Many people have found that they can receive Instant Payday Loans more quickly than a bank loan. Where banks usually have a lot of red tape, pay lending companies do not. Banks have very strict rules that they use to govern the way they conduct business. Lending companies are not extremely strict, and they too have their own set of rules, and requirements.
Lenders maintain a strict age policy. Individuals under the age of 18 are not eligible for a payday loan. They must be at least 18 years of age, before they are allowed to enter into a legal contract. Another requirement is that the borrower must have a steady source of income. It does not matter where the income comes from, as long as it is verifiable.
Having an active checking account is what many lenders prefer. The borrower must have direct deposit already in place. The account can be an existing one with at least one month of activity. The checking account is needed for the deposit of loans and the withdrawal of payments. Payment due dates on set up on the borrower paydays.
Loans which cannot be paid back on their original due dates will incur additional charges. Borrowers will need to call the lending company and ask for an extension to avoid higher fees. Higher fees are normally check return fees that banks charge for insufficient funds. Despite of the charges associated with bank fees, paydays are still easier to obtain, and can be borrowed with no explanation.
The money can be borrowed for nearly any purpose. No explanation is needed nor is one required, as to why the money needs to be borrowed. Most people need to pay utility bills such as lights, water, and gas. Some people may find themselves running short while they are still on vacation.
Individuals can use one of several ways to apply for an instant payday loan. They can apply online in the comfort of their home, or they can visit an onsite center. The online process is probably the simplest and most preferred method for applying for a loan.
The onsite visitation requires a lot of documentation. The individual can walk into any lending office, and apply in person. They must have verifiable information like proof or source of income, Current bank statements, Current picture ID card, and proof of residence. No loans are approved without these items.
As long as the borrowers have this information, or can bring it back, they can be approved for a loan. The reasons why these loans are popular are because of their low interest rates. As long as the age requirement are met the borrower should have not problem qualifying for a loan.
Anyone with bad credit can apply for a low interest loan. No cosigner and no collateral are needed. These short-term loans are not meant to be a permanent long time solution to financial problems. Banks are not as generous as other institutions. Their strict guidelines will not allow them to approve a loan for everyone.
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