Low bank balance towards the end of the month is not a familial complaint, but one that haunts every second person in every household. Working the entire month and looking forward to a pay check is a regular feature.
What is Payday Loan?
Payday loans are short-term unsecured loans that tie up you over to the next paycheck arrival. This comes very helpful when one has little money with a mountain of accumulated bills waiting to be cleared. At the time when customers are sandwiched between paychecks, they are there to give a serving hand.
Payday loans are seemly more usual with the departing time as a mean to pay off the debts in emergencies or to save on the everyday expenses, which varies from overdrafts to fee payments. This form of payment is increasingly accepted as a gateway to those money crunched periods when the pending payment is waiting immediately.
How Licensed Money Lender Can Help?
At this point, you can go to a professional Licensed Money Lender and apply. The process is easy to start: simply tell the lender you want to borrow money; you have to complete a simple form and/or application. At first you answer a few questions only and if the questions are in agreement to the lenders requirements, then you are lead to another form, where you fill out an application. Questions concern your name, phone number, Social Security Number, reference information, driver license, bank routing and bank number, date of birth, etc.
Depending on time when the application is submitted, the licensed money lender will act in response. If the lender is able to confirm the information, you are expected to be given an email and/or telephone call. When confirmation is completed, another email and/or telephone call from the lender will arrive. Once the loan is granted, lenders will deposit the money into your checking account, if you have direct deposit capabilities and as shortly as the loan is official, you can take delivery of overnight deposits.
Important notes about payday loans:
- They are unsecured. This means that they do not require any kind of collateral or security to assure repayment.
- Payments for them are due every 14 days and can be extended up to 18 days according to the borrower’s payday. Some lenders also offer a “rolling over” option which implies that the loan is extended to the next payday.
- They get approved within 24 hours and the loan amount is transferred directly in the borrower’s checking account by the next working day.