hence the borrower is given good repayment schemes to tackle this problem.
The borrower is given this credit ranging from 80 to 1500 and the repayment period is from 1-30 days.
Once the application is complete the cash is deposited into your checking account in a few hours, so you can quickly access the money whenever you need it.
Eligibility conditions:
The applicant must be 18 years of age.
The applicant should be employed and must have a regular income.
To help in transaction between you and the lender the applicant must have a valid bank account.
Advantages:
Payday loans are great cash advances for anyone who pays back the finance regularly and on time. They are suitable for any urgent needs that a borrower wants to fulfill but can not avail cash due to some circumstances and problems. The cash is deposited into your checking account in a few hours or days, making access to the money very convenient. The borrower is free to apply for this finance online.
Disadvantages:
Special attention is to be given while considering such finance as the interest rates ranges from 10%- 30% which is high. Some times they are not paid on time. In such cases the interest rates may be increased further if the payment is delayed. Depending on your repayment plan you are given 30 days to pay back the loan on time. Hence while applying for such advances special attention must be given to your repayment capacity.