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Payday loan: Learn how you can benefit

BY: David Prakash Kumar | Category: Business and Finance | Post Date: 2010-01-25

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   David Prakash Kumar
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Payday loan is an important loan because of the benefits that it provides for the people who apply for this loan. Almost all people can apply for this loan. The loan as the name indicates is a loan that has to be repaid on the pay day. This makes it very less risky for the bank or the financial institution that is offering this loan.

Who can apply for the loan?

Any person who has been in an employment of a company or organization for at least 6 months and working at present can apply for the loan. The person applying for the loan should also be a citizen of that country where the loan is being applied. This makes the loan simple and easy to apply. The person applying for the loan should have a savings bank account in the bank and a post dated cheque has to be signed and given to the institution that is offering the loan(This only applies for a loan amount that is more than $300).

Salient features of this type of loan:

The person applying for the loan may even have a bad credit, but that does not affect the chances of getting this loan. The person applying for the loan can apply with all the relevant details online. This makes the payment of the amount in the loan very easy and quick .The quick payment helps many people to be able to use the money for their immediate wants and needs. The application that is made online, is first verified by the authority giving the loan. After the verification process is over, the loan amount is immediately given.

The amount distributed as Pay day loan:

The minimum amount that is usually distributed as Pay day loan is an amount of $100. The maximum amount varies and the institution offering the loan decides each application on its merit before disbursing the loan. The loan amount can be $200 or $300. Sometimes, it can even be higher than that. The amount that is given as loan depends on the salary of the individual applying for the loan.

Repayment process:

The financial institutions that offer the loan are able to get back the amount that was given as the Pay Day loan on the first salary day after the loan was given. This is a duration of usually a week. If there is a case of default, the amount is got either from the employer, or from the savings account of the individual. There are also times when the institution uses post dated cheques collected from the individual obtaining the loan to recover the amount paid as loan.

If the individual is unable to pay back the loan, then the loan period can be extended on paying an amount to the bank. This can be done again and again till the individual is able to repay the total loan amount to the bank.

These are the salient features and methods of benefiting from a Pay Day loan.

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