A personal payday loan can be of great benefit to anyone who is in dire need of some quick cash. Some people may wonder how it could be possible to run out of cash in the middle of the month. It’s very possible, especially given the economic climate that’s facing the world today. Car payments can creep up. Medical emergencies can happen. School fees can climb. All of these things can drive a person towards the brink of bankruptcy very quickly. Should this happen, the stress and anxiety involved can be crushing. A payday loan is a type of personal loan which can help by providing an immediate source of cash.
One of the best features of this type of personal loan is that one can have access to instant cash. There’s no waiting for weeks on end for an approval to go through. That’s great news for someone caught in an emergency situation. The loan itself is not at all dependent on one’s credit history so it makes getting through with one’s application even easier. Note that personal payday loans are very short term though, so one will not have the luxury of years to pay it back. They are made for getting from one pay check to the other so the payment term will often be no more than four weeks. Some lenders are a bit more flexible but, with an interest rate of up to 30%, it’s best to pay off the loan as quickly as possible.
Most people would qualify for a personal payday loan, barring some extreme circumstances such as a lack of a permanent address or no visible means of income. How can one check to see if they will qualify? Take a look at the following checklist:
• Is one employed by a reliable company?
• Does one have a fixed monthly income?
• Has one been employed for more than 6 months with the same employer?
• Does one have valid bank account (for transferring funds by bank wire)?
• Is one over 18 years of age?
If one can answer yes to the above questions then one will be able to qualify for a personal payday loan. Don’t abuse the privilege though. Personal payday loans are to be used sparingly since the amount of money to be paid back will be steep, given the interest rates. They can be a life saver if one is in dire straits but don’t rely on them at the expense of making cut backs in one’s lifestyle.