Payday loan is a short term loan, of which term period is usually one to two weeks. The other names for payday loans are ‘cash advance’, ‘Paycheck loan’, ‘Check loans’, and ‘Payroll advance loans’. After receiving your payday loan, it has to be repaid. In case, if you are unable to repay the loan plus charges charged by lender on your payday, you can easily rollover the amount thereby paying the extra fees. Los Angeles payday loans are easy to get for fulfilling the emergency needs of fund.
Importance of Payday Loan
At the month end, you may face some problems to maintain few urgent family expenses just like medical bills, telephone bills, electricity bills, house rent etc. This situation can occur when you don’t maintain proper budget at time of receiving paychecks or not keeping expenses according to your income. Thus, in such situation, for meeting such financial crisis you can take payday loans.
Payday Loan Companies
There are several companies that are promoting online check cashing facility. There are also some banks and other sort of financial institutions that offers payday loan. You can easily apply online for payday loan or you can visit the institution to get payday loan.
Conditions to be Fulfilled for Getting Instant Payday Loan
A person needs to fulfil following conditions for getting payday loans-
- You must have a regular job and should have fixed source of income.
- You must possess a checking account in a bank
- You must be a US citizen.
- You must attain age of at least 18 years.
- Your monthly income should be at least $1000 per month
Ideal Time for Applying to Payday Loan
If you apply for payday loan since Monday till Thursday, you will receive payday loan on next working day, i.e. Tuesday to Friday. But, if you apply for the payday loan on Friday, you will receive the loan on next Monday, and if you apply for the loan on Saturday or Sunday, you will get the payday loan on Tuesday.
Cost of the Payday Loan
Payday loan Company usually charges 15 to 30 USD for each $100 borrowed. Thus, if you borrow $100, you will need to pay 115 to 130 USD on the next payday. The APR of the payday loan interest boosts till 391%.