Pay Day Loans: A Boon for the Needy People

Payday Loans: A boon for the needy people

  • Easy to apply:

    The payday loans are very easy to apply and avail. The entire application process is very lucid and gets completed within no time. There is less paperwork and no tedious processes at all. The details that you need to suffice are also the bare minimum ones.

  • Online application

    Borrowers can even visit the official website of the lenders to make an online application for the loan. Online application is fast and free from paperwork. Borrowers can also keep a continuous track of their application status online.

  • Quick cash

    The loan applications are processed instantly. If satisfied, lenders often grant the loan within the same day of applying. The cash is directly credited to the borrower’s bank account within 24 hours maximum. The principle loan amount granted is solely based on your monthly wage. So, proof of your paychecks is also required. Lenders these days do not hesitate to lend out handsome amounts either.

  • Simple eligibility criteria:
  • - With payday loans, you experience the simplest of all eligibility terms. The qualification requirements are very simple and easy to fulfill. The prime eligibility terms include:
  • - The borrower should be an adult person with an age of 18 years or more.
  • - The borrower should be a legal citizen of UK and should also have a permanent residence in UK.
  • - The borrower should be employed for minimum six months and should have a regular source of income. He should be drawing monthly paychecks.
  • - The borrower should also have a valid bank account in any of the reputed and nationalized banks of UK. Moreover, the bank account should have the facility of accepting direct cash transfers and should remain valid for a minimum duration of six months.
  • Unsecured loans:
  • The payday loans are basically granted as unsecured loans without requiring the need for any collateral or security deposit. Thus, this comes in as a boon for those who have nothing to submit as a collateral or security deposit.

  • No credit check:
  • The only thing that the lenders scrutinize while processing your loan request is your employment records and income details. Lenders don’t run a check on your credit ratings. So, you credit ratings are absolutely irrelevant in this regard. This makes the payday loans a boon for those people who have a bad credit history as they too can avail these loans.

  • Repayment terms:
  • The repayment terms of the pay day loans are very flexible and comfortable. Generally, the payback duration is until your next payday i.e. 30 days. The payback terms are always easy on your pocket. Borrowers can either pay back the entire loan amount all at once or can request the lender to approve repayments through monthly installments.