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Payday loans (also called Cash Advance Loans, Paycheck Loans, Check Loans, and Payroll Advance Loans) refer to short-term loans, typically with 1-2 weeks of term period. Payday loans are repaid after the borrower gets his/her paycheck for the particular month. If you fail to repay the loan on schedule, you can rollover the loan amount by paying extra fees to the lender; in this case the interest component payable by you will include the rollover period. Hence, payday loan can be termed as ‘Loan Sharking.’ If you are taking a no fax payday loan for the first time, referring to this check-list can help you strike a great deal: Why Take Payday Loans: Payday loans are emergency cash solutions, especially designed to meet last-minute cash crunch. You can use payday loans to avoid bouncing of checks, bank overdrafts, or to pay pending bills. Who Can Get Payday Loans: Any adult (18 years) who earns a steady income of not less than $1000 per month, and has a checking/savings account can get payday loans. What is the Best Time to Apply for Payday Loans: It is best if you apply for a payday loan between Monday to Thursday because you will be able to get your payday loan on the next working day. |