Payday Loans are very often granted without a credit check. These are short-term loans that provide small amounts for an urgent need. The loan is usually covered by the borrower’s first salary. What your creditor needs are to have a steady income, over 18, be a citizen of the state, and some personal data such as address and email.
Although they are a quick and easy way to lend, they go dear to the debtors. Here’s an example:
If you take $ 300 for 2 weeks you will pay a $ 45 fee. If you use a credit card for the same amount you will have a $ 6.15 charge. Always try a different lending option first.
There are rules for Payday Loans that restrict the ability of creditors to abuse the debtors:
- You have the right to cancel the contract within two business days of signing, without paying any fee
- You can not take another loan before you pay the first one
- The creditor is not allowed to exercise psychological harassment on you by phone or e-mail, as well as to call your relatives
- The credit you want may not exceed 50% of your net income
- When you make an extended loan repayment plan, you can make contributions at any time without incurring penalties
- Everything must be clearly written on the contract – fees, interest, repayment term
- Do not agree to automatically pay your loan on your salary
Before you proceed to Payday Loans, examine the company if it is licensed and what its reviews are about it from other customers. Inform yourself about the rules of use because they are different in different countries.