5 Things about Online Payday Loans You Should Keep in Mind
Online payday loans are the most popular way to receive money the same day. However, to take a reasonable decision you should keep in mind several important things about these instant loans. Be careful getting acquainted with the payday loans’ features that can influence your decision.
Thing to keep in mind number 1: Payday loan is a short-term loan
You should realize that applying for payday loan online, you are getting a loan for the short period of time, which is usually 1-2 weeks or up to one month. It is recommended to weigh all pros and cons of short-term loans for your situation in order you enjoy safe borrowing, which won’t hurt your budget when you pay it back on the next payday.
Thing to keep in mind number 2: Payday loan online is up to 1000$
The amount of payday loan ranges from $100 up to 1000$ or maximum $1500. In case your financial problems can be successfully solved with this sum of money, then a payday loan online is exactly what you need. You will be approved for certain amount of money taking into account your monthly income. It is preferable to earn not less than 1000$ per month. If you need the larger amount of money, then you should consider other types of loans, among which there are those which can be repaid in installments.
Thing to keep in mind number 3: Payday loan is approved after meeting certain requirements
There are not many restrictions, however, according to the legislation you should meet two main requirements concerning age (not younger than 18 years old) and citizenship/residence of the state where you apply for a payday loan. Other requirements that should be met are defined by the lender and they include: having contact e-mail, Internet access, valid checking account, stable income source (not less than 1000$ per month).
As you can see, there are not many requirements but still you should meet them obligatory. If you are an unemployed borrower, who is under 18 or not a citizen/resident of the state, then you won’t be able to get payday loan from any lender.
Thing to keep in mind number 4: Payday loans from direct lender are more advantageous
As the demand for payday loans online is growing, the more lending companies offer their services. Some of them are direct lenders and others are mediators, which cooperate with the network of direct lenders and look for the best match for the customer taking into account the interest rates and terms, which the client consider to be preferable, however, mediator companies may have higher cost for their services than direct lenders and some customers question the guarantee of safety and confidentiality as the company is the third- party.
Thing to keep in mind number 5: Payday loan is given to bad credit borrowers with no credit check
Being a bad credit borrower you can use benefits of payday loans online as this type of borrowing is guaranteed for everyone, who faces unexpected financial problems with no paying attention to the customer’s past financial misfortune. Moreover, paying the loan back on time you can gradually improve your poor rating.