What Is A Payaday Loan?

It might get really tough sometimes to last on their normal salary especially when they are in a moment of emergency. It could be a medical emergency or a rent issue or that you really need some product desperately. So what do you plan to do at such moments? Borrow money from someone? Let’s say a loved one, but what if that option is not available so what do you do then? Think of a bank loan? No right? A bank loan is going to take ages to get financed and you might as well think about selling your kidney but you don’t need to. We have an option that will help you get payday loan in almost no time with any hassle at all.


Well many of you’ll have no idea about what a payday loan is. A payday loan is a short term loan that you can take from certain legal financial organizations, the loan amount normally ranging from$100 to $1000. The loan takes almost no time to process, around a day or two and also rarely needs any paperwork. You will have to pay the loan back by your next payday and that’s why it is called a payday loan. The catch is that you will have to pay a huge sum of interest on the amount for such a smooth service and the fines are also very hefty if you fail to pay back the loan on time.



You can apply for a payday loan on the internet or you can even apply personally by forwarding an application. They won’t really ask for many details except for home and office address and contact details with an identity proof. Once they accept your application, they will transfer the funds the funds in a day or two. While you apply for a loan you will also have to submit a post dated check to them which will have the payback amount, which are the loan and the interest. They will cash in the check on the fixed date to get back their money and earnings and if it bounces then the person will be contacted and might be liable to fines.

There are some laws that your debtor has to follow while you have taken a debt from them. They can’t use vulgar language against you and can’t threaten you. They can’t try to contact you before 8AM in the morning and after 9PM in the evening. They can’t approach you at your home and workplace if you tell them not to and they can’t try to hurt you physically too.


Payday loans have come under a lot of criticism in recent time due to the high interest rates. It has been criticized by many professionals for playing to people’s need and it has also been criticised because of draining people off their wealth but studies have shown that areas with payday loans deal  better with natural calamities than areas that did not have payday loans and so was the case of drug addiction.

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