At some point in life, a person needs cash in order to meet the day-to-day expenses that are difficult for the person to bear. There are a variety of loans that are available for the person, but if a person wants to take the loan for one to fifteen days, then, in that case, payday loans are an advisable option. Though the interest rate charged on these loans is relatively high, they are an advisable option for a short time.
What are payday loans?
These are basically the short-term loans that the person takes in case of emergency for a short period of time. Usually, the interest charged by the lenders of these loans is high. The interest rate the person charges will differ based on the state the person is residing.
Eligibility to apply for the loans
Once a person gets cleared as to what are precisely the payday loans, then another thing that a person must know before taking the loan. Whether is he eligible for taking the loan? The below mentioned are some of the eligibility criteria to take the loan:
- The person must be a citizen of India.
- The age of the person must be higher than 18 years.
- He should have an excellent repayment capacity, which can be checked only if they have a good income.
If the person satisfies the factors as mentioned above, then he is eligible for taking the loan.
Benefits of the payday loans
These days’ people are shifting to payday loans if they require the funds for a short period of time. There are many benefits that these types of the loans provide to their customers. The biggest benefit is No credit check payday loans; this is the feature that is responsible for the attraction of the people.
As in the case of the standard loan, most people do not pass the credit check as a result of which they are not able to receive the loan, but this is not the case with the payday loans. So now we will discuss in detail some of the other benefits that these loans provide:
Easy application
The procedure to take the payday is quite simple. These days taking the loan is, even more, simpler as they are available online. The person who wishes to take the loan has to first of all download the application and just get yourself logged in to the account. There is an official form on the website. Just fill it, enter all the details related to the identity and the bank details.
Flexibility in the loan amount
Usually, if we talk about the average loans, then the person has to take a high amount of the loan as they are for the minimum period of 6 months, on the other hand, the pay loan can be taken from RS 1500 to 1 lakh, as the borrowers think fit. So he can make the decision of the amount of loan based on his monthly income that will make the decision regarding the repayment capacity.
The loan can be taken for various purposes
Payday loans are the loans a person can take that to meet the day-to-day expenses. A person has the option to take the loan in order to do the credit card payment in a limited period of time. If we talk about the period for which a loan can be taken, then it is from 1 month to 3 months.
The maximum period for which the payday loan can be taken is six months.
No credit check
In case of a person prefers to take the ordinary loans, then, in that case, the creditability of the person is appropriately checked; this checking is done based on the credit score of the person. If the credit score, that is, the probability of the person paying back the loan, is high, then only the person will be able to get the loan. On the other hand, No credit check payday loans offer; they just grand the loan to the person even if the credit score is not too good.
These are some of the benefits of payday loans that make them an advisable option for people.
