If you have found yourself in short-term financial trouble and need to get your hands on money fast, then you may wish to take advantage of payday loans today. A payday loan is typically a way of getting a short-term cash injection until your next payday or the one after.
Normally when you take out a traditional loan, you borrow a sum of money (anywhere from $500 – $1000 upwards) and then spread the cost of the repayments out over some months or even years. However, with a payday loan (which is designed for smaller amounts of money, typically from $100 – $250) you do not spread out the repayments. You will be expected to repay the total amount – with interest and any administration fees – on your next, or the following, payday.
Typically, when applying for one of these fast cash loans, the lender will require your debit card details. If your payday loan is approved, the amount you need to repay is then taken from your account automatically, on the pre-agreed date.
Criteria you may have to meet
As with any type of loan you apply for, there are typically requirements you have to meet in order to be eligible for payday loans today. Usually, you have to be: over the age of 18, in full time employment, the holder of a bank debit card.
Bad credit payday loans
Even if you have experienced financial difficulty in the past and have a less than perfect credit history, you may still be able to be approved for a payday cash advance.
How long does it take to get cash?
How long you have to wait for your money after being approved for a payday loan depends on the provider. In some cases the cash may be in your bank account within a couple of hours. Otherwise, it will hit your bank account on the following day.
So, if you are looking for some short-term money to tide you over, payday loans today may be an ideal way to ensure you are able to manage financially until your next payday. However, this type of borrowing is not a loan to be relied on when you are in debt and struggling financially over the long-term.