New to payday loan? Here is the basic of payday loan which you must know

The pay day loan is a very popular term in the financial market and it has got various synonyms like “Check loans”, Paycheck loan”,”Cash Advance” and “Payroll advance loans”. These loans are very short term in nature and the maximum tenure for a pay loan is generally 1 to 2 weeks. If you are really need o money instantly, the pay loan is a very good option to opt for. Yes, you have to repay the loan amount to the lender in quick succession. By any means if you are unable to repay the loan in time, you have to pay more interest along with the capital to the lender.

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Pay Day Loan

Concept behind the payday loan: While maintaining your family it may happen that towards the end of the month you will run sort of money for certain common purposes. Common aspects like payment of your Medical Bills, House Rent or some other utility bills for your house, Phone Bills, Electric Bills, needs to be paid immediately and if you are running sort of money the pay day loan will come to your rescue. In other term it can also be defined as, when you’re monthly budget falls out of order you can take the aid of the payday loan.

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The eligibility criteria: Getting a payday loan requires some eligibility and you have to meet the eligibility guidelines of the sanctioning bank. The first and foremost criteria is the age, a person above 18 years of age will be able to get a payday loan. Next comes the source of income and the amount of income. As far as source of income is concerned, a person should be a salaried class the salary account of the person should be with the sanctioning bank. However the amount of income is purely the discretion the sanctioning bank and it varies from bank to bank.

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Advantages of the payday loan:

Pay Day Loan
A. Fast processing:
Unlike the other loans the payday loan does not takes much time to get sanctioned. In fact the loan has been designed keeping in mind the speedy approval. Hence a customer will be able to have his payday loan with the least possible time.

Documentation: As far as documentation part is concerned, a very less paper work is required to have a payday loan. All you need to submit with the bank is the KYC documents, salary certificate and the agreement copy.  There are some payday loans providers sanction the payday loan without the KYC documentation as it is already with them.

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Bad credit score does not matter: If you have a less credit score the bank will show reluctance to sanction a loan for you. However when it comes to the payday loan the credit score does no t matter. Irrespective of the poor credit score you will be able to get your payday loan from your bank and that too without any upfront fees.