Same day Payday Loans offered by lenders help salaried individuals tide over any temporary cash shortfalls by offering short-term loans of very small amounts up to $500. These loans are given with an understanding that the borrower would repay the loan on the next payday. Since these loans are offered for a very short period, they often carry exorbitant rates of interest. However the upside being that no credit checks or telephonic checks are carried out and the loans are disbursed in a swift and hassle free manner.
The prime condition that needs to be fulfilled in order to avail a payday loan is that you need to have a upcoming pay day to avail a pay day loan from any lending institution Another important criteria which needs to be fulfilled is that a borrower should not have defaulted on any loan taken in the past. By doing a simple electronic check in their database, lenders can easily get to know an applicant’s credit history.
While applying for a payday loan borrowers need to give some identification documents along with documents related to their job. Once an applicant satisfies all the relevant criteria, the approval is given instantaneously and the money is credited to the savings or checking account of the borrower by the next business day.
Borrowers need not give any collateral, security or margin money to avail of this type of credit. In my opinion, same day payday loans are an effective way to raise some short –term cash without undergoing the hassle of hypothecating any asset or collateral. Same Day Pay Day loans can be repaid back with a small fee once you receive your salary cheque.
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2 comments:
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