Payday Loan - Explained

There are times in people’s life when the monthly salary finishes up quickly leaving behind urgent financial requirements which have to be meted out. Then what to do? Go out for a loan. However, it takes time and by the time the loan is approved it becomes very late. In such an eventuality same day cash loan are provides with approval on the day it is applied .However certain conditions have to be fulfilled in order to receive the loan. One must be an employed person for the last 12 months with active bank account as the loan amount is directly deposited in the bank account. Some lenders may ask for post dated cheque. First time borrowers may ask for a maximum of 500 pounds with repay in 14 to 31 days. The interest rate ranges from 10 to 20%.