subject: Payday Loans - Get Cash Quickly Till Your Payday! [print this page] Payday loans are short term advances used for fulfilling urgent fiscal problems. Hence, these are finances that allow the borrower to utilize the advanced amount till his next salary cheque arrives. Thus, this form of credit is usually obtained by the salaried class for their unexpected needs.
The amount advanced against this form of credit ranges from 80 to 1,500. This amount can be repaid by the borrower for a term period ranging from 1 to 30 days. Irrespective of the given term period, this duration can be extended but a high fee is charged due to the change in due date.
Like any other advances, payday loans also carry their own set of advantages and disadvantages. One of the advantages of this form of credit is that they are easily available due to their instant approval. Secondly, they are approved without any paperwork. On the other hand, they carry high rates of interest and as a result it turns out to be costly. However, people apply for this credit keeping in mind its easy availability.
The eligibility criteria followed by the lenders for advancing this form of credit are as below:
1.It is very essential for the applicant to be a citizen of the UK.
2.He should also be an adult.
3.It is also required that the applicant must have a fixed monthly salary.
4.He should also maintain a valid bank account.
This form of advance can also be availed online. As a result, the applicant is required to fill in an online application form where he furnishes his personal details. This application form is submitted to the online lender and on its approval the lender deposits the amount in the directly in bank account of borrower. Thus, people do not require undergoing long application processes due to the availability of this online application process.
by: Dennison Williams
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