Imagine a situation where one is in need of urgent money and there is still time for the next payday. What could be done? In such a situation, a short-term loan is the best solution. This loan scheme is a great help in getting to know a small financial crisis that usually looms in the middle of the month.
Short term loans are granted without checking the credit history of the loan seekers, hence, it is of great help to the applicants with a bad credit score. Another advantage of this financial aid is that the loan is given in the short span of time as no documentation and paperwork is required. In addition, this financing plan does not require a guarantee, endorsement or certificate from the employer for the reason that it is insured against the payday. The borrower has to place a post-dated check with a lender in the form of a guarantee. The interest charge on these loans is slightly high due to the absence of collateral.
The customers can apply online or visit a payday loan store. The free quotes are available online without any coercion. However, the applicant has to qualify with the certain conditions and eligibility criteria which is as follows;
The borrower must have permanent citizenship and must be 18 years of age or older.
He or she should have a permanent or part-time job with a fixed monthly income.
He or she should have a bank account with the direct debit facility since the amount of loan is directly deposited into the bank account.
The loan amount given is anywhere around $100 to $1,500 or $2000 that has to be repaid in a period of 1 to 30 days. The potential customer must have enough money in his or her bank account in order to clear the check with a later date or a legal action can be taken and the borrower is charged with a high interest rate if the loan is not paid on time. The loan applicant has no restriction to use the loan granted, so he or she can use it as the requirement is.
To get the best deal, the applicant can access and evaluate the different loan offers online and conduct the research and comparison of the various lenders. In addition, inquiries must be made in respect of any other hidden charges such as processing fees and the like to calculate the total amount payable.