The criteria of different payday loan companies are
- You must have a job or there should be a regular source of income.
- You should have a Checking A/c in a bank.
- You should be a US citizen.
- You should be at least 18 years of age.
- Your monthly income should be at least $1000 Per Month.
Best application time of payday loan:-
If you apply for the loan from Monday to Thursday, you will get the loan on the next working day, i.e. Tuesday to Friday. If you apply for the loan on Friday, then you will get the loan on the next Monday, and if you apply on Saturday or Sunday, you will get the loan on Tuesday.
So the best time to apply for the loan is Monday to Thursday.
When will you get the money?
As the process is very simple to get the loan amount, in general, you will get your loan amount within 24 hours of application. The company will check your documents and verify your data with an automated system named as VPN Based software, and then approve your loan. The entire process of verification of your identity and depositing the money to your Checking A/c takes 24 hours of time. There are some companies that will deposit the loan amount in less than 24 hours.
Costs of a payday loan:-
Usually, a payday loan company charges 15 to 30 USD per $100 borrowed. So, if you borrow $100, you will have to pay 115 to 130 USD on the very next payday. The APR of payday loan cash advance interest boosts up to 391%.
Payday loan can be great helper on the emergency time. But it can be so risky in some situation. If you have caught in payday trap you can seek help for your payday consolidation from a good payday loan consolidation company. They can solve your problem easily.