>> May 10, 2017
Balancing the family and the job is not a piece of cake for a single mother. The financial security is the utmost solution for the single parents to have a secured future for themselves as well as for their children. These types of self dependent people often face emergency too and fall short of money. At that moment they can apply for the pay day loan from Payday Loans Now to get instant money for any emergency situation.
We understand the difficulties a single mother faces while bringing up her kids. Thus today we shall discuss the hassle free application process to get instant loan. Any single mothers can apply for the payday loans easily and can get the cash immediately on the day of application. These types of loans are unsecured loans and they are safe for the single mothers since you don’t need to risk any of your property against the loan. You can also apply online for these types of loan.
Before you apply for the payday loan let us give you some ideas about this. Payday loans are also referred to as short term cash loans which are based on the borrower’s online active bank account, and personal ability to repay the loan on the payback day. The borrowers need to pay the borrowed amount with interest rate on the payback day. The money lenders will keep the borrower’s checks and return it only after the money is paid back with interest. There are money lenders who offer the installment payments of the loans which call for the electronic transaction of the money from the borrower’s bank account. The loan term is for two weeks.
As eligibility criteria for the payday loan the single mothers need to have an active bank account, a stable source of income, and identification. Sometimes the lenders don’t ask the full credit check for the loan. Thus you need to be very careful while applying for these loans since the lenders are always ready to capture your personal checks more than you ask them for the money. For this reason the payday loans often act as the debt trap.
In case of high emergency the payday loan option is the first type of loan that the single mothers should go for. If you have a bad credit then don’t need to worry, you can also go for emergency cash advance. For this you need to check out the following criteria-
- The single mothers need to show the proof of their stable income.
- They must possess their social security number.
- They need to have a checking account.
As a single mother you need to be aware of the interest rates of the loans you are about to take. The interest rates of the payday loans are as high as 700% APR. You can follow our tips to choose the payday lender-
- Always try to negotiate with the money lender on the interest rate.
- Try to look for the payday loan company where you can get maximum time to pay the loan.
- If you are applying for loan online then make sure that the lender has good reviews.
James Michael being a blogger has covered up diverse topics in his 10 years of career. He has recently posted this blog on payday loan, which is indeed very helpful for people with average monthly income. He has outlined the various important aspects of payday loan for the benefits of the readers. He has also mentioned that with pay day loan from Payday Loans Now people can get lot more than they could even expect.