Top-5 FAQ about Payday Loans Online
Payday loans are much spoken about as they are becoming more and more popular. And there are a great number of reasons, which make them more preferable in comparison with other financial products. If you have never applied for an online payday loan, it is recommended to look up in FAQ section, where you will find most commonly asked questions about payday loans.
Question number 1: “What is a payday loan online?”
Payday loan online has appeared relatively recently but it has gained popularity quiet fast due to certain benefits it is able to provide borrowers with. This kind of a loan refers to short-term loans, which are aimed to be used for emergency situations, when you a need money urgently. Being given for one or two weeks, payday loan online should be paid back in full on the due date stated in the agreement. The amount of money offered is 100$-1000$. In case this sum of money is not enough to solve your financial problems, you should apply for some other type of loan.
Question number 2: Is an instant loan the same as payday loan online?
Payday loan online has several names: “payday advance”, “instant loan”,” same day payday loan”. Payday loan is called so as it provides with fast money the same day you apply for it or within one business day. There is no faster financial help than assistance provided by payday loan lenders. Payday loans are your instant answer to unplanned expenditures.
Question number 3: Is it difficult to get instant payday loans?
Compared to traditional banking services, getting a payday loan online is as easy as ABC. The only thing you need to do is to have Internet access and maximum half an hour of free time, which you can spend at the computer or any other mobile device. The whole procedure takes place online, where instead of paperwork and faxing you have one simple application form to fill in during 3-5 minutes. After submitting an application, you should wait for 15 minutes till you get your positive answer in case of meeting a minimum of requirements.
Question number 4: Who is eligible for a payday loan online?
There are not many restrictions, however, there are some obligatory regulations to follow. According to the state’s law, all borrowers should meet certain requirements, if to be more exact: to be at least 18 years old, employed (with income not less than 1000, which can be proved by paycheck), have citizenship or residence, have valid banking account, contacts (e-mail, telephone number). In case a customer doesn’t have current job but have some other steady income source that he/she can prove, then the lender may consider this individual as the potential borrower as well.
Question number 5: How to receive money?
You shouldn’t go anywhere to get your payday loan after the manager has contacted you and confirmed that you have been approved for the amount of money you wanted to borrow. You will get your loan directly into your checking account, that’s why it is important to have valid banking account and provide the lender with its details.