A payday loan is a high-cost unsecured loan that can be availed at the time of a short-term financial crisis. While this kind of a loan can be secured both online and offline, it shoùld typically be repaid on the next payday of the customer. These types of loans are beneficial when an employed professional earning a monthly salary has an urgent credit need but has already exhausted his or her salary. This loan can be used to pay off one’s regular bills, finance other household expenses, or take care of any other short-term need even when the salary of the borrower has been spent before the end of the month. Even though these loans usually carry a high rate of interest, they are preferred by many individuals since they do not require any collateral or guarantor. Furthermore, these loans can also be availed if a person has a bad credit history or a missing credit profile.
Before you decide to apply for a payday loan, you should learn about its features mentioned in the list below:
If you are planning to opt for a payday loan, you should learn about the key benefits of this scheme.
There are numerous disadvantages to applying this kind of financing plan. Learn about them in the list mentioned below:
While the requirements to apply for this loan vary from lender to lender, there are a few common eligibility criteria that should be fulfilled no matter the lender. Learn about the eligibility criteria for these loans mentioned in the list below:
Follow the steps mentioned below in order to apply for these loans:
Step 1: Collect the form from the nearest branch of the lender or through its online portal.
Step 2: Duly fill the form will all the required details and submit to the lender.
Step 3: Provide all the required documents as prescribed by the lending organisation.
Step 4: Wait for the loan to get approved by the lender.
Step 5: Once the loan application has been approved, the lender will ask the customer to provide all the required documents.
Step 6: Provide all the documents as prescribed by the lender such as income proof, identity proof, age proof, address proof, letter from the employing organisation.
Step 7: After the documents have been verified, the amount will be credited to your bank account.