Before applying any loan you need to know about the loan policies and their criteria. Here we are discuss about the payday loan. Payday loan is US based concept. These loans are designed to be quick and easy and generally have very limited qualification loan requirements. Is is also called short-term unsecured loan, because it is beneficial for those who wants to apply for short-term loans, like- 10 days, 20 days or 30 days. It is not more secured for long-term loan. In payday loan scheme, you only pay 1% rate of interest per day for that loan you apply. You can use it easily when you are out of money. In the case of emergency you can apply and their is provision that you does not need for
payday loans no credit check , within one hour your loan will be approved by payday loan. To get a payday loan, you have to write a check for the amount you are borrowing. If you want to avoid the payday loan trap, you should make sure that there’s almost always a better way of getting it.
For payday loans you have to complete your all documents like-
1-You must be 18 years old.
2-If you are applying online, you must provide a valid Social Security Number.
3-You must reside in the state you choose for your loan application.
4-If you are not employeed, then you must have a steady source of recurring income payments to ensure you will be able to repay your loan.
5-If you are applying online, you must be able to be contacted via phone, because verification of application information is necessary.
6-If applying in-store, you must bring proof of income and proof of a bank checking account. Debit cards or pre-printed checks may be accepted in your state as proof of bank checking account.
7-You must have your Passport size photo, Email ID, Pan card for the verification and for the security purpose.
Payday loan most common for borrowers who don’t have access to credit cards or savings accounts to use this type of loan.
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