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All You Need To Know About Payday Loans

A payday loan will offer you with fast cash. This is only available for those people who have an income but bad credit. In most cases, payday loans are small, going for less than $500. Get this quick cash at Pikavippi. Though they are the most expensive loans to ever take because in case you don’t pay it back on the first payday, there is a new finance charge which is added and cycled and at the end, you find yourself owing more than what you borrowed, do it with Pikavippi and you will be enlightened on the do’s and Don’ts about this type of loans.

How Do Payday Loans Work

According to Pikavippi,  the lenders have a duty to check your account and confirm your income before they deliver the cash in less than 15 minutes if you are present or the following day, if you are doing an online electronic application.

In exchange for this, the lender will ask for a signed check from you if the transaction is a face to face one, or permission to withdraw the amount electronically from your account in case of an online transaction. This is a loan which is supposed to be paid on or before your next payday which is typically two weeks within the month.

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In case it was a face to face transaction, you will be asked to come back in person on appointment, on the due date of the loan; call a day or two before coming. If you  don’t show up, the lender will withdraw for the loan amount or run the check plus interest. For online lenders, an electronic withdrawal will be in place.

How Do You choose a Payday Loan Lender?

You have to establish if you want to borrow the money online or locally. If it is locally, you will have the money instantly, if you do it online, you will have to provide more identifying information or fax your information to the lender.

How Much To Borrow On A Payday Loan

Pikavippi says that there are states where payday loans are allowed while others don’t. For those who allow, the highest you can take ranges between $500 – $1000 with most states going for $500. Other states limit the payday loan to 25% of the borrower’s gross income rather than a fixed dollar amount.

This does not translate to you being approved for the highest amount allowed by law. According to Pikavippi, the lender will consider your income, payday lending history, and expenses, determine how much you can comfortably pay.

What To Have To Qualify For a Payday Loan

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In order to qualify for a payday loan, you must have an ID, an active bank account, and proof of income, such as a pay stub and you must be at least 18 years. Having a good credit is not a requirement but just good reflection.

Lenders use specialized consumer reporting agency who make sure that you are clean and you do not have any other pending payday loans to clear, other judgements, or a wage garnishment against you or a history of bankruptcy or bad checks.

Things which can make you to be denied a payday loan include:

  • If you don’t have enough money. Some lenders need more than $500, monthly net pay
  • If you do not meet the lender’s repayment requirements
  • If you already have an outstanding loan. Most lenders engage the services of a company which can track the loans in real time
  • If you are an active duty military as the federal law prohibits lenders to be giving out short term loans at more than 36% APR to military members
  • If you have a recent bankruptcy
  • If you have recently bounced checks
  • If you have not been employed for quite a long time
  • If your account was opened recently

The Cost of A Payday Loan

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The cost of the loan varies from one state to another. States, which let their residents take payday loans have a maximum interest rate, which is allowed on them ranges between$10, $30, per $100. At this rate, the cost of a $350 payday loan will attract $52.50. So when you go to repay after two weeks, you will have to cough out $402.50. That is for a face to face – one you go to a storefront. If your transaction is online, then it will attract $23.30 for every $100 borrowed.

Get a payday loan through Pikavippi services and you will not have a regret. As long as you have all the requirements, they are customer oriented  and you will be served with courtesy. They have a customer base which has been built through customer loyalty to their brand. Over the years, they have learned the trade and do it to the best of their knowledge. So if you are in need of a payday loan, look no further than thePikavippi service providers.

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