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At the thought of a payday loan what usually springs out of one’s mind are short-term loan. Most times, the usual amount of loan lies between $50 to $500.It does not always depend on whether the payment of the loans is linked to the payday account of the borrower. It is however solely dependent on whether the consumer has a previous payroll or employment records.
Does payday have rules?
The answer to the above question is a capital ‘yes’. It is pertinent to know that the rules guiding payday varies from one country to another and even different states within a country. Generally, payday loans are specially designed for persons that are in need of quick money usually before the day of their pay check. In most cases, cash advance is used to mean payday loans.
What you need to know about payday loan lenders
One of the most important things to know about payday lenders is that they go as far as taking the advantages of the disadvantages of other financial institutions. They however often have stores while some others also do theirs only online. Some of these disadvantages of other financial institutions that they always take as their advantages are:
• Their application methods are usually simple. Unlike other financial institutions, they do not request a loan application form. What they needs is your banking and employment data, and also personal or contact information. More so, most lenders will ask you the contact information of your close friends or family members. The essence of this is to enable the lender to call the references you provided where you failed to pay back the loan.
• Lenders deposit the amount of money into the borrower account. In some cases, they would also give a check. This is usually dependent on the type of agreement reached.
• Here, the lender will always hold the check the borrower wrote for the time duration of the loan.
Advantages of payday loans
When compared with other types of credit cards and financial institutions, payday loans have unique advantages that one might not easily get somewhere else. However, whenever you need money urgently payday loans should out rightly be the best option to think of. Some of the advantages of payday loans are numerous. Firstly, it is time saving. Unlike other credit cards, payday loans are quick and easy to get. Take for instance, if you need money today, all you need to do is to walk quietly into a payday loan office close to you or log in to any of their sights online. Then you will definitely have some money to spend in the twinkling of an eye. However, when compared with other credit cards you will surely agree with me that their procedure is entirely different and time consuming. For example, for other types of credit cards.
One will have to first apply and wait for the company to decide if he or she is qualified before being approved and getting the card. Another advantage is their ease of access. Payday stores are always very easy to access. Their time is always at the convenient of their customers. Again, one can easily qualify to have access to their loan.