Urgency can occur at any time in life, especially when we are not prepared. Then how you can handle that situation without money? Because in today’s time, if you borrow money from friends then it’s a separate tension so that your relationship cannot suffer due to money.
24 hour payday loans
One solution is to take a loan but for that also you need to fulfill their eligibility criteria only then you’ll get a loan from banks. What if you don’t have good credits or you need money on the same day?
No worries at all! Because here is a key for this state: 24 hour Payday loan
What exactly this 24-hour Payday loan is?
This loan is mainly for those who can’t wait for money in some emergency. As sometimes, if you need to pay the hospital bills or need to repair your car in the middle of the way then emergency can’t wait for a few days. So, this payday loan can help you to get rid of such situations.
Working of loans:
The process of a 24-hour payday loan is very easy and quick. No heavy documentation is required to apply for this. You can do it with just a few numbers of clicks due to easy internet facility. Any form or application, you can find it online on websites of lender and can fill that form submission. It’s not alike to old loan procedure which took a long time for the processing.
Now, it’s possible to get cash in your account on the same day without collecting docs and fax them to banks or lenders to get approved. There are just few steps for the application which takes less than 10 minutes:
- First, check the website of the lender and check if you are fulfilling the eligibility criteria of that lender then fill the application form online if you are in.
- Secondly, you need to provide few information regarding your id proof (Name, Age, Address), bank account details, earning proof.
- The amount of loan that you’ll get can vary from your monthly earnings and the laws of the state.
- Lastly, the amount you have applied will be transferred to your account on the same day (if you’re all the proofs are genuine) and you can use that money wherever you want.
- The interest rate can be around $15-$20 per $100 so when you’ll calculate your APR, it would be around 391%.
As no payday requires a credit check so it’s not surprising that the rates are higher than other loans. So, it’s important to think prior to the repayment of debt not to get trouble in future.
How does its interest rate work?
The mean rate of interest for a payday loan is around 390% per year which you need to refund within 2 weeks. If you get failed to pay 80% of your debt with interest then this APR increases to around 521% and this cycle of debt carry on.
So, you must compare it with other options also such as a credit card, personal loans, and installment loans.
These loans are very fast and easy solutions for our financial emergencies but can be difficult while the refunding of money.
A year ago, I was in Winchester and doing a job there and my friends made some plans to visit Las Vegas but I was in trouble because I wanted to go with them but it was the end days of the month and I used my all savings to buy a new car. Also, I didn’t want to borrow money from my friends. Then one of my friends told me about 24 payday loan which provides cash on the same day. As to apply for another loan in banks would take a long time so I accepted his suggestion.
I applied it online to get $500 and it just took 8 minutes for the whole application. And cash credited to my account within 24 hours. And then I went on that tour with all of my friends and enjoyed it a lot. The refund date of that loan was after 20 days of the application and I pay back that amount including interest when my salary came. So, this loan proof very helpful in that situation for me.
There is no hard rule to get approval from the lender, you just need to have:
- Older than 18 otherwise you aren’t permitted for a loan at all.
- You must be the citizen of that particular state where you are applying.
- You must have identity proof including your name and address
- There must be slips of your salary or any earning proof.
There are different ways for the refunding of your debt.
One is to write a check of payback date of amount that you borrow including rate of interest and extra charges (if any) and give it to the lender. And after due date of loan, lender can convert that check into cash but in case if you don’t have sufficient amount in your account then the charges of not having enough funds will be added to your loan and if still, you’ll not pay then lender can sue you.
Another one is to give the automatic access of your bank account so that the amount you’ll borrow will be credited to your account and in case of repayment as well, they can debit the debt along with interest from your bank directly on the due date.
If you are thinking to get an instant 24-hour loan then you must consider its terms and conditions first. As there are various cases that get worse when a borrower couldn’t pay back its debt on time and without any other option, it needed to roll-over that loan at a higher rate.
That is why, in most countries, these cash advance loans are controlled by state laws. So, you must keep your eyes and mind open while taking this loan. Though it is a helping hand for you in an emergency still you must go through other options as well to compare its features.