You all know how important it is to understand the terms and conditions of a loan before you decide to take one. Well, Payday loans are no different! They come to a savior when there is an urgent need for money. Say, you need to get your only vehicle fixed, but you lack the money required. Payday loans can lift you well in such situations. But, remember it’s best when it is used to serve the right purpose. Let us help you understand the things you need to know before you decide to go for a personal payday loan. Listed below are the important prerequisites that will help you make an informed decision.
Lenders only need your bank account statement with income
Payday loans have very transparent terms. You just need to have a regular source of income for at least the last three months along with a checking account where your salary is credited. In most cases, you can get loan amounts of 80% of your salary. Even if you are in private business, you can apply for a payday loan by producing proof of a steady source of income. PayDayMe is one great platform to look out for payday loans. Some lenders even lend advance loans to people with alimony income.
Online application process
Most of the payday loan companies offer their services online. You need to fill an online form and furnish relevant documents before advancing for the loan. You can expect your advance loan within two days of approval of your application. The online websites offering payday loans are a great deal of comfort for working professionals, cutting short the hassled up application process of loans, in general. Therefore, if you are applying for a payday loan, do consider looking out for online services first.
Credit history is no more a problem
Till now, you must have understood that for availing a payday loan, the primary requirement is to have a regular source of income above any other factor, including credit history. Yes, unlike most types of loans where there is a lot of emphasis on checking your past credit history, you don’t need to worry here. Therefore, cut the worries of creating a credit reputation and apply today!
Flexible loan amounts
Unlike most financial loans, payday loans can be borrowed for a much wider range of amounts, depending upon personal factors like monthly income, repayment periods, etc. You can borrow for smaller amounts of Rs. 1500 to as high as Rs. 1 lakh or even more. PaydayMe is one such great platform to avail multi-purpose loans, be it planning your travel, wedding, or buying the latest smartphone.
Go for a loan that suits your situation
