How to Get a Cheap Payday Loan
Payday loans are the short-term loans which you can take when you don’t have money to fulfil some of your urgent requirements. Before taking a payday loan, you must know the underlying risks and costs. Furthermore, these loans are unsecured and the lender doesn’t require checking your credit. So, if you have a bad credit history, you don’t need to worry as you can still borrow the money.
Payday loans are very easy to get as compared to other types of loans and are often very helpful to meet the unexpected expenses which may arise at a time when you don’t have enough money. This article will help you to understand the steps which you can take to get a cheap payday loan.
Instructions
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1
First, you must have an account in a bank where you can directly deposit your money. If you don’t have an account, you can open it at any bank where you can reach easily.
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You must keep in mind that you have a regular source of income and if you are employed, then your salary must be at least $1,000. Moreover, it doesn’t matter whether you work full time or part time.
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3
You will write a cheque for the amount which you are going to borrow including the amount of fee. It is to be noted that you have to write the cheque properly and especially the amount on it, in order to avoid any kind of inconvenience afterwards.
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Then, go to your lender with the cheque. If the lender finds the cheque legitimate, he will give you the loan amount after you agree to repay it in the specified time. You must decide the time period of the loan with the lender. Usually, the lenders advance payday loans for 8 to 25 days.
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The lender may need the date of your last pay check and the date on which you will receive your next pay check. Generally, the loan is paid off when you receive your next pay check.
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If you are unable to pay off your loan on time, you can have the option of ‘roll it over’ in order to get extension. But, you must know that if you extend the time period of the loan, the fees will keep on accumulating.
