A Complete Overview Of Payday Loans
A payday loan is a short term loan that lasts to a maximum of two weeks in most cases. This loan is also commonly referred to as paycheck loan, paycheck advance loan or cash advance. This is usually paid back after one receives his paycheck. One is always required to repay the loan immediately after receipt of the paycheck. However, there are times when one cannot pay back the loan in time. During such instances, one can roll over the loan by paying a little more than what was expected of him by the lender. This is nevertheless a bad choice as one will pay more due to increased interest rates over the roll over period and extra fees incurred by the lender.
One may wonder how necessary this type of loan is. In most cases, it is supposed to be taken only when there is something urgent that needs to be done. This includes payment of house rent, medical bills, utility bills or taking care of an emergency. Ideally, someone with a good budget plan should never require getting a paycheck loan. People with poor budget maintenance and expenditure habits that exceed their income will often find themselves in need of this loan.
There are several online companies that offer payday loans. Banks and financial institutions also offer this type of loan. One can apply online to a suitable company or physically visit a bank or financial institution to do the same. One should however be careful of the online companies that he takes the money from. There are several online scams and ones needs to first do a back ground check before dealing with anyone online, especially if the matter is financial. Reading online reviews and consulting the relevant site administrators will enable one to make a clear and well-informed decision. The financial institutions must also be accredited and should abide by the legal requirements of the state.
Different companies have different criteria for eligible borrowers. Nonetheless, there are certain requirements that are common in all the institutions. The borrower should have a job or a regular source of income, be a UK citizen, have a checking account in a bank and lastly, be at least 18 years of age. The best time to apply for the loan is usually between Monday and Thursday as one will get it the next working day. Applying on Friday will force one to wait until Monday, which might be disadvantageous for someone who has an emergency. The loan processing procedure is usually easy hence only takes 24 hours to be fully processed.
Solve your Cash Shortage with Akaara Payday Loans
Every now and then we all can find ourselves in that situation whereby we still have a few more days to go before receiving our pay check and yet we are in need of some cash urgently. It may be for a medical emergency or you simply saw a great deal on an item you’ve always wanted to buy and if you do not do it now then your chance is gone forever. No matter what the circumstance, the fact is that you need the cash as soon as possible and you cannot wait till payday. This is where Akaara steps in to solve your problem with our fast payday loans. Simply tell us how much you need, we will lend it to you immediately and you can pay it back when you receive your pay check. It is as simple as that.
Do I Qualify for a Payday Loan?
This is usually the main question everybody asks and the answer is more often than not ‘yes’. There are very few factors that are necessary for you to qualify for a loan from us. First and foremost, you have to be over 18 years old. The next requirement is that you should have any form of permanent employment which pays you regularly once a month. You also need to have a bank account into which we will be able to deposit your loan into and eventually also get our loan repaid back from. Last but not least, you need to be a resident of COUNTRY. If you meet all of the above criteria then you can begin your application process right now.
What is the Procedure?
Getting payday loans has never been any easier than it is with Akaara. You can do it all on the internet and receive a decision in just a matter of minutes without any need for stressful credit checks or faxes and letters. The first thing that you need to do is go to the application section and fill in our short application form. After a couple of minutes you will know whether or not you have been approved for the loan. Once you have received this notification and only then, will you then be required to give us details of your bank account so that we can give you the cash requested. We will also need the details of your debit card so that we can reclaim our payment on your payday. Once this is all done, you will then receive your loan agreement online so that you can accept the terms and sign it.
What are Akaara’s Charges?
Akaara is very transparent about charges and does not take any set up or administration fees from you. All that you will have to pay is the amount you borrowed and the fixed Annual Percentage Rate that will be clearly shown to you before you accept any loan from us.
How Do I Pay back the Loan and what happens if I cannot pay it back?
At Akaara, our goal is to make everything as easy as possible for you. On the agreed payday, we will simply deduct the agreed upon amount from your debit card and that is the end of the story. You will be notified of this deduction. If you cannot pay it back on the agreed upon day, we can agree on an extension on your loan plus interest for your next payday.
In-depth look at short term loans
Short-term loans are immediate unsecured arrears meant to cater for your basic expenditure in the event you have used all available finances, and your subsequent pay package has not yet arrived. Normally, after the elapse of 14-18 days, is when the loan payment is considered due in full. Nonetheless, the borrower is asked to remit payment immediately when they get access to funds to hedge against additional charges. You can opt to reschedule the payment, this, however, is discouraged given that the debts multiply, and can easily soar to uncontrollable levels.
There are quite a high number of short-term loans lenders in today’s financial market. With Internet, you can easily find an ideal lender. Nevertheless, it is important to locate a lender operating close to your home or office premise to speed up the transaction procedure. You can opt for lenders who give out cash, or simply work with lenders who can electronically transfer funds to your bank account.
Nothing beats the trouble-free process of applying for payday loans. You can go for either internet or in-person applications. A lot of lending institutions have a simple and concise questionnaire that the borrower must complete before approvals can be made. Lenders who market swift approvals hardly review your credit status, and go on to give a decision almost immediately. There exist many similarities between internet and in-person applications, though the decision time-frame may differ from one lender to another. If you opt for online applications, ensure that you authenticate that the lender’s website is secure to safeguard your identity information, and be safe from identity theft.
Immediately your loan application is ratified, the lender will disburse the funds to you. Normally, on-site borrowers are given the cash at the counter. Online borrowers receive the cash through direct deposits or electronic transfers.
A lot of people hold the opinion that payday loans are unfavourable. Moreover, they opine that lenders focus mainly on those who are financially unstable. However, this is only one side to the coin. In fact, it is reasonable to apply for temporary loans, than it is to bring upon yourself bank overdraft charges. Payday loans come with charges, though they do not sum up to the full expenditure to cater for repeat overdraft charges that are incurred every time you buy something, and your account has no sufficient funds to finance the transactions. Payday loans no credit check
Temporary advance loans give the borrower a complete peace of mind. This is because funds can be rapidly and secretly retrieved upon approval to avoid extra fees related to delayed payments, and the disengagement of services. Before applying for these loans, it is important to hold discussions with the lender on payment arrangements.
Finally, only apply for short-term loans to cater for expenses that are deemed important, and will result in dire consequences if payment is not done within the stipulated period. Payday loans are meant to be like temporary sources of financial relief.