Payday Loans are the loans given for a very short time with the guarantee that they will be repaid immediately after the next paycheck or income from their source of income. Such loans have an extremely high interest rate and are called by different names like payday loan, payday loan, payday loan, small dollar loan or cash advance loan. A payday loan can be offered to anyone regardless of their credibility. The bank does not see the creditworthiness of the borrower in case of granting this type of loan as it is given only for 15-20 days and not for long term. The borrower, however, must remember that borrowing a payday loan would not increase his credibility in the market. He must however have a steady income, a steady bank account and work experience of at least 6 months to avail this loan.
Online payday loans are becoming more and more popular nowadays. One of the best things about an online payday loan is its simple application process. The application takes less than 5 minutes to complete and the portal usually opens 24 hours a day. The borrower can simply register the loan application online and the funds are transferred by direct deposit to the borrower’s account. The repayment of a loan in such a case is taken directly electronically from the borrower’s account after he receives his next paycheck or after his rescheduled check matures. List of Direct Payday Lenders is as follows:
- Check Cash: They give their approval request within 5 minutes by giving loans online or at their offices in the United States
- CashAdvance.com: They provide an online payday loan after the customer is approved by checking their valid account and not any prepaid or savings account.
- Cash Central: This is one of the oldest payday lenders in the country with an online demand of 24 * 7.
- MypaydayLoan: Also this gives the customer an approval response within 4 minutes after completed registration. It is one of the largest in its country.
- Blue Trust Loans: It finances loans between $ 300 and $ 1250 in almost every state. With a repayment of 6 months approx., These loans have no penalty for repayment.
- MoneyLion: They offer loans to almost every state in the country with various rates and conditions in every state. It has loan programs available for consumers at all ends of the credit score spectrum.
- Online Credit: It provides an immediate approval decision with no loan limits for first time. Candidates are eligible to borrow $ 1000 to $ 10,000.
- Maxlend: They have many different loans and terms and creditworthiness is not a criterion considered. It offers personal loans up to $ 1300.
There are some jurisdictions that limit the amount of interest charged on loans including payday loans. Depending on the method used, the annual percentage rate (APR) of each loan may be different. In the United States, for example, the Uniform Small Loans Act (USLL) set the APR between 36% and 40%. The main advantages that these types of loans give great benefit to the industry, well-being for the households increases as people who do not need short-term loans can easily avail long-term loans and it provides service inaccessible in the market as the requirement. of the loan is usually from people who have exhausted all other options to buy short-term credit. This type of loans are also criticized by some people because they spend money from the communities of poor groups with a burden of too high interest. Also, in some countries, the lending practices of the lenders are extremely aggressive unlike countries like the United States, where there is a standard collection custom defined by law.
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