Oftentimes, most average working-class households come face-to-face with financial urgency in order to keep expensive domestic bills at bay; and, at all such times when they need urgent cash, they can easily avail the facility of payday loans, which are offered on a short-term basis and have to be paid back on the next salary day. Payday loans comprise short-term loans which are available in diverse categories – such as same day payday loans; no fax payday loans; and military payday loans; among others – to suit individual needs.
Payday loans help the salaried-class people in tiding over their urgent cash-related problems, be it for clearing medical bills or phone bills, or for some unforeseen expenditure during the month; with the loan amount varying from between £200 to £1500, and the loan period being 7-14 days. The eligibility conditions for availing payday loans chiefly comprise ‘age’ criteria – above 18 years of age – and ‘security’ against the loan amount, in the form of a signed post-dated cheque in the lender’s name. Given the convenience factor linked to payday loans, these loans are commonly referred to as cash advance loans, instant cash loans, cheque advance loan, or post-dated cheque loans!
Though payday loans involve rather high interest rates, which can be anywhere in the range of 15-30 percent, these loans are still a good option in case of financial emergencies; and can be conveniently paid back on the next pay day. Payday loans can easily be availed from a number of payday lenders that give the borrowers a loan mechanism which neither involves neither any embarrassment nor any undue hassles.
While the loan-clearance procedure of most payday lenders generally takes around 1-3 days, borrowers can get instant cash too, by the way of the same day payday loans, which are often cleared on the same business day; thankfully for people who may be in dire need of instant cash and may be struggling to foot their household bills for any particular month! And, towards that end, same day payday loans and small payday loans have increasingly become a safe option for people who want instant payday loans to avoid a situation in which their domestic bills may soar beyond control.
Giving people instant payday loans to help them fix their cash-flow problems which may raise their head from time to time, most of the payday lenders offering same day payday loans have the requisite measures in place to have the loan amount transferred to the borrower’s bank account almost immediately after approval; thereby underscoring a ‘speedy payment’ option, for which they often charge an additional fee, which generally is somewhere around £7.
Though most first-time borrowers may have some apprehensions about payday loans, and may be undecided about whether to avoid expensive household bills by borrowing money from payday lenders, all their apprehensions will probably be laid to rest if they learn that, going by payday loans-related statistics, over one million people in countries with payday loan facilities fall back on these loans each year; thanks to the fact that payday loans are an instant solution for their urgent cash needs!
Ellis Bell writes regularly on a variety of topics from personal finance, saving, investing and lifestyle for a range of specialist websites and blogs including Dosh Express.
Submitted by Ellis Bell