INR Loans

Payday Loans

There are still some days left for your pay day and you are in need of some money. What to do? Don't worry. You can approach the loan companies who offer payday loans. Payday loan is a small sum of money given to you as loan and you have to pay it back to the loan company on your pay day.

Payday loans are usually somewhere between 100USD and 500USD. The loan period is not more than two weeks and the rate of interest is usually high and sometimes it can go as high as 400% APR. Not only this, there are also fees attached to it and that may be $15 for each $100 lent.

Sometimes payday loans are also termed as cash advances. To qualify for getting the payday loans there are some formalities required. The best part of payday loan is that it is very simple to get and is instant. Moreover, there are no paper work involved in it and also you don't need to fax any document. The only criteria required for getting payday loans is that you must have a checking account and your earning should be at least $1000.

The paying back of payday loan is also an easy process. The money gets withdrawn automatically from your checking account at the time of your salary.

The disadvantage of taking payday loan is its high interest rate. Sometimes it goes as high as $30 per $100 cash advance you take. The biggest advantage of payday loan is that you get the money transferred in your bank account on the same day of applying and there is no documentation required.

As the process of payday loan is easy and the money is transferred on the same day, the rate of interest is high because the lender is taking risk in giving you cash advance.