Everything To Know About Payday Loans Online

Payday Loans are the loans which are granted for a very small amount of time on the guarantee that they would be repaid as soon as the next salary or income from their source of earning. Such loans have an extremely high rate of interest and are called by different names such as payday advance, payroll loan, salary loan, small dollar loan or cash advance loan. A payday loan can be offered to anybody irrespective of their credibility. The bank does not see the credit worthiness of the borrower in case of granting this type of loan as it is granted for only 15-20 days and is not long term. The borrower should, however, keep in mind that taking a payday loan would not increase his credibility in the market. He, nevertheless, should have a steady income, permanent bank account and a work experience of at least 6 months to avail this loan.

Online payday loans are becoming more and more popular these days. One the best thing about online payday loan is its simple application process. The application takes less than 5 minutes to complete and the portal is usually open 24 hours a day. The borrower can simply file the application for the loan online and the funds are transferred by direct deposit to the borrower’s account. The repayment of loan in such a case is directly withdrawn electronically from the borrower’s account after he gets his next salary or after his post-dated cheque becomes mature. A list of the Direct Payday Lenders is as follows:

Check Cash: They give their approval application within 5 minutes by providing loans online or at their offices is U.S.
CashAdvance.com: They provide an online payday loan once the customer is approved by checking his valid account and not any prepaid or savings account.
Cash Central: This is one of the oldest payday lenders in the country with a 24*7 online application portal.
MypaydayLoan: This too provides the customer with an approval response within 4 minutes of a completed application form. It is one of the largest of its kind in the country.
Blue Trust Loans: It funds loans between $300 to $1250 in almost every state. With a payoff time of 6 months approx.., these loans have no penalty for repayment.
MoneyLion: They offer loans to almost every state in the country with varying rates and terms in each state. It has loan programs available for consumers on all ends of the credit score spectrum.
Net Credit: It provides an instant approval decision with no borrowing limits for first timers. Applicants are eligible for $1000 to $10000 loans.
Maxlend: They have many different loans and terms and credit worthiness is not a criterion which is considered. It offers personal loans up to $1300.

There are some jurisdictions which 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 U.S.A, for example, the Uniform Small Loans Laws (USLL) has fixed the APR between 36% to 40%. The major advantages that these types of loans provide major profitability to the industry, welfare for the households is increased as people who do not require short term loans can avail long term loans easily and it provides a service which is unavailable in the market as the requirement of the loan is usually by people who have exhausted all their other options of buying short-term credit. This type of loans is also criticized by some people on the ground that they drain money from the low-income group communities by charging exorbitantly high rate of interest. Also, in some countries, the collection practices of the lenders are extremely aggressive unlike in countries like U.S where there is a standard collection practice set by the law.

Bridge Loan: The Ultimate Financial Solution for Prolonged Problems

What is a Bridge Loan: A bridge Loan is also known as ‘gap financing’ because as the name suggests, it is more to do with filling or ducting the empty crevices in your financial condition, especially when it is an emergency monetary need or crisis that you are facing, be it in terms of purchase of personal property or be it with respect to business issues. This loan has become very popular among the mob of real estate owners or businessmen despite the high rates of interest that come as a baggage. When in terrible need of monetary support and that too within a restriction of some weeks before you make the down payment or any other necessity, then a loan is the only option because this loan can be available in a shorter period of time comparatively with a minimal number of submission of documents for verification and rechecking before the loan is granted. It is a short-term interim loan as it only lasts up to as long as one year only.

Real life examples where loans can help: Let us take a hypothetical case where you are looking for a new apartment or a two-storied house depending upon your needs, requirements and inevitable requisite. The difficulty is that you need to sell your present home in order to buy the new one and your broker has given up and you alone are unable to find the right buyer. Here in this situation where you are facing time constriction for advance payment and are in dire need of that amount, the bridge loan becomes very useful in spite of exorbitant interest rates. Unless and until you come up with a permanent solution to pay the mortgage as well as make the advance payment for a better deal in the housing complex, bridge loan, or interim financing is the only pathway you can act on with the assurance of proper execution of your plans with minimum official trouble.

Keeping the above example in mind, why it is said that taking a bridge loan is very flexible:

The terms of the loan state that in case you are unable to sell the house within six months, then you have to pay the reimbursement of the rate of interest on the loan.
If you are able to find a suitable buyer within the time frame of six months, then you won’t have to pay back the loan with due rates of interest.
Bridging the cleft made by the time struggle between selling and buying, this loan solves all your financial junctures.

What is the eligibility criterion for applying for the bridge loan: The lender will perform a credibility check of your history with loans and anything that proves you are not worthy of the loan. You will have to pledge any collateral or real estate asset. Also, bridge loans are often offered by individual lenders and not by any bank.

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