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From various studies it appears that the number of customers taking payday loans and payday loan companies are growing largely these days If you are an individual pleasing payday loan for the former time or if you want to collect information on payday loans this article might help you

The need for the payday loan

By the end of the month you may encounter some difficulties in maintaining some urgent family expenses to pay the medical Bills telephone bills electricity bills the cost of rent or any other utility These things usually happen when you are unable to maintain an adequate budget for the moment to get your paycheck or even on your own expense or unable to maintain the income limit This is where payday loans comes in to picture

What are payday loans

Payday loans are otherwise known as the short term loans where you can pay the loan due in 1-2 weeks There are also other names for payday loans like - Cash Advance Paycheck loan Check loans payroll advance loans etc After receiving your paycheck the loan must be repaid If you can not pay the loan plus lender fees for the payday loan of your salary you can rollover the loan by paying an additional fee to the lender

Criteria needed to get payday loans

Below are the some of the criteria that you must have in order to avail payday loans

1 You must have a job or any other regular source of income
2 You should have a checking account in any bank
3 Should be a citizen of US
4 The age criteria is 18 years
5 Your monthly income must be at least $ 500 per month

When can you get the money

Since the process is very simple to obtain the loan you usually get the amount of your loan within 24 hours after application Company will review your documents and verify the data with an automated system based software called a VPN and then approve the loan The whole process of verifying your identity and depositing the money in your checking account is 24 hours Some companies will deposit the loan amount in less than a day