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A payday loan is a temporary loan repayable after a short time. The period is often 1 to 2 weeks. This type of loan can also be referred to as cash advance, check loans or paycheck. This loan is repayable once you get your salary in your bank account. In any case, you are not capable of paying the loan amount and the interest amount on the repayment date, then, you can carry forward the loan amount and interest in the next period but will have to meet additional charges. Payday loan causes you a lot of stress if you do not plan well and below are some things you should have in mind before you opt for the loan.

Know why you want a paycheck – Sometimes you can have overwhelming expenditures to cater for especially in the house where you will need to pay the electricity bill, water bill, rent, medical bills, and telephone charges. These things happen when you fail to keep a proper budget or not to maintain your costs up to your income level. Consequently, you will need to apply for a payday loan so that you sort out the expenses in time before you get your salary.

Institutions which offer payday loans – There are many companies which provide payday loan services, and a majority of them are online companies. Besides, some banks and some financial institutions are taking up the challenge and giving their clients payday loans. Additionally, there are convenient ways of making paycheck applications, and it may be an online application, or you can opt for in-person application where you visit the company.
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Qualifying for a payday loan – Any potential applicant should meet the following criterions; You must be employed or have a steady source of income, you should have a checking account in a bank, you should be an adult who is above 18 years, and your salary should be approximate to $1000 per month.
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Loan duration – The loan processing procedure is very simple, and it takes approximately 24 hours to get your money. The financial institution will confirm your details using an automated system and then agree to give you the money. Everything happens so fast, from the application of loan to receiving the cash in your account takes 24 hours only. Some companies who are advanced in this sector will take a shorter time.

Notable points – Take into account the company’s rate of interest on a loan. Go for the company with the least rates as compared to other companies in the market. Confidentiality of your documents is paramount. A company that uses data encryption is the best because your information cannot lick out. Carefully examine the company’s policies and legal information before submitting your application.

Repayment of loan – The lending company will make an automatic deduction from your checking account when the payday loan date is due. Keep in mind all the details necessary such as repayment amount. Ask the lending company to rollover the amount in any case you are not capable of making reimbursement in time.