A payday loan is a short term loan which is used to cover the expenditures until the next payday comes
. This involves simple procedures and mostly the loan amount will be credited on the same day itself. However, this loan proves to be an unsecured loan and is not dependent upon any of your property or documents. The loan amount will be decided on the basis of your income. It is always advised to borrow only the amount that you need. Otherwise, the borrowers might end up in paying higher interest rates. Who can apply? - The minimum age of the person applying for a short term loan should be over 18 years. - The individual must have a bank account with a valid debit card. - The minimum salary drawn to be eligible for the payday loan will depend upon the banks. This norm will be highly dependent on the terms and conditions of the banks. How to get the payday loan? The majority of the banks offer online loans. This will avoid the necessity to fax the documents and postal charges. All you need to fill is your name, address, details about the employment, salary drawn and date, amount to be borrowed and the bank details. The bank officials will take a note of the amount to be borrowed and your income level. The less you borrow the more likely your process shall be completed in a quick turn around time. There will not be sky rocketing interest rates for such small amounts. Payday loans are the best solutions for the short term financial needs. However, one should not be encouraged to take several payday loans frequently as the rate of interest might be higher. Plan your expenditure and have a regular savings fund to meet the requirements.