This is a guest post by Michelle at Rush My Pay.



Good news! One more week and you will get your pay check. Bad news! You meet an accident and in need of emergency medical procedure, and you use your savings money, so that is taken care of. Now, you have a destroyed car to attend, unpaid bills, mortgage; have to buy everyday groceries, etc.

You hit the panic button, get stressed, your family relation is strained adding mental tension clouding your thoughts on how to manage all these emergency pop-ups. Buried knee-deep in the heap of adversities you think you cannot escape, and then think again because your emergency exit could be the “payday loan”.

A short-term low amount of loan that is secured against the borrower’s pay check, this amount is a faster cash receiving process, contradictory to the lengthy loan procedures in banks or other financial organizations. A payday advance can be acquired from any payday loan centers, payday stores, or individual payday lenders.

How is the Eligibility Decided?

As mentioned earlier, getting a payday loan is easier, so the process of determining if a person is eligible or not is also easy. Most of the payday loans offering entities consider 2 things as primary determinant:

If the person is having an active bank account which has recent bank statements of pay slips If there is a continuous employment history for the borrower to repay the loan received by his next pay check.



The payday center does not consider if you have bad credits or if your previous credit rating is awful. The basic requirements, as per law, that it considers to obtain a loan are: your eligible age (18 years, if not, co-signed by a guardian), citizenship, and minimum salary structure drawn on a continuous basis.

Getting a Payday Loan and Uses

A payday loan offered by payday centers or payday agencies require the borrowers to fill out an online application, that includes their employment details, pay slip details, along with checking account number, and some personal information. This application is directly processed and then in matter of few hours to a few days, your required loan amount is transferred to your account online.

Uses

Due to the easy, paper-free, fast process, this has gained huge popularity, of late.

In disaster-hit areas, payday loans have helped enormous amounts of people get back on their feet before the government’s financial aid could come to the rescue.

In some rare cases, payday loans are even offered by the company that you work for during urgent needs, hence shortening the process.

About the Author:

My name is Michelle. I am a tech writer from the UK. I am into Finance :). Catch me @financeport.