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A PayDay loan is a type of short-term loan that is granted to the borrower to cover immediate or emergency expenses. It is often times referred to as a cash advance. The loan is taken by the borrower to cover expenses until the next payday. Legislation with regards to payday loans varies from country to country and between the different states in the U.S. Who Can Qualify for a PayDay Loan? Getting payday loans is the most effective way of getting immediate monetary assistance in times of financial constraint. It is the type of loan that can be easy to apply and gives you the fast results. A PayDay Loan is the answer to emergency financial situations. But not everyone can get payday loans. In order to qualify to get this type of short-term loan, the applicant has to have a steady salary. An unemployed applicant is automatically disqualified because there is no means for the lender to get the payment back. Pay day loans are being paid back by the applicant through the salary he receives. How Much Will You Get for a PayDay Loan? Because payday loans are short-term loans, there is a very strict usury limit associated with it. Some jurisdictions have few restrictions on lenders. A PayDay loan lender is given a limited APR or Annual Percentage Rate. The difference between the APR and EAR or Effective Annual Rate can still be significant thanks to the short-term nature of this kind of loans. Let’s say you get a $100 PayDay Loan, a $15 charge for a two-week loan is good enough. In the United States, the finance charges for payday loans can range from 15 percent to 30 percent. Borrowers should just be conscious enough to take note whether the APR or EAR is quoted carefully so as to make significant comparisons. What Are the Requirements of a PayDay Loan? The borrower of a PayDay Loan should be at least eighteen years of age and should be a resident of the country or state where the loan is being applied. Then he should fill out an application form with details including the name, occupation, income, the amount, and purpose of the loan and the latest salary slip. When all the requirements are accomplished, approval of the loan can be within twenty-four hours or less after submission. Where to Get a PayDay Loan Are you wondering if there are payday loans being offered online? Of course there is. If there is a need of an immediate assistance, there is Speedy Loan, the site that can never let you down. Being short in cash can be experienced by just about anyone, which is why there are websites like Speedy Loan that can provide easy and fast short-term loan. You do not have to worry about going through complicated procedures in getting a loan because they provide simple and easy to understand steps and requirements. It is going to be a rewarding experience, just trust that you will get the payday loan you need in no time at all. So what are you waiting for, payday loans are the best help you can get, and if you want to have fast results, get it now at Speedy Loan. Log on to Speedy Loan for more about payday loans . Their online application forms for a PayDay Loan is available at the site.
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