Tag Archives: finance
Payday Loans: 24*7 available.
Payday Loans are best for all those who are in need of small amount of money for meeting small requirements. As salaried person you may face a situation when you feel shortage of money. Shortage of money does not mean an end to your dreams. Keep alive your entire dream until the point you have even a single drop of blood in you. The money lending business will act as a pool between you and your dream.
Payday Loans are approved against your next month salary. To get approval for the fund you just need to be an earning person with minimum salary of at least £1000. Also you must be an U.K. citizen who have crossed the age of 18 years. To get the funds you will also need to have a checking bank account on your name.
The fund that a person can avail under this finance will be in the range of £100-£1500. this loan is short termed and the borrowers will be asked to repay the amount within 14 to 31 days. The interest rate of this fund is usually high as the loan is 100% hassles-free and no property collateral is required to get the approval for the loan. One may find some lenders offering very cheap rates online.
These loans amount can be successfully used by the borrowers to fulfill their urgent need that has come in the way. The emergency can be defined differently by different people. May be a short holyday can be emergency to somebody and the arranging the fund will be of crucial importance to him. The lenders will not put any question mark on the kind of emergency you are facing. They will even not ask you the purpose for what you need the loan.
These loans are available 24 hours a day. One can apply any time for the fund either it midday or midnight. The money will be in your account in maximum 24 hours of approval.
The finance can also be availed by the bad credit holders. It is based solely on borrowers current financial position. The lenders have nothing to do with your past.
Payday Loans How To Choose A Lender (Page 1 of 2)
Most of us have experienced a minor crisis which called for immediate cash. If you have been in this position you may have considered taking out a payday loan, also known as a cash advance or paycheck loan. It’s a well known fact that these loans feature steep finance charges, obligating the borrower to repay the debt at an annualized interest rate of over 900%. Because of the high cost of this form of borrowing, payday loans should only be used as a last resort. Using them frequently can trap a person in a dangerous cycle of debt.
If you decide on a cash advance loan you have a number of options. To the dismay of many lawmakers, this form of lending has proliferated throughout the US and Canada, and those who don’t have local access to a lender can easily find one online. In fact, your online payday loan options are so abundant that you may have some difficulty in settling upon a lender. The following are some unique features of payday loans, and a few guidelines to follow when getting one.
Exactly how high are the finance charges? A typical $250 payday loan carries finance charges from about $40 to $75, which translates into an APR of 400% to 800%. Not much of a bargain, but you can find significant differences from lender to lender.
One criteria you can use to compare payday loan companies is the maximum amount they will lend. The minimum amount is normally around $200, with the upper limit being somewhere around $2000. The precise amount will be determined by several factors including your income and work history. In many cases you will be able to increase the maximum amount for which you are eligible by building a history with the lender. Take care not to borrow more than you can afford to repay on the specified date, or you will incur even more finance charges.
How quickly will you receive your money? If you get the cash advance in person at a local establishment, you will have the cash as soon as you are approved. Online lenders take slightly longer, with the next business day being the norm. Some companies offer money wired into your account on the same business day provided you receive approval before a certain time, for instance 2:00 pm. You will probably pay more in fees for same-day service.
The minimum monthly income requirement for a payday loan can be as low as $800, not a big issue for most full time workers. Most lenders will not run a credit check; however, many of them use some type of tracking service that verifies identity and other information given by the loan applicant.
What if you are self employed or living on a fixed income like a pension or social security? Not all lenders will extend credit for this type of income, but you can find one with some persistence. In the event that you receive some non-traditional form of income that you want considered, the lender will verify the income by looking at your bank statements.
Do you happen to have access to a fax machine? With many payday loan companies, you won’t need it. “No Fax” lenders are the norm these days. While some lenders may require you to fax proof of income, most of the time everything can be verified online, saving valuable time in getting your money which can be deposited directly into your checking or savings account.