Top-5 things to keep in mind if you want to get a payday advance

If you are going to apply for a payday advance, you should learn more about its features. There are certain things that make this type of a loan different from bank loans. That’s why you are recommended to learn more about a payday advance, which is a short-term loan online.

Things to keep in mind when you are going to get a payday advance:

Check out the list with the following things to take into account when you are going to get a payday advance online:

1. Payday advance is a short-term loan to be repaid within 30 days.

It is recommended to use short-term loans to solve urgent problems, which can’t wait till you get your monthly income. This is due to the reason that you must pay the loan back within one or two weeks. One month is the maximum repayment term. Sure that you are able to use some loan extension options after the mentioned period but it is not recommended as you risk overpay much.

2. Payday advance is up to $1000

The amount of money is not large as the loan must be repaid in a couple of weeks usually. That’s why you should consider your financial problem to make sure that you need from $100 to $1000 for its solution. Otherwise, you may consider other loan options, which offer larger amount of money, for example, installment loans.

3. Payday advance is for those who have faced an emergency

The aim of the short-term loan is to provide you with the helping hand when you need it most. Get a payday loan to improve your life quality for the period till you are paid. Take into account that you will have to make the loan repayment within the short period of time.

4. Payday advance has high APR

Payday loans have higher interest rates compared to other types of loans because they are easy to get and really fast. You pay higher price for the top-notch quality service. In any case, be careful calculating the interest rate on the amount of money you are going to borrow. It is possible to find out the exact amount, which you will have to pay back using an online loan calculator. The average rate you will have to pay is $25 for each $100 you are going to borrow.

5. Payday advance is approved if you meet certain requirements

There are not many requirements, however, there are some you must meet obligatory. You have 100% guarantee of getting a loan in case you are at least 18 years old, reside in the country where you apply for a payday advance, have some steady income source, have a bank account, e-mail and telephone number. You aren’t required to be employed if you have some other income source. You may have even bad credit score or no credit history at all. This is not a problem for the payday advance lenders who are ready to provide you with the necessary amount of money in case you are able to meet minimum of basic requirements.