In the date of today, a payday loan is playing an important role in the life of the middle class people who are not fortunate enough to save money every month. It is making life of people hassle free as now they do not have to feel embarrassment to ask their friends for borrowing money.
If you have tension how to face a financial problem in the middle of the month when you have already spent all of your money, a payday loan is a perfect helping hand for you during those days. This short term loan intends to cover the expenditures of the applier until he or she has received the next salary.
It is really supportive to meet the urgent expenses which may include the medical bills, electricity bills, phone bills, house rent or any other unexpected expenditure. It is really beneficial for avoiding costly bounced-check fees and late payment penalties.
Signing up and qualifying for this help is a quick and easy process; once a lender approves you for a cash advance, he or she will electronically deposit the amount directly into your checking account or savings account.
Unlike other loans, which take many weeks, months and lots of paper works, the payday loan only needs a proof of your regular income, ID proof and full details of your current bank account, so the eligibility criteria is very simple and most of the people qualify for it. This short term facility is for 5 to 31 Days. The payday loan applier should be of the age of 18 and must have any permanent source of income. It also requires account in a bank for the last 3 months. The money of the loan is based on what the applier earns in a month as the loan amount can vary from $100 to $1500 depending upon your income. It does not require any documentation as well. You must keep this fact in mind that as it is a short term loan, the rate of interest is slightly higher.
It will also help you in the situation when your checking account is empty and you require urgent money, so it will help you avoid overdraft fees or NSF fees for bounced checks. In this busy life when we do not have time, the banks are also offering this service online. Your money will automatically be transferred in your bank account in just a few hours and you can enjoy a hassle free life.