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Payday Loan Resources

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Answers to 7 Questions About Payday Loans That You Should Ask

 

 

There are occasions when emergency situations arise before your next payday. When this happens, you can seek shelter on a short term loan that you apply for online and are processed within 24 hours. However, there are things you should know about getting a paycheck loan before you complete that application form.

 

1.            What is the eligibility criterion for payday loan application?

To qualify for a paycheck loan you must be 18 years (some companies allow for 17 years), with a valid bank account number with debit card and an active jobs that gives you more than 750? in a month.

 

2.            How long will it take for the loan money to be credited into my bank account?

Once you complete your online application and receive a formality approval call from the payday loan master, your bank account should be credited with the amount you requested within 24 hours.

 

3.            Will I be asked for any security?

No, unlike house loans and education loans from http://acta.fi, payday loans have no collateral. You will therefore be given an unsecured loan.

 

4.            If the loan is unsecured, how will the loan master be sure that I will repay?

The loan amount you have applied for will be automatically deducted from your bank account the moment funds are paid into it. For this, the paymaster only needs to be in agreement with your bank.

 

5.            What is the repayment period for paycheck loan?

This usually depends with the payday loan company, although typically it's between two weeks and 30 days. Most companies allow for extension of the repayment period but at an extra price.

 

6.            What is the minimum amount of money that I can borrow?

Most companies will allow you to borrow a maximum ?300, on your fist application. Once you have proven your ability to repay they will expand your minimum amount. If you successfully repay your loans with a company, they can even allow you to borrow up to ?750 on subsequent loan application.

 

7.            How to I know which loan company to trust?

An accredited payday loan company from http://acta.fi/ should have a Credited License number that has been authorized by the Fair Trade office. If it a well regulated company and adheres strictly to laws that govern the finance industry then it will also have an office you can call for inquiry or complaints.

 

The above are some of the things you should know about payday loans.