Payday loans, also known as cash advance loans, have been around for a few years now. There are many companies that are offering payday loans, which has made the competition fierce.
This is good for the consumer as different companies try to attract customers by offering different deals and incentives. Here are a few things you may want to know about what’s new in payday loans.
Payday loans are available in many towns and cities. You may have seen their advertisements if you have lived in the city for some time. It is also possible to get payday loans online.
Interest Free Payday Loan
A few payday loan companies are offering a nice incentive nowadays. They are offering the first payday loan without any interest. This is a great way to actually get a small emergency loan and be able to enjoy it interest-free.
It is possible to get up to $1,000 per loan, but some will go as high as $1,500. For a first-time loan, however, you may only be able to receive about $400.
Signature Loan
Payday loans are also called signature loans as it does not require any collateral. All you need is a signature, and some proof of employment.
They also require either a post-dated check, or a signed authorization form allowing them to withdraw the funds from your checking account on the due date. For the first loan to be free, it should be paid in full on the due date.
Time Period Of A Payday Loan
Some lenders now allow a borrower to make multiple payments. This way, you do not have to pay it all back at once.
Most of the payday loans have a two weeks time period after which you have to pay back the loan. Although a rollover is possible with most, but there are always extra fees – usually equal to taking out a new loan.
You can even get a payday loan if you have bad credit. Since your credit is never checked, and no collateral is ever taken, most people who are working can get one.
Some lenders do require that you make at least $1,000 per month and have been employed at the same place for at least two months.
Payday loans are an easy and convenient way to get cash when you need it in a hurry. Although the interest rate is high (usually between 25 to 30%), the short time duration makes it feasible. And the best thing is that you can get the cash within 24 hours or even sooner than that.
Interest free pay day loan topic is really looking an interesting.
It will really helpful for needed people.
Nice and helpful post.
Payday loans are short-term loans that offer urgent cash to people in need of money in between paydays.
Anyway – Nice informative Post…