A payday loan is a short term loan. Most payday loans are held for up to a month at a time. Because of this, it is not necessary to get the loan from a bank and have credit and collateral.
Payday loans are usually for people who have come upon unexpected bills which they do not have the cash for right away. A loan is usually taken out until the borrower's next payday. Because payday loans are short term loans, the amount borrowed is usually between $100 and $1000.
How do payday loans work? It is simple. When a person finds that they are short on cash, they can find a payday loan company. There are a few places to find a payday loan company. The first place is on the internet. There are several companies out there who offer payday loans. Other places to find payday loans are in the telephone book and some payday loan companies have offices in certain areas.
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Applying for a payday loan is simple. There is not much information needed when applying for a payday loan. One thing that is needed for a payday loan is the borrower's most recent pay stub. This pay stub will show the payday loan company that the borrower will be able to repay the amount borrowed. It will also show how often the borrower is paid. This will let the company know when the borrower will be able to repay the loan.
There are a few types of income which payday loan companies will accept. Income such as wages from a job, unemployment, temporary disability, and Social Security are a few types that are accepted. There are also a few types of income which are not accepted. Income from state welfare and Social Security in someone else's name a couple examples.
It is also necessary that the borrower have a bank account. This is how the borrower receives his loan money as well as repays it.
It is important for the borrower to know that there is an interest charge on the loan. The interest charge usually depends on how much money the was borrowed. The higher the amount borrowed, the higher the interests charge will be. The interest charge on a payday loan is usually anywhere between $50 and $500. This charge is added to the original amount borrowed.
The duration of a payday loan depends mostly on how often the borrower is paid. Usually the loan is held for between a week and two weeks depending of whether the borrower is paid weekly or biweekly. If, by chance, the borrower does not have the money when the loan is due, there is something that can be done. The borrower will be allowed to take out an extension on the loan. If the borrower does receive and extension, he will be responsible for paying the loan as well as an extra interest charge for each week the loan is extended. The more extensions that a borrower uses, the more the borrower will need to repay.
When it is time for the loan to be repaid and the borrower does have the full amount, it will usually be deducted right from the borrowers bank account. Everyone has financial difficulties at one point or another and a short term, a low rate payday loan can be very helpful.
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