What are the best Payday loans to acquire?

What are the best Payday loans to acquire?

Every salaried professional has to meet all the financial requirements within a fixed monthly salary. Spending for everyday expenses, food and household needs, rent and bills, education and health; a salary remains constant amongst every other variable expense. When an additional financial requirement appears it might become a challenge for a salaried employee. To solve this crunch payday loans can make a great help. These loans are easy to avail of and given for a small tenure hence do not linger on resulting in increased monetary liabilities.

Payday Loan

Payday loans or short-term and unsecured personal loans are given exclusively to salaried professionals. These loans are loans on a salary which were due for repayment on the next salary day. Mostly the term of the loan is not more than one month but exceptions are seen. Based on the salary slip and DT I ratio along with the bank statements the credit limit of a particular borrower is calculated. Since the factors discussed above or variable with every borrower so is the credit limit. Based on your requirement you can apply for instant payday loans easily.

Top 5 Features of a Payday Loan

APR: The interest rate on a payday loan varies with the state. The interest rate may appear initially not so big but in the long term, the APR goes up to 400%.

Short-term loan: Being a short-term loan you have to pay back the payday loan within a month at the most. This time is mostly not enough to cope with your financial setback. So, it becomes tough to pay back the loan.

Impact on credit score: No doubt you can have a payday loan without a credit check but it surely impacts your credit score. If you take the loan and payback within time, the impact will not last for long but otherwise, it can lower your credit score.

Charges involved: The payday loan is not just limited to the high-interest rate but also attracts many additional charges if you don’t pay the due on time. Some of the charges can be late payment fees, rollover fees, etc. It makes the loan even costlier.

Unsecured: Payday loans are given as a loan on salary. They demand no collateral for approval. The salary of every month or the annual income forms the basis for deciding the credit limit. Any salary professional can avail of it. Some employers also extend these loans to their professionals.

How Does a Payday Loan Work?

For taking a payday loan, you may need to sign a post-dated check for your lender for the full amount. The debit of the sum can also be made digitally when you give authority for auto-debit. After this, the lender gives you a check or transfers the cash to your account. The loan is then due for a deduction on your next payday, typically within 2 or 4 weeks.

3 Best Payday Loans

Policybazaar.com: It is a leading platform for financial services. You can apply for a speedy loan with a low credit score as well. It’s a credible lender where you can avail of a payday loan through is simple application process online. The rate of interest and amount offered or subject to change based on the requirement and repayment capacity of the borrower.

Rupeelend: Rupeelend offers a payday loan without any credit check or credit history. Your salary slips or enough to prove your eligibility and helps in deciding your credit limit. You can apply for this loan online and get instant approval. The rate of interest offered on this payday loan is reasonable.

CocoLoan: This lender of payday loans is well known for its competitive rate of interest. This can give or no credit check payday loan within five minutes. Along with instant approval, it provides excellent customer support. The only shortcoming can be the charges involved in case of late or default in repayment. When you are looking for instant payday loans it can help you to get quick credit.

Since a payday loan is a short-term loan, paying back sometimes becomes tough. Also, because it attracts high-interest rates, so plan to pay it on time. To save yourself from this situation, you may tend to borrow another loan to pay off the payday loan that can get you into a debt trap. Do not fall into a debt trap you must look for alternatives to payday loans. A line of credit can make a perfect solution for such needs. A Instant line of credit is the credit limit approved on account of the borrower for a particular period. During this time out of the approved credit limit, you can withdraw any sum you need. Only after you spend the money you are liable for paying the interest. Since the interest is applied proportional to the use of the money it’s a pocket-friendly credit option.

Many lenders will give a line of credit exclusively to salaried professionals which is even a better option over a petty loan. Amongst these lenders flex salary is one such credit provider. FlexSalary line of credit is designed exclusively for salaried people. It comes with relaxed eligibility criteria which are open for people with a salary of Rs.8000 per month. You can apply for a credit limit wearing between Rs.500 to Rs.2,00,00 just based on your salary slip and bank Statements. Besides being an easy-to-apply credit facility it is also equally smooth in repayment. No fixed EMI is mandatory and you can pay off your dues in variable instalments suitable to you.

It also has a flexible tenure of 3 to 36 months in which you can pay off your dues at any time. No additional charges are imposed as long as you’re making minimum monthly dues. It has a reasonable rate of interest applied with zero hidden charges. With a one, 00% online and simple application process with minimal documentation FlexSalary line of credit can be the best credit help for you while you’re looking for instant payday loans.