A 24 Hour Payday Loan is a cash advance given to an individual on his/her paycheck. Companies offering a 24 Hour Payday loan take care that the procedure for obtaining the cash advance is fast and the money is transferred quickly into the borrower’s bank account.
Loan Amounts:
The amount that an individual can get ranges from $100 to $1,500. However, after some more verification the lending company may consider giving a bigger amount. Typically, the amount assured will depend upon the borrower’s monthly income.
Transfer Of Money:
The money is transferred into the borrower’s bank account by the next day, where in the borrower can withdraw the money and use it for any purpose.
Credit Checks
Typically, a 24 hour payday loan does not require a credit check. If an individual fulfills all the generic requirements, he/she is qualified for the cash advance.
Time Duration To Pay Off These Loans
Normally, the time duration for paying back a 24 hour payday loan is till your subsequent pay check or within fourteen days. However, it is also possible to ask for an extended repayment plan, for which you will be asked to pay an extra rate of interest. Your repayment schedule will be completely renewed.
Eligible Candidates For A 24-Hour Payday Loan
Basically, anyone can apply for a 24 hour payday loan, provided they fulfill generic criteria. The most common requirements for qualifying for a payday cash advance are:
• The individual has to be 18 years or above
• He/she should be the citizen of the country they apply in
• He/she should have a valid account number
• He/she should be earning at least $1000 per month
Interest Rates
The interest rates on such cash advances are pretty high. The companies typically charge up to $30 per $100 borrowed. Moreover, the money has to be paid back within fourteen days of loan reception.
Restrictions
There are no restrictions on how you can spend the money you borrow. You can spend it the way you want. For instance, you can use it to pay your medical bills, credit cards, rent, repairs, fee and the like.
Remember, this being a personal loan the cash can be utilized for whatever purpose you want.
Qualifying For Multiple 24 Hour Payday Loans
Multiple 24 hour payday loans are a facility not available with every lender. Normally lenders prefer giving another loan to the same individual only if he/she has paid back the first loan. On the other hand, certain lenders may consider increasing the loan amount, depending upon the borrower’s monthly income.