Payday loans are short-term funds availed to borrowers at higher interest rates based on their income levels. The lenders do not ask for any collaterals and the loan principle relates to a portion of the borrower’s next paycheck. The loans are easy to access with most of the credit merchants providing online loan services to the interested borrowers.
Payday loans online same day at Payday Depot are also preferred over other loans as there are no complicated procedures required in accessing the loans. The loans are increasingly becoming popular as they offer instant financial aid in during emergencies. However, the higher interest rates charged on the loans are a heavy burden to most of the borrowers.
Tips for accessing payday loans
Whether you are considering to access a day loan through the online platforms or at the loan store, the procedures are quite similar. The major steps of accessing these loans includes;
1.Filling an application form
You will need to fill out the loan application form providing your details to prove your regular income, your permanent address and your banking account number as well.
Once you have made the application, you should wait for a few minutes to get the loan approved if you submitted the form online. If you are however submitting a hard copy at the storefront, you may have to wait for about an hour to get the loan approved.
3.Review the contract
Once the loan is approved, review the contract and check all the contract details before you can sign to the loan agreement. The contract includes the total cost of the loan including the interest charges and other loan fees.
Take time to go through the specified steps on how you can file a complaint in case the lender breaches the contract.
4.Sign the agreement
If you agree to the terms of the loan contract, then you can go ahead to signing the loan agreement.
5.Guarantee of payment
You need to provide a pre-authorization to let the lender debit the loan amount plus the interest charges from your bank account to give a guarantee to the loan repayment.
6.Collect the funds
Once you have completed all the steps, you should get the funds transferred into your account on the same day. The amount is however less of the fees charged.
Ensure that you repay the loan at the agreed date. Late repayments may call for penalties which could also lower your credit scores. It is thus important that you repay the loan before on the agreed loan repayment date. In some of the states, you are allowed to request for a rollover if you cannot repay the loan on the agreed dates. The repayment is thus extended to the next payday.
Payday loans are available to all and can be issued up to $1000. Higher amounts of loans attract higher interest rates ranging from 10% to 20%. These rates may also differ in the various states and therefore it is important to get sufficient information on the interest rates charged on the loan amount that you intend to borrow.