What are payday loans?
These are fast loans that can be hired on the same day and have a maximum return period that reaches up to 60 days.
An interesting feature is that the destination or application of payday loans is free. Therefore, you can spend the money without the need to inform it when hiring it.
How do payday loans work?
These types of payday loans are contracted 100% online. You do not need to spend time in branches or submit hundreds of papers.
To contract short-term financial loans you need an Internet connection, through your own cell phone or a computer.
Enter our platform, select the amount you want to request, your monthly income and payday loan time you want to choose to return it and have a personalized offer.
Once you complete the application, you will receive a response (if approved or not) and if so, you receive the money in your bank account.
What are the payday loans for?
We already tell you what are payday loans . Now it’s time you know what destination you can use for.
Fortunately, if you hire these sources of unsecured payday loans , you will not have to report on how you will use the money.
Likewise, we recommend making a responsible use of the funds and giving the correct purpose. That is, to face an emergency, buy something you need, always contemplating returning it on time.
What are the payday loans?
If you are looking for this type of financing, we share the best options at the moment with current interest rates on payday loans today.
What interest rate do lenders apply in the short term?
One of the issues that you have to pay attention to in these types of products are the interest rates for payday loans .
Remember that short-term credits apply a daily interest rate. Therefore it is recommended to pay it as soon as possible, and hire them in case of needing urgent money.
The current interest rates on payday loans are between 1 and 1.7% daily. This will depend on the amount, the term and the company where you contract it, as well as your risk profile.
A good option can be, before requesting them, check your free credit bureau to know your history and apply on the correct platform with the best conditions.
Requirements for payday loans
To obtain payday loans you have to comply with the requirements that they ask you when completing the online application.
We recommend that you have the documentation that they ask for at hand. So you can streamline processes and receive money from your payday loans in 24 hours.
- Being over 18 years
- Current voter card
- Bank account in your name
- An email and a password
- Count on CURP
- Have a bank account statement of no more than 3 months
- Have an active national cell phone
- Be employed or self-employed with a constant income
When is a loan considered to be a payday loan?
One of the characteristics of guaranteed payday loans is that they should not exceed 60 days for their return.
We recommend contracting these loans in the short term , that is, returning the money in the least possible number of days.
The reasons are simple, the interest rates that apply are daily and can increase with the passage of time.
Types of payday loans
An interesting point that we are interested in mentioning is that when we talk about types of payday loans we refer exclusively to money for people who need urgent financing.
These short-term financial loans are not recommended for another type of destination such as a trip, a wedding or to buy a motorcycle.
payday loans: advantages and disadvantages
Among the positive aspects we can highlight:
- destination or application of free payday loans
- does not generate debt more than 60 days if we pay it on date
- Your hiring is 100% online
- does not require papers, endorsements or guarantees
- if canceled on the agreed date, another can be contracted with better conditions
However, everything that shines is not gold, beware of these issues associated with short-term credit :
- bad behavior generates over indebtedness and a bad report in credit bureau
- interest rates for payday loans are high and daily
- they lend small amounts of money