1. Age Limit: - The borrower should be at least 18 years old. Any person below 18 years is not eligible to apply for any loan.
2. Citizenship: - One must be having citizenship of the country to apply for any short-term loan. Any other non-native may not be able to apply for loan under some agencies
3. Permanent source of income: -The citizen must be earning up to $1200 per month. Without any permanent source of income the borrower may not be ensure the repayment.
4. Employment proof: -He should be working under same employer since last 3 months. As this will witness his permanent employment and loyal dealing in front of the lender.
5. Bank Account: -The user must have a legal bank account which he needs to mention in the loan application through which the money transfer will take place.
6. No Bankruptcy: - All the transaction of the borrower with the bank must be legal. He should not be proved to be bankrupt in any situation. 7. Credit Details: - Your credit details may be necessary for some loan lenders as they need to confirm it in the early notice that if the borrower is bearing good credit or not. For the confirmation they may ask you to mention all the credit details. On contrary to this some loan agencies really don’t care about your credit, they are always ready to serve the people.
8. Repayment Promise: - The last and the most prior requirement to take a payday loan is that you must be able to return the loan money to the lender on your next salary day. The amount to be paid is equals to the cash borrowed and 400% rate of interest. If the borrower fails to do the repayment he may result into bad credit details because of which he may not be able to take any loan on future. If you think that you are able to fulfill all the eligibility criteria then you can apply for the loan right now form anywhere.
This loan facility cannot be availed by some people as per the eligibility criteria. In such cases other doorways are open to handle the financial crisis. Another short term loans, installment loans and raising your earning mode are the other options to manage the expenses.
• Call a family member or a friend: -Suppose if you are on your way to home from some distant place and you suddenly fall low of fuel in your car and you have no cash then what you can do. Calling a loan agency and asking it to lend you the loan at that time is completely foolish act. Instead you can manage to pay for the fuel if you own a credit card. If not then call your any family member or a dear friend to do it for you from his own credit card.
• Do Overtime: - If you are worried about the financial problems of your family then you should be probably a very hard worker. You can work extra other than your working hours to be extra paid. By doing overtime you can easily earn money to deal with your expenses.
• Credit card: - Credit card is the easily available service these days. Instead of taking loan from the bank on high rate of interest and paying back three or four times, it is advisable to take a credit card from the bank. In which you can pay back monthly as per your wish. The only limitation of credit card is that it leads to extra expenses as the user does not need to think before investing on anything if he owns a credit card. The credit card limit can also be raised in USA as per the needs.
• Hobby Job: - If have some free hours after you office, then it will be convenient for you to look online around to do a part time job matching to your hobby. This way you can entertain yourself as well as can earn more money.
• Early savings:- “Spend less and save more. Have a hold on your expenses now for the safe future.”
The wise people care about their safe and comfortable financial life. They do not like to spend extra cash for useless purpose. Over expenses and wastage of money often leads to financial crisis. To avoid this one must spend less and save more for future money calls.
Money does not look for uselessness and time before making call. And the fact is this too that nothing is free in this world. So there can be urgent money call at any time and of any amount. Sometimes the borrower needs more money and sometimes less. To handle all these expenses, the loans are available in various different modes for the users as per their requirements. The user can opt for the loan plan which he thinks will be best for him and he can meet its criteria.
The Types of Loans are as follows: -
1. Bad Credit Loans : - Some people usually fall short of credit or may have bad credit. Most of the banks of the nation may not welcome such people. It does not mean that they cannot be lent money by anyone. The USA government has given the permit to some loan agencies to welcome such people. So if anyone has bad credit records or simply no credits he can look for bad credit loan. In that case the salary account and employment proof witness the loan deal between the lender and the borrower.
2. Installment loans : - In most of the cases, the borrower fails to pay back the loan money to the lender. The results may be bad credit details or some strict legal punishment which may lead to further expenses. Those citizens should not choose for the simple payday loan. The installment loans serve best in such situations. The repayment is divided into small portions depending on the period of time. Moreover the installment time can be extended on the user’s request by little late fee. The loan amount can be more than $1000. The annual rate of interest is below 30% including APR which is much less than the traditional payday loan. The installment loans are very safe and secure as the borrower’s details are kept credentialed. They can be easily availed as the service is online. One other positive aspect of this loan is that the borrower does not need to pay any other fee than loan fee and that too is very less. Lending the multiple loans to its users in more need of money is the favorable feature of installment loans.
3. Minimum paper work and more service : - These loans are available with many services which include almost no paper work. The application form is available online. The user can fill out the form and send back to the lender along with the required details. The processing is carried out electronically under the supervision of trained personnel of the agency. So the processing fastens up and the more users are served at once. The amount is deposited into their accounts within next few hours or till the next business day. 4. Online province availability: - The online availability of the loan makes it available for the people in almost every province of the USA. Thus the citizens of Denver, Vancouver, Denver, Toronto, British Columbia and other province can take the benefit of this service just by filling out an online application form. The cash transfer for both the purposes lending money as well as taking back the repayment is done online via customer’s bank account.
The emergency money calls can occur without knowing any personal situation of the person. One should be always ready to attend the urgent money call. Paying immediate bills, Shopping, Travelling any other thing may be the reason for financial disaster; disaster in the case of over spending. In such case, borrowing money is the only option if you do not have any savings in advance or credit cards. Even the credit bill remains due till one month or a year if the user fails to pay back to the bank. The payday loans are very helpful in such cases. The loan agency lends you the money within one day and demands the money back on your coming salary day with high rates of interest. If the user applies after 10 30 a.m. for the loan, his application may be approved on the same day. So these short-term easy available loans are the fastest way of getting cash to handle the instant expenses. The user details are kept secure. The loan agency does not pass on the information to any other bank, loan agency or any institute without the borrower’s permission. Moreover no agency is allowed to charge extra under legislative rules made for lending the loan. Appropriate security legal checks are made to save the users from fraud agencies. Students, military people, women are honored with extra loan facilities leading ease of loan accessibility and reliability. Instead of paying the four times the money you have borrowed it is wise to ignore the useless expenses and open a saving account to make your future safe. Even then you fail to manage the savings then borrowing money from the family members and friends on low rate of interest or sometimes free of interest. Taking more and more loans also makes a loan cycle resulting into big cash amount which may lead to a never handled financial despair.
“Payday loan services are available to help the people to handle emergency expenses not to increase their financial stress. So one should make wise decision of taking the loan in critical case where even the savings fail to help.”