There are many occasions when the need for cash arises but there are no funds to meet this need. This is so especially with urgent matters such as emergencies. Sometimes people run out of money and need some extra cash to keep them going until the next payday. Access to such cash is not easy anywhere, yet it is made possible through a payday loan.
What is a payday loan?
A payday loan is a credit facility available to residents and consumers who wish to gain easy and fast access to cash. This loan facility is made available to those who qualify for it. It is processed pretty fast with cash being advanced within a short 24 hour period or less. Once the funds are received, they can be spent on anything the borrower wishes to have.
Who qualifies for a payday loan?
According to most lenders of this loan facility, any person can qualify to get this loan if they are above the age of 18 years old, have a job that pays them a regular wage or salary into a bank account and have a valid form of identification. These are the only requirements that residents require in order to access the loan. There are some benefits here in that the loans can be applied by individuals with a bad credit history and those with all sorts of backgrounds. This is because there are no credit checks or background checks conducted on applicants. Thus a larger number of applicants qualify for the loans and practically, over 95 per cent of adults will qualify and be eligible for these loans.
What is the application procedure?
Once a borrower decides that they need to borrow a payday loan, they will simply need to identify their most preferable lender online and then log onto their website. At this website will be a payday loan application form. It is a digital form that is filled and submitted online. Since the form is available online, there is no need of visiting the lender’s offices and no need to print out and mail the application, sit in queues or wait in line. The forms are filled online and submitted at any time of day or night. Applicants will benefit from the convenience of posting these applications from the comfort of the home or office. It also provides discretion as privacy is upheld.
What are the benefits of payday loans?
A payday loan can be really beneficial to applicants in need of quick access to financial resources. The reason is because these funds are disbursed within a very short time and access to the money can be possible in less than 24 hours within submission of an application, especially if the application is submitted early in the morning.
Payday loans offer borrowers a chance to meet their immediate financial needs especially emergency and urgent cases that are best addressed using cash or money. Most payday lenders do not discriminate against those with good or bad credit history reports. This makes a lot of people eligible for the loans even where they wouldn’t qualify at other regular financial lenders such as banks.
For online pay day loans you will need to be repaid at the borrower’s next payday or at least within one month of borrowing the loan. Sometimes lenders can allow an extension of this repayment time but there will be a fee charged for this. The funds will usually be deducted from the borrower’s bank account and debited directly to the lender’s bank account. This makes it convenient to the borrower as well as the lender. There are no security requirements for this loan so those without assets can still qualify for a payday loan.