A payday loan is a simple concept. A short term loan is requested from an individual with the intention of that loan being paid back upon his next payday.
Payday loans are generally offered to cover short term or unexpected expenses. Some examples include car repairs, damage deposit, unexpected health bills, replacing something that is broken. Basically anything that comes up but was not expected when it came to the budget.
Online payday loans offer this but with the convenience of the internet. After you visit a lenders website, you fill out a short application form generally it takes 2 to 5 minutes to complete.
In this form they want to know that you are over 18, currently employed, and that you have a valid checking account.
If everything goes as planned money is transferred to your bank account sometimes as soon as the very next business day.
The money is then automatically debited the next payday. If you require an extension of the loan contact the lender and they will generally be happy to assist you.
How much a lender is willing to lend you is based on local state laws, and your employment history and income.
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