Running low on cash and need a small advance before your next pay period, consider a payday loan. Whether you have unexpected bills or just fancy a big night out and need some extra cash, a payday loan can help. There are no credit checks and the information required is your current employment, bank account, and debit card. Payday loans are available to everyone who is over the age of 18 and in full time employment.

Some payday loan lenders charge a fixed, flat fee and nothing more. When applying for a payday loan these lenders will calculate the APR based on the number of days your loan will be outstanding and presented to your prior to your approval. The majority of loans are repayable on your next payday, although it is possible to renew your loan until subsequent paydays.

The benefits of a payday loan

The benefits of a payday loan include: affordable loans for emergencies, no credit checks. The loan amount is automatically deposited in the bank within 24 hours of approval. Your financial information is treated with confidentiality and the application process is easy and convenient. Payday loans are called by various names and are short term loans meant for a specific purpose. The option of a payday loan is great for people who need quick cash to pay for unexpected, emergency needs. Such as an unexpected medical or car bill, unexpected travel expense or even general utility bills like grocery can pose as a huge expenditure at any point of time. Payday loans are an ideal choice for this short term requirement.

How soon do you have to repay the amount borrowed?

Repayment is also easy with a payday loan. At an agreed time, the cash that you have borrowed will be withdrawn from your bank account. You will receive a notification before and after the withdrawal. In case you want to rethink the due date or want to postpone it, you can freely talk with the loan lender about it. The interest will be charged every time you reschedule the due date. The repayment term for payday loans is in the range of 7