What Works For Payday Loans

By Author: Noam Powell
Total Articles: 27
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Payday loans are very different from the average personal loans, home loans, or the car loans. Often referred to as a cash advance or a pay day advance, these loans are essentially short-term loans offered until the next payday. In most of the cases, these loans are given for a duration that can be anything between one day and 29 days. In some rare instances, however, the loan amount can be rolled over as you are allowed to repay over a longer time.

However, the main difference from traditional loans lies not in the duration of the loan itself, but in the way lenders structure the terms of the loan. The fact is they are much relaxed when it comes to payday loans, as compared to the other kinds of loans.

What the Lender Would Consider

Most lenders would issue the loan against your monthly income. So you will have to furnish proof that you are employed and also provide proof of your earning.
The loan is issued if you have a monthly earning of $1,000 after taxes.
You need to have an active bank account, and the account must have direct deposit facility.
It is essential for you to be aged ...
... over 18 years.
You need to be a citizen of the United States.

Though most payday loans are issued to employees against their salary or wages, still in some cases the loans are allowed to unemployed persons. This is done only if a person is on social security or spousal support. The lenders aren't actually concerned about the source of the income. They just want to be certain that the money is expected from some source enabling repayments.

What the Lenders Would Not Consider

Your credit history is never a factor. This is one of the biggest advantages of payday loans, as it allows even those with a bad credit record to get the money they need.
The balance in your bank account.
The state of your residence.
Whether you have a fixed regular income or not.

Some Factors Limiting Eligibility

If there are more than two outstanding payday loans.
If you have filed for bankruptcy in the last 3 months.
If there is no direct deposit facility in your bank account.
If you are taking the loan against your salary and if you have been employed with your current employer for less than 3 months.

Payday loans are some of the easiest ones to get because the lenders would not consider your credit history and the source of your income. Applications for these loans can be filed easily. The processing and approvals are very fast. You get the money in the shortest possible time. No wonder these loans have become so popular among people who need immediate cash.

Save yourself the trouble of all the paperwork and other related issues. payday loans are here to help. Check the specified link to know more about them and also learn about cash advance as well.