Get Your Loan Fast!
Application is Easy!
Bad Credit Is No Problem!
  • Over 18 years old?
  • Employed for 3 months?
  • US citezen?
  • Checking account in order?
Apply Now!

What Are Payday Loans?

padyay income

Payday loans have become extremely popular over the recent years. These short-term small cash loans cause a lot of controversy and many people frequently misunderstand the concept.

Payday loans are meant to help in various unplanned situations and cases of financial complications such urgent bills and unscheduled car repairs and the like. They are actually meant to bridge the gap between the emergency and a payday that is usually yet to come.

It is one of the most convenient options to get a credit. Banks are not that eager to grant small cash loans, especially for short term; they also need to be sure that a borrower is creditworthy, which means good credit score. The latter is not something every borrower can actually boast. Banks refuse bad credit lenders and in this respect payday loans can become a very useful alternative.

Payday lenders do not perform credit checks, they do not waste their and borrowers' time on paperwork and queues. They have very simple requirements and the proofs of the documents they ask are the most basic ones.

In order to be approved for a payday loan one should be:

  • U.S. citizen
  • Over 18 years old
  • Employed
  • Have permanent income >$1000 per month
  • Have checking account

The approval is granted very fast. Only in very rare cases lenders can refuse an application. Generally, all applicants get their cash loans.

The repayment process is also very simple. It takes as little time as the application and even less as all the transactions are electronic and the money is withdrawn from a borrowers account on the day of the repayment together with the interest. All the terms are agreed in advance.

The entire process is fast and does not involve any hassle or nervous expectations about possible refusal. The loans are short-term and small in amount, which is sometimes the money that many people actually lack for some important things at the right time. This is also the opportunity not to wait until payday to repair your car when it breaks unexpectedly or even make a present to your family or friends that can’t wait until payday.

Payday loans have higher APR than any other loans in the industry; however, they are also the most suitable for emergency situations and available to everyone.