What Are The Basic Requirements and Repayment Terms of Payday Loans

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Are you wondering about the basic requirements and repayment terms of payday loans? The criterion to obtain a loan depends on the payday lenders, but the repayment terms are almost the same for all lenders except for the interest rates. This article talks about the requirements to obtain a loan online.

 

Payday loans are short term, high interest bearing, and unsecured loan. Many people apply for these types of loans despite the exorbitant rate because of convenience, easy process, simplified requirements, and fast approval. The fact that most lenders would grant loans to people with bad credit history is another reason why these loans are the preferred financial solution nowadays.

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What Are The Basic Requirements for Payday Loans?

 

In order to obtain a loan, regardless of the amount you must be a U.S citizen or legal residents and in some instances, payday lenders would ask for a proof of identity. You must also be at least 18 years old to make the transaction valid and binding, as only people of legal age can enter an agreement with a financial institution. Borrowers are also required to have a bank account, as the money once the loans approved will electronically transferred to your designated bank account that accept direct deposits. The most important requirement is that you must have a regular source of income, so that means you must be working for at least 6 months before you can avail of a loan without any necessary back up from your employer. If only working for 3 months, some payday lenders require the permission of employer but you can certainly get a payday loan.

 

What Is The Repayment Terms?

 

All payday loans has an easy repayment process, made simple by having a checking or savings account that accept direct deposit and withdrawal. The process is simpler when you apply online as the principal amount and interest deducted from your bank account on the scheduled date.

 

You will sign a waiver, giving rights to the payday lender to deduct the loan from your bank account when the time comes, so you must not borrow more than your paycheck to avoid the common payday loans pitfall.

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