Applying for PayDay Loan

Applying for PayDay Loan

payday loan is a short term loan designed to help consumers go through hard times. These loans are also called cash advances are usually borrowed for a very short period of time ranging from one week to one month and must be repaid when the customer receives their next paycheck.In exchange for a payday loan, the customer must pay a fee which is usually fifteen to thirty percent of the loan amount.

So if a customer asks for $ 100, can be charged $ 15 to $ 30 depending on the conditions of their loans and their lenders. The average amount borrowed is usually ranges from $ 100 to $ 1,500, although some lenders may allow customers to borrow up to $ 1,500. The main advantage of payday loans, these loans do not require customers to submit a credit check.

Many consumers simply have no credit score needed to get credit cards or personal loans from banks. With a low credit score can get a loan virtually impossible. That is what attracts many consumers payday loans, which are among the easiest to obtain loans.