Payday loans are short-term loans that are extended between two paydays. A payday loan is normally provided for 14 days. The borrower, on acceptance of the loan conditions, provides a check favoring the lender as security against the loan. On the due date, the lender deposits this check to recover the loan dues. The due date is generally the next payday of the borrower.
No credit checks are conducted for granting payday loans. Therefore, the FICO score of the borrower is irrelevant. It doesn’t matter whether the borrower has a bad credit history, or has no credit history, or has declared bankruptcy.
Qualifications for payday loans
To qualify for a payday loan, the borrower needs to fulfill all of the following conditions. There are no exceptions.
- You must be a US citizen.
- You must at least 18 years of age.
- You must be at a full-time job currently and must be at this job for at least three months.
- You must either have an active checking account or a savings account.
Your after-tax salary should be at least $ 1,000 or you must have a fixed income of $800.
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 payday loan debt help from the online financial company. They can give best financial solution.