Payday loans are loans given on a short term to meet your urgent expenses. The balance amount of the loan will typically be due on your upcoming payday. If you have a steady income, and are in need of some quick cash, this could be the best option. Payday loan lenders normally don’t carry out an elaborate credit check. Some of them carry out a soft credit check, and some don’t carry out any credit check at all.
Ways to apply for a payday loan
There are two ways you can apply for a payday loan
- Lending Store
Lending stores would be across a locality or state conveniently. All you need is to locate one that is the nearest to you. If you get there, after finishing with a few formalities, if you are going to be approved for the loan, you will be able to walk out with cash in your hand.
For an online application, all you need to do is fill out the application form on your computer or your mobile device. You don’t even have to be present physically to avail the loan. Your account will be credited with the amount if you get approved for the loan, and will also be debited for the amount when it is due. Normally, the amount gets debited from account on your following payday.
What amount can one apply for?
Amounts applied as payday loans vary from state to state. On an average, you can avail loan for a minimum of $100 and some states would give up to a maximum of $1,500.
In some cases, loans can be paid in instalments, but most of the payday loans are repaid in the next payday. Payday loans help to pay utility bills that are overdue, meet urgent car repairs or any other emergency needs.