Looking for payday loans information? Do you need an urgent payday cash loan? Want to know all the basic payday loan info? Are you interested in all the details of payday loans? Want to know what are the requirements? Want to see that whether you are eligible for it or not? Want to get your first payday loan but do not know where to start? Looking for details as to how you can apply for a payday loan? If you need answer to all these questions, and many other similar questions, you have come to the right place. Stick around!


Payday loan basic information

Payday loan is a short-term term most liquid unsecured loan. Typically you can get any amount between $50 to $1000. Your payday loan application is reviewed by your lender, and if it gets accepted. You get the loan amount in your bank account. The whole process right from start till end does not take much time. Under fair conditions, you will get the money in your account within an hour after applying for the loan. Simple and fast.

The duration of a payday loan varies from 14 days to 30 days. However, the payment is due at the next paycheck. Your lender will withdraw the funds from your bank via your signed check. You do not have to do anything at all. In case of bounce check, your lender will charge your an extra fee or penalty which is usually very high.

Payday loans are very expensive. Much costly than any other loans. The interest rate is very high and ranges from 15 to 30 percent. However, lenders charge you one-time fee for the loan and that is almost 15 to 30 percent of your loan amount.

You get the loan amount directly into your bank account. You do not have to collect it from some where. And your lender will withdraw the agreed upon loan amount plus loan fee from your account as soon as it is credited on next paycheck. You have to give a signed check to your lender. Or you need to authorize your lender to withdraw an agreed amount from your bank. Or you need to instruct your bank to pay your lender on a certain date.


Requirements for a payday loan

Requirements for a payday loan are almost minimal. But vary a lot. The basic requirements include:

-        At least 18 years of age

-        The borrower must be employed or must have a proper source of income

-        A valid bank account that is in use

-        Government issues identity card with picture

Most of the lenders will ask for some other information as well besides, these general requirements. While others, only need your bank account details. So the requirements vary from lender to lender. Borrowers are in a better position of negotiation and discussion due to high competition among payday loan lenders.


How to apply for a payday loan?

You need to contact a payday loan lender if you need to apply for a loan. The easiest method of applying is to search a few best payday lenders in your area over the internet. Visit their websites, and choose one from them. Fill out the online form. Send any supporting documents (if needed). And wait for the confirmation from your lender.


Documents needed for a payday loan

A fairly large number of lenders do not need any document. So you don't need to send any document at all. But most of the lenders will ask you to fax your government issued identity card copy or bank statement or proof of income. But nothing more than this. You have to fax the copies of your documents so that it reaches the lender immediately and you application is reviewed quickly.