If, like many of us, you get paid a fixed amount every month, there may be some months when you may struggle to cope with some extra item of expenditure. Flexible loans may help your budget stretch just that bit further.
It could be: a bill that needs to be settled (yesterday may have been good), an anniversary or birthday that you forgot about and need to buy a present for, a two-day sale in your favourite shop with payday, unfortunately, more than two days away a great deal on a holiday but the deposit needs to be paid now, you may just feel that you and your family deserve a treat.
In any of these situations, a flexible loan may give you a real alternative to “if only…”.
These flexible loans are known as payday loans. They are a relatively new type of lending which can provide you with a cash injection to remedy a short-term cash flow problem.
They are typically available:
if you are 18+, are a United States of America resident and have a job;
if you have an active bank account which has a debit card attached.
They are flexible because:
| They are available online;
| If your application is accepted, the money can be transferred to your bank account in two hours (provided that your bank can accept these fast transfers);
| They may be available for situations that other lenders may not even consider, in fact, with these loans why you want the money tends to be irrelevant as far as payday loan lenders are concerned;
| They may be available if your credit history is reasonable rather than perfect.
With payday loans, you typically are borrowing a relatively small amount of money over a short period of time. Sums between $100 and $1,000 are fairly typical, borrowed for a period of days or weeks – typically until you next get paid.
These flexible loans are then repaid in full in one instalment, which will include agreed interest and charges. The repayment is typically made as a debit card transaction, which automatically completes the loan on the agreed date.