Foreign Perspectives

If that sounds like you then one option that you could consider is a payday loan.

The online payday loan market is massive, but what’s a payday loan anyway?

Basically, it’s a short term loan that’s given to you with the intention that it’s repaid out of your next paycheck. In practice, that means that it can seem quite an expensive option if you look at the annual interest rate that you’d pay but, of course, you’re only borrowing the money over a period of a few weeks.

Since it is a fairly short-term loan, it’s pretty easy to get one and you just need to meet a few simple criteria:

1. You need to be over 18 and living in the United States. 
2. You need to have a regular income of at least $1000 per month ($800 if the income is from a government scheme);
3. You need to have an active savings or checking account that can receive the money.

The process of getting the loan is usually very fast and most sites offering the scheme are “faxless” these days (ie you don’t need to fax them any documents).

As the costs are quite high for these loans, it’s best to investigate other possiblities first.

Popularity: 36% [?]

If you enjoyed this post, make sure you subscribe to my RSS feed!