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Payday Loan – Why Should You Go For It?

Payday loans are all the rage in the here and now. While most people don’t favor this type of loan, the reality is different. Other names of payday loan include quick cash loan, check advance loan, and so on. Actually, it’s a type of loan where you can get cash right away. However, it also comes with a higher rate of interest. In return, you get speed and flexibility. Given below are some good reasons why you should opt for this type of loan in your time of need.

Important Information About Payday Loans

Payday loans are very popular, because they are easy to get, your previous credit record is not an issue with the lenders and they are provided typically within twenty-four hours of applying. They are sometimes the only way out when there is an emergency, say a sudden emergency, like an illness or if you are required to shift residence suddenly. They are considered a blessing and the loan providers do seem a god send.

Direct Lenders For Payday Loans

Payday loans are typically for small amounts of money, typically a few hundreds, to tide over some sudden crisis till their next payday. The price of such loans is quite high running into one thousand percentage points or more of interest annually.

Pay Day Loans

Short Term Loans are advanced for a minimum period of ten days to six months or a couple of years or more. Pay day loans are a special type of Short term Loan. They are typically loans of up to 500 pounds to be repaid before the next ”Pay day”. Typically, a loan of 100 pounds would cost 25 pounds every month. The annual percentage rate (APR) for such loans can be 1000% or more! APR expresses this cost of a loan on a yearly basis, rather than monthly which is what it is actually charged at. The APR is the standard for disclosing the cost of the borrowing, making it easy to make comparisons across lenders. Also, this disclosure is for the protection of the consumer.

10 Tips Before Applying For Payday Loans

Many people turn to payday loans because they are easier to get than conventional bank loans. Unlike bank loans, payday loans don’t require credit checks. If you’re at least 18 years old and have a steady job, getting approval for a payday loan is fairly easy. However, it’s better to be on the safe side. Consider the following 10 secrets that will help increase your chances of a quick loan approval:

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