Your car has just broken down and you can't work without it? Several financial organizations offer you the possibility of having it repaired before your employer falls on you. How? 'Or' What? Thanks to the payday loan which offers you the possibility of quickly receiving the amount of money you need.
It is a short term loan with high fees. This makes it very expensive. In most cases, you can borrow an amount ranging from 30 to 50% of your net salary. The maximum amount that can be borrowed is $ 1,500.
This type of loan has been designed to help people who have to face an unforeseen event before their next pay. His goal is therefore not to pay rent, groceries or even an energy bill, because this loan must be repaid as soon as the next pay is received.
The advantages of this type of loan
The payday loan allows you to quickly get some money same day in 1 hour. A practical way when you have to repair your vehicle for example or when your washer is broken. You can face these unforeseen events and repay this loan as soon as your next payday arrives.
Be careful, this type of loan is particularly expensive for its borrower, because the interest rate charged often exceeds 60%. It is therefore important to ensure that the repayment will not constitute financial discomfort in the months following the loan.
Information to be provided
Payday lenders will ask you for several supporting documents to validate the request:
A bank account
A permanent address
A form authorizing the borrower to withdraw the amount at the end of the term
A post-dated check corresponding to the loan amount with costs
Additional fees in case your payment does not pass
It is important to be sure that you can repay this loan because the fees are high and you could quickly find yourself in an uncomfortable situation.
Payday loan repayment
The repayment of your payday loan is done automatically with the money from your next pay.