Frequently Asked Questions Regarding Payday Loans

What is a payday loan? 

Payday Loans

Payday Loans

This is a small loan which can be borrowed to be used in urgent situations when you are for the moment out of cash. Otherwise known as payday advances or cash advances, payday loans are designed to meet quick-fix cash flow needs.

What are the payday loan lending requirements?

The first basic requirement of a payday loan is that the applicant must be above 18 years of age and above.
While there is no credit check needed when applying for an online payday loan, there are some other factors that you must provide. You must provide proof of a valid checking or savings account.
You must also show proof of income and must meet the basic employment status that most lenders want.
Be advised though that payday lenders have different eligibility requirements hence you should check with them for more details as these are just the basics.

What are the costs associated with payday loans?

Typically, lenders will charge between $15 and $30 per every $100 borrowed, with some even charging as little as $11 per every $100 borrowed. If you weigh the pros and cons and decide that a payday loan is what you need, ensure you understand all costs associated with it and ensure you read the terms and conditions thoroughly before you click apply. In some cases you will find that you will incur a hefty amount if you fail to pay back the loan by the agreed date.

How much can I borrow?

Because a payday loan is basically taken against your pay slip, you can get as much or as little as you wish, normally between $100 and $1500 as per your ability to repay back the loan plus interest accrued and also depending on your level of income. A good way to know how much you can borrow is to take your weekly income and then divide it by 3. In other words, if you earn $600 a week, then the maximum amount you can borrow is $200.

How do I apply for a payday loan?

Applying for a payday loan has been made very easy, convenient and fast especially if you follow the paperless loan application process. This is where you apply for the loan online by filling an application form. In the form you will indicate your official details plus the amount of money you wish to borrow. Once you submit the application form, your lender will check the details to validate their authenticity and will respond in a matter of minutes whether your application has been approved or not. If everything falls into place and you are approved instantly, then the money will be accessible in your bank account within 24 hours of approval.

When all is said and done, payday loans are very popular today more than ever before because they come in handy during those emergency times. If you use a payday loan wisely, you can rest assured they are a very cost-effective way of getting access to fast cash to meet emergency cash flow problems.

Is It Wise to Go for a Text Loan?

Text Loan

Text Loan

Payday loans have grabbed the attention of many financial and consumer markets in the past recent years but now text loans are another big thing that is going to rule in the world of the consumer borrowing.  Text loans are those kinds of loans that provide their borrowers a little more amount of cash so that they can make the use of them to fulfill their urgent commissions quickly and easily until their payday arrives.

For the attaining of such loans there are no complex procedures and you can even register the service without giving any charges. All you need to do is to fill out a precise form and wait till it is accepted. You will be then given a pin code that you can utilize by your cell phone to get the money.  You must repay the money on time and make sure you are able to do that before borrowing any of the text loans.

A text loan works in a simple manner; these are the short term loans that you can access by the help of an SMS message on your cell phone.  These are the options that you could avail if you are short on cash anytime and need to access any emergency cash.  The most important part about text loans is that they can be used for all kind of intentions and purposes and you can receive a handsome amount of money within hours and even minutes.  They have the least complications in the application procedures and there are no particular criteria that can be demanded by the text loan lenders but they would still want to know if you have a good source of income and if you are able to pay the money within the time limit.

There are certain disadvantages that you may suffer from by the use of the text loans as well. There is high rate of interests that are carried by the text loans this is due to the fact that they are short term loans and the repayment time period is less therefore you would have to pay the interest rates higher than normal making them quite expensive for you.  You must make sure that you can pay the amount back within the specified time because missed payments may increase the charges and it may also affect your credit history also.