According to different surveys, many lenders these days are availing payday cash loans to solve their short time cash crunch. And to cope up with this scenario, lending companies are also increasing day-by day. Being a first time borrower, you may have some queries or doubts about payday cash loans. Here is some information to clear all doubts about payday cash loans.
What is a payday cash loan?
Payday cash loans are short term basis loans, given for 1-2 weeks. These loans act as a bridge for covering the short time cash crisis. These loans are also known as “Cash Advance”, “Paycheck loan”, “Check Loans” and “Payroll Advance Loans”.
Why payday cash loans?
As it is mentioned before, payday cash loans are given to patch up the monetary shortfall. Many of us may need urgent cash at the middle of the month when we are short of it. In that case, payday cash loans can be the best substitute to arrange cash immediately. Unlike, other loans, the application process of these loans is very simple and it takes hardly 24 hours to avail the loan amount. So with these loans, one can get instant cash immediately.
What are the cost and maximum limit of payday cash loans?
Generally, you will have to pay ₤15 to ₤30 on per ₤100 borrowed. It means if your borrowed amount is ₤100 then you will have to repay ₤115 to ₤130 on the scheduled date. The APR on payday cash loans can go up to 391%.
At the same time, keep in your mind that if you are a first time borrower then you may borrow up to ₤500 and after repaying the amount on time, again if you avail another payday cash loan, then you can borrow above ₤500.
Require fulfilling some criteria?
Yes, obviously you will have to fulfill some pre requisite criteria for availing a payday cash loan. These are like:
• Full time employment along with a regular income.
• The minimum age of borrowers should be 18.
• Borrowers should have a checking A/C.
• Borrowers’ monthly income should be at least ₤1000.
What is the suitable time for applying a payday cash loan?
As people apply for these loans when they need cash immediately, thus the best application time for a payday check loan is between Monday to Thursday. Usually, the amount is credited to borrowers’ account on the next working day of their applying day. Therefore, if you apply for the loan between Monday to Thursday, then next day easily you can get the loan amount. Otherwise, if you apply for the loan on Friday or Saturday, then you will get the cash next working date that could be next Tuesday. So to get the amount instantly, try to apply for these loans within business hours.
However, all sorts of borrowers can avail payday cash loans. Thus if you have bad credit score, don’t worry… you can get these loans easily. But do not forget to check your repayment capacity before availing a payday cash loan.
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