Payday Loan Features
These loans are small amounts and you can easily get them. You will have to show a proof of your monthly income which must be over $1000. It will be easier to obtain the loan if the amount is relatively less. Once you have established a good relation with the company, you can ask for loans of higher amounts.
You can easily pay the loan when you receive your next payment. The deadline for such loans is typically short. Payday loans are granted at high interest rates and that is why they can easily be obtained. You may have to pay $20 for every $100 that you borrow. Each state and each company has its own rules. There are certain restrictions about how much you can borrow, limitations of interest rates and what should be the due date for such loans.
How to get the loan?
You can get the loan by applying online. In most cases, you will have to fill out a simple form and that is all that is required. The criterion that is offered by many companies includes:
- You must be 18 years old
- You must have a job and you must be earning at least $1000 monthly
- You should have a checking account.