Payday Loans - A Lifeline For Many
Author: monika
A
payday loan provides cash advances with minimal formalities to meet financial emergencies within 24 hours. Payday loans are generally short-term cash advances of small amounts ranging from $100 to $1500. The loan is given for a period lasting till the next payday of the borrower. These loans are such short-term loans for people who find them selves in a sudden financial crisis. The APR (annual percentage rate) on these cash advances, however, usually tends to be high and is often in the range of 390% or more.
People may face a sudden cash crunch due to sudden reasons such as an unexpected illness, an unforeseen automobile repair bill, emergency cash requirement in the family and so on. In such cases short term loans like the cash advance America are extremely handy as they provide financial aid within hours of receiving the loan application.
Although cash advances like the
payday loans are extremely useful in times of crisis, care should be taken to avoid taking such loans for trivial matters like paying grocery bills, unwanted shopping expenditures and so on due to their exorbitant interest rates.
Basic Requirements For A Payday Loan
* You should be an American resident
* You should be above 18 years
* You should have a regular monthly income of a specified amount and should be able to provide pay slips as proof of the same
* You should possess a bank account
Process Of Getting Cash Loans
Once the basic criteria for the cash advance have been fulfilled the borrower can apply for a loan online. After verifying the relevant information the loan provider deposits the cash in the bank account specified by you within a maximum time period of 24 hours.
Settlement of the loan is also equally effortless as at the end of the loan period, the borrower is given the option of either debiting his account with the loan amount and the interest incurred on it or of extending the loan for a further period.
Many critics to these America payday loans claim that such loans are primarily predatory in nature and take advantage of the critical needs of the borrowers to rake in huge amounts by way of interest or fees. However, a recent research in the U.S has revealed that a payday loan is being preferred to many other conventional loan options by the borrowers, which puts to rest any fears of their predatory nature.About the Author:
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