Payday loans are small loans you can use when you are temporarily out of money. Often referred to as cash advances or payday advances, whatever the name, these loans are designed to meet temporary, short-term cash flow needs.
Payday Loans -how much can I borrow?
Payday lenders usually loan between $100 and $1500, depending upon your income and ability to repay the loan. A good gauge of how much a payday lender will allow you to borrow at any one time is to take your weekly income and divide it by 3. For example, if I was earning $600 a week my maximum borrowing capacity would be around $200. This means I could borrow between $100 and $200 as the minimum loan amount is generally set at $100
Payday Lending Requirements
The first requirement is that you must be 18 years of age or over. Unlike other types of loans, an online payday loan typically does not require a credit check. However, you will be required to provide some form of income and or banking verification. Different lenders will require different income verification documents however the loan approval criteria are based on a few other factors that most employed people meet such as employment status, minimum income, and an active checking or savings account.
As all payday lenders are different you will also need to check what their minimum income requirements are. As a guide, if you live in the USA you will need to earn about $1000 a month to qualify or if you reside in Australia most lenders require you to have a take-home income of about $400 per week.
We can get emergency fund with payday loan. We can be benefited in our bad time by payday loan. But Payday loan can be debt trap for some one. If you have caught by payday loan debt you can seek help for your payday loan debt relief from the online financial company.