If you are looking for a convenient and fast option to get some cash in hand, so as to have some sort of cover for emergencies, payday loans are your go-to thing. Here’s clearing some of the air around the mysterious payday loans:
- What they are: These loans are new in the market, and have gained much popularity due to their ready availability. To be stated simply, they are unsecured loans and have shorter tenures than most other loan instruments available.
- Limitation on their usage: These loans can be used for whatever purpose you may need them for. We have all had that single month when we ran out of money early in the month, and wished to secure a loan without having to explain what it is for. Vippi could have saved the day then.
- Eligibility: If you have horrible credit rating, don’t fret. Nobody cares. It won’t matter if you are out to get a payday loan. The other best thing about it is if you take one, it won’t affect your credit rating. However, you need to have some sort of a regular job and an active checking account to be able to obtain payday loans.
- How to apply: It is easier done than said. Use the internet, there are several sites which readily offer such loans. All you need to provide are basic information. Some however ask for bank statements.
- Fee: While there are some companies which offer loans without charging anything for the first week, most often they do charge something. It is advisable to compare the fees before settling on any one company.
- Amount: This depends on your capacity of repayment.
- Tenure: If it is a cash advance, you will have to pay it back before you get your next salary. However, there are some company who offer you 30 more days, though they charge you extra for that.