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What exactly is a payday loan? A payday loan is a fast and quick method to get some extra money. In most cases, you can easily get a loan of $500. You can get the money by verifying your income source and your debit card. It is a risky method but does not involve your home, car, and other possessions. Payday loans are granted on the promise that the amount will be returned when the borrower will receive his next pay. Usually, your monthly income is the only source of verification for the company to grant you the loan. However, every company has their own criteria. Generally there are two types of loans available. The first, considered an in-store loan, allows you to visit the physical location of the establishment and you will receive your payday advance in person. Usually, the process takes about 15 minutes and you will get your money right there. The second is considered an online advance. You will submit an application online providing your paycheck information, bank account information and references. Generally, the money from the advance is deposited into your personal account within one business day.
Features of Payday Loan
These loans are small amounts and you can easily get them. The procedure does not involve any lengthy investigations. You will have to show a proof of your monthly income which must be over $1000. It will be easier to obtain the loan if the amount is relatively less. Once you have established a good relation with the company, you can ask for loans of higher amounts.
You can easily pay the loan when you receive your next payment. The deadline for such loans is typically short. Payday loans are granted at high interest rates and that is why they can easily be obtained. You may have to pay $15 for every $100 that you borrow. Each state and each company has its own rules. There are certain restrictions about how much you can borrow, limitations of interest rates and what should be the due date for such loans.
How to get the loan?
You can get the loan by applying online. In most cases, you will have to fill out a simple form and that is all that is required. The criterion that is offered by many companies includes: