Payday loans are a great option to get quick cash in the most convenient way possible. These loans are processed the same day of application or within a maximum of 24 hours. Same day payday loans are given for a short period of time to help you manage unexpected expenses that arise in the mid-month. These loans are offered by several private lending agencies after verifying some very basic information about the applicant.
The applicant is required to fill-up an application form comprising of information such as the applicant’s social security number, bank account details, employment history, and physical address. The applicant should be a minimum of 18 years in age, and should be working for at least three months without any gaps. The applicant should be a valid US citizen in order to successfully apply for a payday loan.
If the applicant is able to satisfy all the requirements, the loan amount is transferred to their bank account on the same day or within the next 24 hours. Lending agencies charge a financing fee which is usually between 15 and 30 percent of the total amount of loan sanctioned. The borrower is required to pay back the loan on their next payday. Some lending agencies may give the borrower up to 30 days to return the loan amount. On maturity, the payment should be made in full including the financing charge. If the borrower fails to pay the amount on time, the lending agency holds the right to withdraw the money from the borrowers account.
These loans are great for people with poor credit ratings. Traditional banks usually deny loans to people with poor credit rating; however, this is not the case with payday loan agencies. The applicant need not have great credit rating to apply for same day payday loans.
No matter whether you want to apply for payday loans in Alaska or Arizona, to apply for a payday loan, there are several payday agencies you can opt from. You can either visit the office of a lending agency, or can apply online as most of them have online portals.
Payday Loans – Get a Loan in a Day