Payday loans are generating a lot of attention as more people seek out sources of easy and quick short term cash loans. There is thus a demand for payday information that would provide simple facts about payday lending. Here is a compilation on some of the facts about payday lending.
Payday lending is a short term unsecured loan provided by a payday loan lender to a borrower that is to be repaid in full along with interests at the borrower’s next payday.
Who qualifies for a payday loan?
Almost anyone can qualify for an instant payday loan. The person would only have to provide information and proof of employment and expected pay amount. The exact qualification criteria may also depend on the lender, but is usually always easy to qualify.
How much can be borrowed with a payday loan?
The amount to be borrowed is dependent on the value of the expected pay. The pay has to be able to cover amount loaned out along with interest charges.
How long or complicated is the application process for payday loans?
Payday loans are simple and easy to apply for. The borrower only has to fill some forms, provide some relevant basic information and the cash can be disbursed even in the same day. The entire process can also be done online.
No, the duration of the loans is too short and so the information is not submitted to the bureau compiling credit information. Payday loans do not affect the borrower’s credit.