Payday loan lenders are specialist providers of a specific type of loan product.
A payday loan is one that is given for a short period – typically until your next payday (it could be described as form of cash advance on your next payday).
On your next agreed payday, you simply pay back the loan, plus the previously agreed interest and any other charges, in one go. The lender typically does this by debiting your bank account to recover the sums.
It’s as easy as that!
Going on holiday?
Nobody can tell you whether or not you need a pay day loan but many of us have experienced the frustration of not having quite enough money to get us through to our next payday.
That may happen for any reason – and it’s not always an unpleasant one such as struggling to pay an unexpected bill.
It may be that you are going away on holiday and need a quick refresh of your holiday clothes. Perhaps you’ve also decided to treat yourself to a couple of special trips while you’re on that same holiday and money in the month before you go is just a little bit tight.
That’s where payday loan lenders may be able to help.
What you’ll need
As a payday loan is typically for a smaller amount than with a traditional loan (say around $300-$1500 but this will depend on the company) and is paid back relatively quickly (again, compared to a normal larger loan), you may find that the credit check is not quite as demanding. Even if you have one or two issues in your credit history, you may still be eligible.
You will usually need though:
a US-bank account with a bank debit card;
to be in recognisable and verifiable employment and receiving a regular salary or wage;
resident at a US-address;
to be asking for a loan amount that is sensible when seen alongside your monthly income.
In some cases it may be possible to agree a repayment on your next-but-one payday.
If you are unable to repay your loan on the agreed date you may also be able to re-negotiate a revised date – typically extra charges will apply in such circumstances.
If you think a payday loan may be useful from time to time, you will be able to find out more through the websites of the specialist payday loan lenders.