Skip to content
Lavina Jahorina

lavina-jahorina.com

Lavina Jahorina

lavina-jahorina.com

All You Need To Know About Payday Loans

Toby Lambert, January 8, 2024

For those readers who are unfamiliar with payday loans and how they work, here is a good summary of what they are:

Definition of a payday loan: A payday loan is a very short term loan. Usually the term is 1-2 weeks. Payday loans are also known as “cash advance”, “paycheck loan”, “check loans”, and “payroll advance loans”. The loan is repaid when you receive your next paycheck family loans. If the borrower cannot or chooses not to repay the loan amount on the due date they can rollover the loan amount by paying an extra fee.

Why a payday loan: By the end of the month, you may face a problem in paying your expenses such as phone bills, utilities, mortgage or rent, plus your other expenses. Traditional lenders have no interest in small, short term loans. A consumer’s only avenue for a quick loan is often times a payday loan.

Payday loan companies/lenders: There are a great deal many companies offering payday loans online. The simplest and quicket means to apply for a payday loan is online, however a payday loan can also be applied for at one of the many payday loans stores in one’s neighborhood.

The usual requirements for a payday loan:

You must have a job or regular source of income.You should have an active bank account.You should be an US citizen.You should be at least 18 years of age.Your monthly income should be at least $1000 Per Month.

Best time to apply for a payday loan: If you apply for a payday loan from Monday through Thursday, you will get the loan on the next business day, (Tuesday to Friday). If you apply for the loan on Friday, then you will get the loan on the following Monday, and if you apply on Saturday or Sunday, you will get the loan on Tuesday. So the best time to apply for the loan is Monday through Thursday.

When will you get the money? As the process is very simple to get the loan amount, in general you will get your loan amount within 24 hours of application. They payday loan company will verify your documents with an automated system and then approve your loan. The entire process of verification of your identity and depositing the money to your bank account usually takes only 24 hours.

Costs of a payday loan: Usually a payday loan company charges $15 to $30 USD per $100 borrowed. So if you borrow $100, you will have to pay $115 to $130 USD on the next payday.

Maximum amount of payday loan: If you are taking a payday loan for the first time, you may get up to $500 for the first time. After you repay back your first loan amount you can borrow more than $500 when you take out another loan.

Opinion

Post navigation

Previous post
Next post

Leave a Reply Cancel reply

You must be logged in to post a comment.

Categories

Archives

Recent Posts

  • Top 10 Best Extension Method Must Be Defined In A Non-generic Static Class Comparison

  • Mens Leather Jacket Styles

  • Mens Parka Jacket Long

  • Top 10 Best Coffee Trivet Comparison

  • Summer Shorts Men

  • Top 10 Best Guinness Trivet Comparison

  • Top Men Shorts

  • Men’s Sport Jacket

  • Top 10 Best 13 Fishing Concepts Baitcaster Fishing Reels Comparison

  • Top 10 Best Round Silicone Trivets Comparison

  • Top 10 Best Copolymer Fishing Lines 2018 Comparison

  • Top 10 Best Car Stereo Microphone Comparison

  • Denim Jackets for Men With Hood

  • Men’s Leather Flight Jacket Uk

  • Military Jackets Lightweight Men

  • Long Black Jacket for Men

  • Top 10 Best What Lines Do You Use For Worm Fishing? Comparison

  • Top 10 Best Spincasting Fishing Reels Comparison

  • Red Military Jacket Men’s

  • Lavina Jahorina: Top Suit Colors A Man Should Consider | Men’s Suits !! Part1

  • Ralph Lauren Cashmere Sweaters Men’s

  • Top 10 Best Olympus Me-51s Stereo Microphone Review Comparison

  • Leather Collar Jacket for Men’s

  • Military Jackets Men Camouflage

  • How to use trial carrom board?

  • Spring Short Men

  • Denim Military Jackets Men’s

  • Top 10 Best Diwa Fishing Reel Comparison

  • Top 10 Best H Comparison

  • White Jackets Mens Blazer

©2025 Lavina Jahorina | WordPress Theme by SuperbThemes