What are Pay Day Loans?
Contrary to the phrase ‘pay day loans’, these loans are not necessarily paid on the pay day of the borrower and neither is the lending of these loans based on the whether the applicant has a job or not. As long as the applicant has an expected source of money and pledges to repay the loans together with the accrued interest, then they automatically qualify for the loans.
Collateral free loans
The beauty of these loans is that they need no collateral. The applicant is not required to produce any asset or property of an equal or more monetary value than the loan they wish to apply for; as other lending institutions demand. This enables even people of the lower income bracket as well people who have their assets tied up in other loans or situations to qualify for these loans.
The payday loans are hassle free in that the lenders do not expose the borrower to rigorous loan worthiness checks; involving: credit cards history, debit cards, faxing, employment history, loan repayment from other institutions etc. Loan applicants also do not need to produce any documented evidence of what they intend to do with the money and neither do they have to produce guarantors to proof that they are going to pay; for this is not a requirement by the lending industry.
The loans are accessible online as one can visit the website of the particular lender and fill a brief loan application form. The website shows how much money one can borrow (the amount ranges from a few pounds to a thousand; for most lenders) and how much interest will be charged for that amount. Usually, the interest is set at so much for a certain amount and all one has to do is fill in the amount they want and the interests- using the set formula- recalculates itself.
Cost and time effective
Though the interest charged for these loans may seem a little over the top (which is not actually too high since the lending periods are very short- couple of days or weeks-), the loans processes actually save the applicant a lot of money. Money and time that would have been spent traveling to the lender’s premises, money and time that would have been spent on the preparation of application documents and their mailing, time that would have been spent by the lenders going to the borrowers to verify collateral (since no collateral is needed) only reduce the loan processing time and extra costs that would have been insured.
Safety and security
Once cannot dispute the fact that some online business are not as secure as they would like people to think. Some sites do not have the necessary security software to prevent any unauthorized access of people’s information. To curb this vice, pay day loan lenders have contracted trusted security firms to install working security systems to ensure client information do not get any unauthorized access and that it keeps safe. As such, one’s personal and bank details are only accessed by the lending personnel to process their loans and not for any other purposes.
The lenders agents set to work on loan applications as soon as they an and since there is no need for the confirmation of a lot of details- which would consume much precious time-, approval for the http://paydayrelay.com loan is instant if the person has filled in all the required information, correctly on the application form. The money is then transferred within a few hours of the same day to the applicants bank account so that they can access it soonest possible.