Low fee payday loans are for instant emergencies only
No matter how much we plan and budget our finances and expenses, there are moments when we unexpectedly ran out of cash and we badly need it. In cases where you fall short of financial resources, you ought to find low fee payday loans. Here are some of the basics that you need to now about such loans:
Anybody can get payday loans with low fees. Unlike banks and other lending companies that require lots of documents, payday lenders will only verify if you are a citizen of the United States, if you are aged 18 years old or above, if you have a steady monthly income of at least a thousand dollars, and a bank account- preferably a checking account.
Anybody can get as much as $1,500. Lenders of low fee payday loans can provide the borrowers with money ranging from $100 to $1,500. However, the average amount that customers opt to borrow is between a hundred to five hundred dollars only. Note that the amount that you will receive depends on many factors such as your credit score, your payment terms, your employment records, and many more.
Anybody can get their requested loan as early as the day after application. The number
of days to process your loan depends on the company that provides the payday loan. On the average, the usual processing period takes at least a day or two. However, there are some companies that can provide you with your loan, an hour after you have applied for it. In such cases, just make sure that you provide the correct details in your application form. You have to prepare for additional charges for the rush processing as well.
Anybody can pay their loans within two weeks or more. The usual payback period for low fee payday loans is fourteen days. However, some lending companies allow their customers to extend their due period with a corresponding charge for the payment term extension. Most lenders will automatically renew your payment due date every fourteen days. Conversely, each extension equates to an additional fee.
Anybody can avail of low interest rates. Usually, the interest rate for low fee payday loans will range from ten to twenty dollars per one hundred dollars that you borrowed from the lending company. However, you have to understand that while you extend your fees or renew your payment due period, your interest rates will increase as well. Extended loans can reach an interest rate of thirty per one hundred dollars that you borrow.
Category: Payday loans