Payday loan service is highly favorable these days in USA because of the fact that they are providing hassle free money solutions to consumers in imperious money needs. Any consumer can face emergency cash needs because of outstanding utility bills, school fee or health related issues. In such case, one option is to use early saving to meet expenses. But it is not possible for everyone to have sufficient savings. Sometimes people got almost no savings. That situation makes them to ask for money from some family member or friends. Problem can arise here too because they may be facing same money problem or simply they may not have total amount that you need.
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The last option available for them is to borrow some loan. If a person applies for traditional bank loan, then he may not be able to meet up his instant requirements because bank loans usually take time to get approved which will not be beneficial to instant money borrowers. So, Payday loans become hot option there. A consumer just need to take out five minutes to fill an online application form and money reaches him within hours. Loan amount lend through loans reside between $100 and $1500. Interest rates implied are four times the amount borrowed. APR for these fast loans is approximately 400 percent.
Online Payday loans are available in many forms to help USAs. The famous among them is short term payday loans. They provide instant short term money solutions to borrower. They demand that borrower have to pay back borrowed amount on his next salary day. But it becomes impossible sometimes to payback within two weeks or a month.
Long term loans play vital role in such complex financial problems. They give all benefits of online short term loans to consumers. An amazing feature is that they are also known as unsecured loans so there is no need to set any collateral or security against them. They stay uncared about your property for whole loan period. Even if you have very poor credit score, you are eligible for long term payday loans. Late payments, No repayment, Foreclosures, bankruptcy, none of them can affect your loan application for these payday loans.
Whenever you are going to apply for any loan service, you must meet its eligibility criteria. Some eligibility points are common for all categories of payday loans. There is little difference in qualifying different types.
ANY PERSON IS ELIGIBLE FOR LONG TERM PAYDAY LOANS, IF HE MEETS FOLLOWING REQUIREMENTS
• The prior condition is that consumer applying for loan should be 18 years old or more than that.
• A borrower must be USA citizen or should have permanent resident certificate issued by federal government of the nation.
• He should possess a regular job from which he is earning at least $1000 per month.
• He should be working under same employer from last six months and should have liable proof to witness his job period and employer.
• The basic requirement is that he should have checking account in any of banks for direct deposit and other loan transactions.
Meeting all above requirement, any consumer can fill an online application form to apply.