Savings account payday loan is a fast cash option that can be considered during emergencies. Imagine what will happen if suddenly a relative falls ill and has to be hospitalized. You are at least two weeks away from your next paycheck, and do not have enough cash in the bank. What do you do? The answer comes in the form of quick money advances- you can borrow from $50 to $1500, which is sanctioned for two weeks or until your next paycheck comes in. It would take from a couple of hours to about 48 hours to be transferred into your savings account. That means no more standing in a long line, or waiting for your loan to get sanctioned.
EligibilityThere are very few requirements to avail this loan.
You must be above the age of 18.
You must have a savings account which is functional for the last 90 days.
You have to provide details regarding your name, address, company and a bank statement.
Also provide a post dated cheque for the loan amount taken plus the fee.
You can avail this loan even if you have a bad credit history or have a poor credit score.
Word Of Caution
Savings account payday loan should be taken only when you need instant cash and the amount needed does not exceed $1500. There is quite a high fee that has to be paid along with the principal amount; ranging from $15 to $30 per $100. Failing to pay the whole amount on the due date attracts a late payment fees over and above the whole amount. In such a situation, you can also opt for extending the loan or a roll over- this means that you pay for the principal and immediately take another loan. A higher fee is charged for this service. So, do make sure that you will be able to clear your dues on the due date, before you go in for this particular option.
Savings account payday loan can prove to be beneficial for people who are facing an unforeseen financial emergency. One can avail these loans even while sitting at home- just by going online. You can apply for it even at 2'o'clock in the morning! There is no dearth of quick money lenders. But do remember to be a little cautious regarding the financier that you are doing business with as there are many fraudulent companies who are busy trying to get your bank details to swindle you later. Ask questions regarding their repayment policies, interest rates etc. so that you do not meet any unpleasant surprises later.