Payday Loan Explained
A payday loan is a short-term loan that can help you cover immediate cash needs until you get your next paycheck. Payments are typically due within two weeks—or close to your next payday.
Payday loans are not for the faint of heart. They can be difficult to repay and could end up costing you much more than you expected if you’re not careful. But with stoicsfinancials, we will guide you on the best amount and duration for you to get this loan
Extremely convenient
All the formalities are completed online and you won’t need to head to office. Funds will be sent directly to your registered bank account after all confirmation processes.
No Collaterals
Payday loans are available without collateral security. The rate may be a little higher but you don’t risk losing your house, car or other valuable assets at any point in time.
Other features of this loan includes:
No need for good credit score
You will be eligible for payday loans even if you don’t have the best credit score or debt service ratio. Your credit history won’t be verified.
Loan amount determined by income
You will only get a percentage of your monthly income. So, even if you want to borrow more, you can’t and this acts as a check on irrational borrowing.
Instant availability of loan
The entire application, verification and approval process is quick and money gets transferred to your account quickly. The whole process usually doesn’t take more than 24 hours.