There will always be times when an urgent need comes up, and you're taken by surprise simply because you're not prepared for it. Times like this can be very terrible for most of those who are ill-equipped to meet the need. This can be one of the most trying times in a
person's life.
For employed people who have a pressing need for cash, finding someone who can help them on their problem with cash can be very frustrating. This is because they will have to get out if their comfort zones and ask for people to help them out - something that is not very pleasant to do. When in such a situation, there is a better way, and it's called Payday Loan, which may be the best solution to their problem. With Payday Loans, employed individuals can have access to funds hassle-free, fast, and quick, without having to beg people to help them out!
What Is Payday Loan?
The principle behind these loans is very simple: you are borrowing someone else's money because your money is not available yet, but it soon will be. With Payday Loan, it's more like you're getting your own money, or your salary, in advance, similar to cash advance. The difference between a cash advance and Payday Loan is that the former is traditionally a transaction between and employer and an employee, while the latter is a transaction between a lender - a third party - and the employee.
Of course because it's a service that someone does for you, and you're asking them to give you an "advance" (you're using their money in the meantime while they wait for your salary to be released) you have to pay a certain amount of money for that service, hence the interest charged for the money you've taken.
Who Grants Payday Loans?
There are plenty of lenders who offer them for as low as $100 to as high as $5,000, depending on some very crucial factors.
Who Can Avail of the Payday Loans?
Basically, they are for those who are currently employed full time and have been employed for the last 6 months. To verify this, some lenders would require that applicants provide them with at least two (2) months of employment history.
Applicants must also be 18 years old and above, and must be residents of their country.
What Are the Basic Requirements?
Lenders are very particular with age, so the minimum age for applicants is eighteen years (18) old.
In terms of income, an applicant must earn at least $800.00 to $1,200 per month, after taxes and deductions, in order to qualify for the Payday Loan.
Some Payday Loan lenders will also ask for a copy of your current bank statement or paycheck stubs to verify your financial information.
In terms of employment, an applicant must be able to show proof of steady employment to establish his ability to pay.
Lenders, especially those who are operating online, may also require applicants to furnish them with additional information. This additional information may include contact information such as address and telephone and/or mobile phone numbers.
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