The Inside Scoop on Payday Loans
A payday loan is an unsecured loan not dependent on collateral such as a car. They are short term loans meant to be paid back in a few days usually on your next payday. You can apply online and the money loaned can be credited into your bank account on the same day.
The most common amount lent for first time borrowers is $300 or more maybe depending on your income. Approval rates are best when you ask for the minimum amount of $300 so it is advisable to only ask for that much the first time. Once you have successfully repaid your loan they may then offer to lend you more in subsequent loans.
Who Can Apply for a Payday Loan?
Eligibility for a payday loan is that you have been employed for at least three months and you are 18 or older. You must also have a bank account with a valid debit card. You should be able to get the money even with a poor credit history if you meet the above criteria.
How do You Repay the Loan?
You will need to repay the loan amount plus interest on the date specified in the loan agreement. The repayment date is usually your payday hence the name payday loan. The lender usually collects your payment by debiting your bank account once your pay is deposited.
Repayment Over a Longer Period
Payday loans may be extended if you find yourself in a position to be unable to satisfy all of it on the repayment date. If you find this necessary you will need to contact the agency to explain the situation and ask for an extension.
The Benefits of Payday Loans
Approval Rate: Most people like how easy it is to get the money they need. Cash is usually deposited into your bank account the same day you apply for the loan. This helps relieve any stress related to a lack of money in the moment.
The application process is very simple it takes a few minutes to apply and you do not have to waste time posting or faxing documents to the lender as you would with a bank loan for instance.
Bad Credit: These types of loans are designed for people with poor credit. This is because payday loan companies do not make their decision to lend solely based on credit history. As long as you meet their needs they can give you what you want.
The reason payday loan businesses seem to be everywhere is because they can meet the needs of people who do not meet the criteria of the banks plus banks will not lend small amounts for any reason.
There are a lot of good people who do not have a credit card or established credit so they use payday loan companies to help get them through a tough time.
Overall payday loans are convenient easy to access and offer a viable option when you need money quickly.
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Vancouver, a bustling west coast seaport in British Columbia, is among Canada’s densest, most ethnically diverse cities. A popular filming location, it’s surrounded by mountains, and also has thriving art, theatre and music scenes. Vancouver Art Gallery is known for its works by regional artists, while the Museum of Anthropology houses preeminent First Nations collections.