Your money is running out, but do you have a month left? It happens. When unforeseen expenses arise that deplete your monthly funds faster than you would expect, a payday loan can be the lifeline. Today we tell you why a payday loan is convenient, analyzing in detail all its aspects.
What are the costs?
Let’s say you want a $1,000 loan with a 14-day term. You will not have costs for the administration or analysis of the application. Your only cost will be the interest on the loan, amounting to $16. It means that you will reimburse a total of $1,016
What documents are required?
When you urgently need money, the last thing you want is to waste time and energy preparing an entire file with documents. Precisely for this reason, the procedure for obtaining loans up to salary is simplified to the maximum, and now you can obtain the desired loan only with an ID card.
How do you apply?
The application process is fast, easy, and, most importantly, 100% online. Just go to the direct lender website and follow the steps. This way, you will be able to apply for a payday loan directly from your phone or laptop without leaving the house. The analysis of your application is carried out immediately and, if you meet the eligibility conditions within 15 minutes, you will receive the guaranteed approval decision.
Loan Repayment
Paying a loan till payday is also very simple and convenient. The lender will withdraw the loan amount from your bank account once your next paycheck reaches it. It is a famous practice among online loan providers who operate safely.
Advantages
The application is made 100% online. Do not go to the lending offices to submit documents or sign the contract. Just check your credit score here, get a pre-approved credit offer and fill in your details on the application form. That’s all.
- All you need for the application is a photo with the ID card, without guarantees, guarantors, or stacks of documents.
- You get the money quickly, in just 15 minutes, on your bank account.
- You pay only the interest on the loan, without any other administration or application analysis fees.
- You do not make a long-term commitment to the creditor. Unlike bank loans, you repay the loan for up to 14 days.
- If you cannot repay the loan on the date you have chosen, you can request an extension of the repayment period from the lender.
Drawbacks
There are also some disadvantages that you have to take into account when you consider accessing a loan till your next payday, namely the relatively small value of the borrowed amounts (between $100 and $1,000) and the fact that you have to return all the money at once (lump sum).