What is pay day loan?

Published On March 30, 2017 | By James Stokes | Business

You may have heard of pay day loan at least one time in your life. This type of loan is very popular among many people. For those people who don’t know much about it, A pay day loan is a short term basis loan that is taken by an individual at a very high rate of interest and without making any kind of security against the loan. The pay day loan company deposits the loan amount directly into the account of the borrower. In return, the borrower has to pay the amount in the limited time period. These loans are usually taken for 30 days or less and ranges from $100 to $1500. The borrower usually issues a post dated check to the loan company for retrieving the loan amount along with the interest. Cashfloat is a pay day loan company which provides you with these short term loans.

Eligibility

To avail the short term loan facility, there are some basic requirements that need to be fulfilled. The first and foremost eligibility criteria is that you must be at least 18 years old or more. If you are less than 18 years of age, then technically you are not eligible for availing the facility of loan. You must also provide the company with some kind proof that you have regular source of income using which you will pay back the loaned amount. You also need to provide a identity certificate to the company for future use.

If you provide the company with all of the above mentioned documents then, the company will provide you with instant loan within 15 minutes. It is the fastest and most efficient way of getting instant money without any kind of problem or hassle. If you are in need of an emergency, then these types of loans are best for you.

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