Payday loan or 12-month loan: check the features, benefits, eligibility criteria and interest rates
Are you worried about wage cuts in your work organization? Did you lose your job during this pandemic outbreak? This is indeed a matter of concern for most people. The pandemic scenario makes people realize the value of money. Even if you are in a bad situation, you have to cover your overhead costs.
What’s the exit?
Suppose you are in an emergency to manage all your expenses and you need a specific amount of money for this purpose. Silver View can make your job easy and make you stress free. He can help you with the payday loans scheme.
The payday loan and its characteristics
Suppose your sick mother has been hospitalized and needs immediate surgery. How are you going to organize a huge sum in such a short time? Money View can arrange a large amount of money within a short stipulated time frame. It is a payday loan.
A personal loan is a procedure for borrowing a large amount of money over a short period. The lender usually lends the money at a high interest rate, but on a short term. The interest rate depends on the credit rating of the borrower. The principal amount is usually the amount you will receive as part of your previous paycheck.
The amount of payday loan you can qualify for and its principal amount depend on your earning potential. The pay stub is something clients have to pay off when they apply for a payday loan.
- Difficult to pay but easier to access-Many payday companies offer the option of granting a loan amount to their customers for a short term. However, they tend to personalize interest rates. The interest rate that customers are required to pay for borrowing money for a short period depends on the credit history of the affected customer. The interest rate can vary between one and three percent per day. Having funds from other sources may seem profitable, but having access to payday loan is much easier.
- Treatment fees are something to think about– Many payday loan companies provide payday loans at reasonable interest rates. However, there are also processing fees which are hidden fees associated with the payday loan. The percentage of the processing fee can range from one hundred to about three thousand rupees.
- Provide feedback from payday lender– We tend to inspect the quality of the things we buy. So why not a loan? Payday lenders can customize the interest rate to their liking and consumers have no choice but to trust them. While some lenders may grant the payday loan at a two percent interest rate, others may charge around four to five percent interest.
It is a better idea to go through the overall feedback from the payday loan lender. Money View stands out in the review process. There are many positive feedbacks on this payday loan provider.
Eligibility Criteria When Using a Payday Loan
- The person benefiting from a payday loan must be an Indian resident of eighteen years of age.
- There should be a full-time or regular instruction manual. The borrower should have a fixed source of income and employment details.
- The borrower should also possess some of the necessary documents for availing a personal loan. However, there are fewer regulations for accessing payday loans and helping most people to avail of this loan to meet their needs. The contact number of the borrower concerned must be genuine and in working order.
There are fewer legal and official formalities associated with a personal loan. However, some of the documents are essential to sanction the loan. These documents are proof of identity, job details.
Steps to make a service request
- Find the nearest branch –It is inconvenient for you to travel when it comes to availing an instant payday loan. You can obtain a specific form for this purpose at one of your nearest branches.
- Filling Details-Before going into details, the completed payday loan form should contain education and employment information.
- The final round portrays the future-It is essential to have a good assessment of papers and documents. After all the formalities, the payday loan amount gets sanctioned.
Related Articles: How to apply for a personal loan
Money View is the one stop solution for all your loan requests. It helps you with an achievable payday loan. You can avail of a hassle-free flexible loan amount with a 100% online and paperless process.