The best way to get through financial emergencies – PayDay Loans
The newest type of loan available in the market is the PayDay loan. It has many synonyms such as payday advance, salary loan, short term or cash advance loan. As the name and all the synonyms suggest this is a small and short term loan available to people to get them through their emergency financial situations. The loan can be applied and will be credited into your account in a single day.
How convenient and easy to apply are these?
Most of the companies providing this loan have the process online and the borrower can apply at any time i.e. even at night. But one should be aware that the rate of interest is very high and so prolonging the repayment or loan hopping will lead to a hard blow to the already critical financial situation. The platforms to apply have become very simplified and require just a couple of minutes to finish if you have your identification documents handy.
The approval of these loans is also case to case based and can be over in an hour if they lender feels all the submitted documents are authentic and if they have the confidence that the borrower will pay back correctly without any hassle. The whole process along with the requested amount being credited into the persons account can happen within three hours if the person has a stable income and is able to provide the checklist. There is also an option of picking the cash from an office if the borrower requires hard cash in hand.
Some of the lenders also offer options where the person can return the loan amount within a period of a day if he feels he does not require the loan. This is extended to 72 hours by a few companies. And the repayment options are also based on the convenience of the borrower and he has many options to choose from. It is always better to know what type of PayDay loans are available and the sources that lend them as it can be handy in case of emergencies.
Though you are in a very critical and have time constraint it is better to let someone from the lender’s side explain how they work and what all do they charge over and above the rate of interest. If you do not have the time for it then you can ask a family member or friend to go through the process for you. As once you agree to the terms and conditions and avail the loan with many hidden or unknown costs it will be very difficult when you have to repay it.