Payday Loan in Financial Bind

Life is not bed of roses and it is common to have financial issues in the middle of the month when you still have some days for the next pay check to come. One of the many types of short term loans is the payday loan. Payday loan is a short term loan which is given by financial institutions most of them are online source. The loan is given for a very short duration and the maximum days for which this loan can be given are 30 days. The deal is that you have to pay back the borrowed amount when you get the next pay check.

The payday loans are given through online sources and the minimum loan amount can be as low as $100 and to a maximum of $1000. However, under certain circumstances the loan amount can be extended up to $1500. The loan is approved within 24 hours in most of the cases and at the most it can take 72 hours for the loans to get sanctioned. However, it is still earlier when compared to the traditional loan providers who take 10 days or even longer to get the loan sanctioned. The process of applying for the loan is very simple and the borrower just need to apply online for the loan. The application form is available for free on any standard website. You will need to fill in the information asked in the form which in turn will be validated against some external data. The submitted form is then accessed by all the payday lenders in the country who send their quotes to the burrower’s email. The borrower can go through the quote and the terms and conditions listed by each of them. They even mention the loan amount for which the borrower is eligible.

Once the loan is sanctioned the amount is directly credited to the check account of the borrower. The rate of interest on these loans is very high and ranges from 10% to 30% and can be higher depending on the circumstances. The loan need to be paid back on the due date as rolling the amount for next can even result in the doubling of the borrowed amount. It is therefore very important to read the terms and conditions document very carefully before signing the loan document. Payday loan is very important if you are in a financial bind but only for a short term problem.