Omdaugh's Journal: Before Getting A Payday Loan - Six Questions to Ask Yourself

Today, many are taking chances by going to payday loan companies. These companies are known for giving their clients monetary help in times of need. In United Kingdom alone, at least a million of credit cards were cancelled last year because many had opted to use these payday loans. It is projected that it will grow in the coming years on this country alone. Meanwhile, in the United States, there are 23,000 known payday locations across the states where it is legal.
At least a dozen of states found these no credit check loans illegal. To the states where it is legal, they are heavily watched by regulations especially, regarding the interest rates these lenders are asking their customers to pay.
It is called payday loans due to two reasons:
- One can borrow between 100 USD â" 1,500 USD which is equivalent to common paychecks.
- Second, one has to pay the borrowed money on the next payday.
The Requirements for a payday loans are:
- A person should be of legal age, which is 18 years old.
- One must be a permanent resident or a citizen of the country.
- He should have an active bank account.
- Lastly, at the time of application, one should have a regular paying job.
The last requirement stands as a guarantee to these companies that you have the capabilities of paying the borrowed money back. Payday loans are also called cash advance because the company will base the loan on your present paycheck. To pay the loan back, it could take at least fourteen to sixty days depending on the amount of money borrowed or the terms and conditions of a payday company.
A few reminders, it pays to read. Before agreeing and signing the papers, read first. Many have committed the mistake of not reading their papers, thus causing them trouble once they need to pay.
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