Payday loans are small and simple loans are offered to help overcome the shortage of money at the end of the month. These short-term loans are called micro-credit or salary payments loan. In this blog, we will explain to you the most interesting features of a payday loan that makes you do this. They are:
- Most payday loan providers manage their business through a mobile application. The process of lending like that is very simple. To do this, the form must be filled in by downloading and registering the application. Personal, professional and bank data must be entered in the form. Next, the required documents must be uploaded and the OTP loan agreement validated.
- You must have valid identification, active bank, credit union, or prepaid card account and solid income proof. Your age should be over 18 years old.
- The loan repayment process is completely paperless, and without being implemented in your company/financial institution, the loan is approved and credited to his bank account. Loans with a nominal value of Rs 1500 to Rs 1 lakh can be accommodated depending on monthly income, repair capacity, and terms and conditions.
- These short-term loans are also called micro-credit because the repayment period is usually 1 to 3 months.
- You must be able to repay the loan within a certain period.
- There must be a solid source of income of yours, like salary, entrepreneurship or business.
- Like personal loans, these loans can be used for any purpose. Such as credit card bills, school fees, emergency use for marriage or travel, smartphone/laptop purchases, etc.
- When the loan application is completely removed, the money can be transferred to your bank account in less than 1 hour. If there is an error in the application, the company will call the plaintiff and check a few things. Full money will then be credited then.