Almost everything in the world was started to make people’s lives easier and more relaxed. People in every field of life are working very hard to make sure that other people have everything they need to spend a good life and reduce their problems as much as possible. Not just that, these things are getting better and more helpful with time. Everything in the world has been through a change or alteration according to people’s requirements. Same thing happened with a payday loan. The idea of payday was also for the same purpose. It was started to help people with limited income. It helps those people who cannot save money for emergencies and give them short-term small amount loan. This loan started with those people in mind who cannot apply for a loan from banks because they do not have submitted guarantee or good incomes. Policies of payday loan have changed with time and they have become easy.
In the beginning of this loan, only those people who have jobs in companies or other places were able to apply but now people who have shops or are self-employed can also apply for this type of loan but they will have to submit the proof of their income to the lender.
There was a time when people used to visit the lender’s stores to apply for the loan. It was very hard to place-to-place and store-to-store to find the best company. It was most tiring and hectic job. Now everything, payday loan has gone online too. Money lending companies have websites, which are specifically working to give this loan to people. There is no need to visit the store. A person can search for all the companies in the area through the internet. The websites will have all information about the loan plus an online application form. The borrower will have to fill and submit the form online. He can submit the form to many companies within minutes.
The idea of a payday loan was to return the money on next pay day. Now different companies have different policies when it comes to returning from payday loan. People who cannot afford to pay the money back in one go can pay it in installment. Different companies give different installment time depends on the amount of money the borrower is taking. In general, the time of installments is 3 months to 6 months.
- This type of loan does not require any kind of security or documentation. The application process is very easy. Just open the online application form present in the website, fill it with personal information, job information, and account number, and submit it online. After submitting the form, the borrower will have to wait for few minutes for verification. Different companies have different time in which they transfer the money. In general, companies take 24 hours but there is only one company, which is transferring loan in 30 minutes, and the company is Loan2Payday. This company has the record of transferring money in a very short time.