A payday loan is a short term money lending service which is usually a quick and small lending service. It is otherwise referred to as salary loan, payroll loan, payday advance or cash advance loan. It is quite interesting that it is not necessarily linked to the pay day of the borrower but it is often granted on the premise of being in employment or on salary.
There are several of the payday loans today. Many can be applied and accessed online and without paperwork. There are lots of the payday loan schemes without collateral. This loan are usually judged with salary level and length of repayment plan. Some do have fixed 30 days repayment schedule with low interest.
How To Apply For Payday Loans
There are a number of payday loans across the nation and each has its own application procedure. Although the mode of application are almost the same. Lots of them if not all are accessible online which means you can apply from anywhere even right on your mobile device.
For some of the payday Loans, you can apply online by filling online forms at their website after creating an account. This will then be followed up with you either uploading or sending your employment related document such as employment letter, confirmation letter etc and your bank details such as statement of account for the last three (3) to six (6) months.
For some you are required to download their mobile App and operate an account from there. The app is usually designed for all mobile device types. These apps are usually downloadable via their website and through mobile app store.
READ ALSO- How To Make Dstv Payment Subscription Using The ATM Machine Step By Step Across All Banks
Payday Loans Requirements
The payday loans are accessible but not to everyone because of a few criteria that surrounds its application and approval. Anyone can apply but the approval is strictly based on meeting the criteria. The general requirements are;
- Applicants must be citizens of a particular location such ad state or country
- Applicants must be between a particular age bracket usually between 18 and 70 years of age.
- Applicants must be gainfully employed
- Some do require a particular level of salary on the minimum for instance N10,000 minimum
- Applicants are required to have a salary account.
These are the requirements you may come across when applying through any payday loan. There maybe other requirements based on the particular payday loan.
Repayment Plan And Interest Rate
The payday loans usually have small interest rate usually between 5% and 15%. There are some that the interest rate depends on the repayment plan duration. Some of these loans can be repaid in thirty (30) days, three (3) months, six (6) months and nine (9) months. The repayment plan works with duration and amount borrowed.
With this info, I am sure you are now aware of the payday loans, requirements and the repayment plan. So if you want to acquire one, make use of the info.