Your car has broken down, you have run out of cash and there is still time for your next payday? So, what do you do? Ask help from friends? Well, there is a better solution: Cash Till Payday Loan.
The payday loan industry is one of the fastest growing businesses in the U.S. It would not be incorrect to say that these loans act as life jackets for a lot of low-wage workers.
What is Cash Till Payday Loan?
Payday loans are high-interest short term loans, which advance cash to you for a period of one to two weeks. These loans are also referred to as cash advance loans. You are required to pay back the loan amount along with the interest on your next payday.
Interest Rate of Cash Advance Loans
Payday loans come with a high interest rate. A pay day loan company usually charges you anywhere between $15 and $30 for every $100 you borrow. The APR of these loans is said to shoot up anywhere between 390% and 500%.
How Much Can You Borrow?
If this question is also bothering you, well, there is some good news for you. For a first time payday loan seeker, you can borrow as much as $500 and if you repay the sum on time, you can borrow even more the next time you visit the lending company.
How Does It Work?
You can apply for cash till payday loans online. You have to define the date when you want to repay. A lot of lending companies also spare you from remembering the repayment date. On the pre-defined date, the payday loan company withdraws the amount from your savings account or your checking account.
Processing Time
Payday loans do not take a long time to process. Most companies can finish the verification process and deposit the money in your checking account within 24 hours of applying. In certain cases, payday loan is given to you within one hour of your applying so it can also be appropriately called a one hour payday loan.
Eligibility Criteria for Cash Till Payday Loan
While different lending companies have different eligibility criteria for lending cash advance loans. However, the minimum criteria that you need to meet to be eligible for payday loans are:
What If You Cannot Repay On The Defined Date?
If you are unable to repay the payday loan amount on your payday or the defined date, you have the option of rolling over the loan. However, in such a case, you not only have to pay the extra fee for rolling over, but also have to pay the interest for the roll-over period.
Before you take a payday loan, make sure you read the fine print of the lending company's policies and ensure that your account information is kept strictly confidential.
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