The terms of the payday cash loan are simple. The loan is a short term loan. I was able to choose how long I wanted to keep the loan out for. My choices were either seven to fourteen days or fourteen to twenty-one days. Because I needed so much money this time, I chose fourteen to twenty-one days. The last time my amount borrowed was much less so I used the seven to fourteen-day loan. The amount of the loan can be anywhere from one hundred to one thousand dollars. The loan stated that I could choose the amount that I wanted to borrow under a certain condition. If I only made $800 per month, I would not be able to borrow $1000.
In order to borrow $1000, your income level had to be more than $2500 a month. A person who only had an income of $800 would be allowed to borrow up to only $200. Along with repaying the loan, you will also be required to pay a loan fee. The fees are set up depending on how much money you borrow. I was looking to borrow $1000, so my loan fee would be $185.
The lowest fee is $18, and that is for someone who borrows only $100. The more that a person borrows, the more he has to repay. I was prepared to pay the $185 fee, I was desperate. If the repayment money was not in my bank account by the time, the loan was due, I would be required to take out an extension. With the extension I would pay my loan fee plus another for each week the money is not in my account when the lender tries to withdraw it. After three weeks of extensions, I would be required to pay a penalty. The penalty is, for my loan, one hundred dollars on top of the loan fee. If my loan had been for less than $600, I would have only had to pay and extra $50. For a loan more than $600, the penalty is $1000. The loan could have become really pricey if I didn’t pay it in time.
How Do I Apply for the Payday Cash Loan?
Applying for the payday cash loan was very simple. I went online and I filled out all of my personal information. I had to give my name, my address, my phone number. All of the standard questions. When I entered my name, a message came up on the screen telling me that my information was already in the system. I looked over the information and nothing had changed so I continued. After that I was asked to choose my loan amount desired and the length of my loan. When the application asked me for my income information, they had my old information listed. I went in and changed it. After it was all filled out, I waited about thirty seconds for the decision on my loan. I was a bit nervous that I didn’t get approved because my amount was so much. Soon, a message popped up on the screen, I was accepted.
How Do I Repay my Payday Cash Loan?
When my loan was due, all I had to do was make sure that my money was in the bank. The lender electronically withdrew my loan amount along with my loan fee. It was that simple. I did not have to do anything.
What are the Risks?
There are no risks involved in the payday cash loan. As long as the money to repay the loan is in the account, there are no extra fees. If you do not have the money in time, you will incur extra loan fees until the money is there. If you do not have the money, it could end up costing you an awful lot of money.