When a long-awaited salary cheque is here, the pay cheque is not expected to last for long because of the need of money for various expenses. Having spent the major part of the salary, an individual is left with nothing to deal with day to day expenses.
The most viable solution for these monthly blues is payday loans. Instant cash is made available with the help of payday loans to enable the borrowers to meet the problems.
Fast approvals of payday loans: It is always a question as to why people choose payday loans when there are several other options to choose from.
This is because the processes of approval of other loans are quite long as there are various evaluations and checks are involved.
As payday loans are needed for emergency needs, it is not delayed for the approval. Hence payday loans are generally approved within as little as 24 hours.
Payday loans are considered as short-term loans that are repayable within two to three business days. As they are taken to meet the day to day expenses or emergency expenses, the loan amount ranges from 500 to $1000. Payday loans are considered as one of the secured loans that have the next month’s salary of the borrower as collateral.
Are you eligible for payday loans?
As it is stated above that employment of the borrower is a precondition for the payday loans, most loan lenders desire a borrower to be employed at least for a period of 90 days.
A person without any job will not be eligible for the safe and secure payday loans. Apart from the employment, the borrower will have to fulfill some of the basic criteria for getting the payday loan:
- The salary received in any form must be deposited into the bank directly.
- The borrower of payday loan must have a bank account.
- The borrower must have a checkbook or a debit card.