There may be a time where you are hit with an unexpected cash emergency, such as a bank overdraft, an unforeseen car repair, medical bill, or unexpectedly high utility payment. If you find yourself in a situation where you need emergency cash, there is now the option to apply for an online payday loan. When handled correctly, receiving an online payday loan is an advantageous economical alternative to costly overdraft fees, bounced check charges, taxes or possibly losing your job if you do not have money on hand for a needed car repair.
The months. The criterion regarding the minimum amount of time you have to be employed will vary depending on the payday lender and their policies.
The last major requirement for an online payday loan is verifiable income. The minimum required take home pay is dependent upon the payday lender and can vary from $1,200 to $2,000 a month. Since your payment would be automatically deducted from your bank account, you must have requirements for an online payday loan are few. First, you must have access to the computer and the Internet. With many households having at least one PC with the Internet, the ability to perform tasks that used to require you to personally visit the company or establishment, like applying for a cash advance or short-term loan, can now be performed in the privacy of your own home.
Secondly, to be eligible for instant cash through an online payday loan you must be at least 18 years old and employed permanently full time or part time for a minimum of 3 months, a checking account and be paid by direct deposit from your place of employment.
If you were considering applying for your first online payday loan, the amount that you could borrow would be dependent on policies of the payday lender you choose. Australia’s leading online payday loan lender allows payday loan recipients to borrow up to 30% of their net income. Regardless of your income, if you were paid weekly and you are a first time borrower, your maximum loan would not exceed $200. If you were paid every two weeks or fortnightly, the maximum online payday loan allowable would be $300. If you are paid monthly, you could borrow the lesser amount of $400 or 20% of your income. After you paid off your first loan, most payday lenders would allow you to borrow more on your next loan as long as your situation did not change.
Applying for an online payday loan would be a means to secure money quickly for those with a PC and have steady income such as those in clerical, recruiting, accounts, sales and insurance. If you manage your loan correctly, receiving an online payday loan would be a cost efficient alternative to paying costly overdraft fees, bounced check charges or possibly losing your job if you could not afford a repair on your vehicle. For these reasons, consult an online loan company. They are the convenient and hassle free way to solve some of your financial problems.