Here is a detailed post about how to Check Payday Loan Eligibility. So, if you have been searching for the payday loan eligibility checker or other keywords online, then this article is dedicated to you. It contains the payday loan bad credit eligibility checker. Read on to enjoy all these and more.
A payday loan is a high-cost unsecured loan that can be availed at the time of a short-term financial crisis. While this kind of a loan can be secured both online and offline, it shoùld typically be repaid on the next payday of the customer. These types of loans are beneficial when an employed professional earning a monthly salary has an urgent credit need but has already exhausted his or her salary. This loan can be used to pay off one’s regular bills, finance other household expenses, or take care of any other short-term need even when the salary of the borrower has been spent before the end of the month. Even though these loans usually carry a high rate of interest, they are preferred by many individuals since they do not require any collateral or guarantor. Furthermore, these loans can also be availed if a person has a bad credit history or a missing credit profile.
payday loan eligibility checker
Check Payday Loan Eligibility
Before you decide to apply for a payday loan, you should learn about its features mentioned in the list below:
- Under these schemes, customers can withdraw a small amount as loan with a short repayment tenure.
- The borrowed amount under payday loans should be repaid on the next date of receiving salary or income from another source such as social security, pension, etc.
- The due date of payday loans usually ranges between 2 weeks and 4 weeks starting from the date the loan has been borrowed. The payday loan agreement issued by the lender contains the specific date on which the loan must be completely repaid.
- The amount under this scheme might be disbursed in the form of cash, a prepaid credit card, or a cheque that will be electronically deposited into the account of the borrower.
- Payday loans usually have a fast loan processing and approval process.
- Most of the lenders offering payday loans do not check the credit history of the applicant.
- When it comes to the requirements for applying for this loan, the lenders generally do not have a very stringent policy regarding the same.
- Being an unsecured loan, the customer does not have to provide any guarantor or collateral as security in order to secure credit under this scheme.
- Under normal circumstances, a lender offering payday loans doesn’t verify if the borrower can repay the loan while meeting his or her other financial obligations.
- Since these loans do not require any collateral or guarantor, the risk associated with them is extremely high. Therefore, the interest rate charged for these loans are usually very high.
Eligibility Criteria for Payday Loans
While the requirements to apply for this loan vary from lender to lender, there are a few common eligibility criteria that should be fulfilled no matter the lender. Learn about the eligibility criteria for these loans mentioned in the list below:
- The borrower must be a minimum of 18 years of age.
- The customer should be a citizen of India.
- The individual must have a regular source of income with a full-time employment.
- The borrower must have an active current account.
- The applicant must have all the required documents to apply for this loan.
- The customer must have an active phone number.
Documents Required to Apply for a Payday Loan
- Proof of identity such as PAN card, Aadhaar card, Driving License, Voters ID, Passport, etc.
- Proof of address such as Aadhaar card, Passport, Voters ID, Driving License, Ration card, Utility bills, etc.
- Age proof
- Proof of income
- Letter from the employer organisation
- Passport-size photographs
How to Apply for Payday Loans
Follow the steps mentioned below in order to apply for these loans:
Step 1: Collect the form from the nearest branch of the lender or through its online portal.
Step 2: Duly fill the form will all the required details and submit to the lender.
Step 3: Provide all the required documents as prescribed by the lending organisation.
Step 4: Wait for the loan to get approved by the lender.
Step 5: Once the loan application has been approved, the lender will ask the customer to provide all the required documents.
Step 6: Provide all the documents as prescribed by the lender such as income proof, identity proof, age proof, address proof, letter from the employing organisation.
Step 7: After the documents have been verified, the amount will be credited to your bank account.
Advantages of Payday Loans
If you are planning to opt for a payday loan, you should learn about the key benefits of this scheme.
- The loan application and approval process of a payday loan are very simple and hassle-free as compared to any other loan applied through the bank.
- If all the required documents are in order and the customer passes the quick verification process of the lender, these loans can be disbursed in as less as 24 hours starting from the time of submitting the loan application. This is why these loans are also known as quick cash loans.
- Even though payday loans have one of the highest annual percentage rate (APR) among different kinds of loan, they can turn out to be cheaper than many other traditional loans in the long run if repaid on time.
- Customers can avail this loan to repay their bills and other household expenses even when they have exhausted their salaries for the month. This can help them avoid various penalties such as a bounced cheque fee, penalty for delay in credit card payment, late mortgage fee, etc.
- These loans can also be availed by customers who have a bad credit score or a missing credit report.
- There is no need for any collateral or guarantor to secure a payday loan.
- This type of a loan helps the borrower remain independent as it offers instant cash when he or she is running short on cash.
- Payday loans allow the customers to meet any urgent financial crisis.
- Borrowers can apply for this loan even when they already have multiple active loans, without the risk of impacting their credit score.
- You can apply for this loan through both online and offline methods.
Disadvantages of Payday Loans
There are numerous disadvantages to applying this kind of financing plan. Learn about them in the list mentioned below:
- Since payday loans are offered for a short term, they are not well-suited for a financial crisis that is expected to last for several months or longer.
- In order to be eligible for this loan, the borrower must have a regular source of income with a full-time employment. If an individual is working part time or receives any unemployment benefits, he or she might not be eligible for this loan.
- Borrowers must have a current bank account to secure this loan. There are chances of a loan application getting rejected if the applicant doesn’t have an active current bank account.
- The charges associated with these types of loans are usually extremely high. If a customer is unable to repay this loan completely by its due date, there are chances that the fees associated with the loan might double.
- Since these loans have a high annual percentage rate (APR), the customer might end up paying a high amount as interest.
- Payday loans might end up costing more than many traditional loan schemes if not repaid on time.
- Individuals can borrow only a small amount using this loan scheme. If a borrower requires a larger sum to meet his or her financial requirement, he/she might have to look for any other financing option.
- While applying for a payday loan, the customer might overestimate his or her repayment capabilities. This might lead them to avail a larger sum than they originally require. Since the charges of these loans are high, an excessive amount of loan might lead to a high debt which will become difficult to repay.
- If a payday loan is applied online, there are high chances that the loan is being offered by a fraudulent source. Therefore, it is important to choose a lender that is trustworthy, and who will not resell the information of the borrower.
payday loan bad credit eligibility checker
BEST SITES LIKE ALIEXPRESS FOR ONLINE SHOPPING
AliExpress is a massively popular Chinese online retail service owned by Alibaba Group. It was launched in 2010 and hasn’t stopped its journey to becoming the ‘biggest online marketplace of the world‘ ever-since. AliExpress stands toe-to-toe even with Amazon in terms of buyers worldwide. It offers wholesale goods at direct-to-consumer prices from Chinese sellers.
It also works as a great dropshipping model for a lot of e-commerce entrepreneurs. Along with a lot of good sides, AliExpress has some cons as well. The biggest problem is the shipping time of AliExpress orders, which is pretty long considering the goods come from China. Also, some orders can be very expensive after shipping charges and taxes.
So, it is a good thing to have some AliExpress alternatives whenever you don’t like its services. That’s why we are telling you about 21 best sites like AliExpress. Some of these websites offer cheaper prices and faster shipping on certain products. And, you can also use them to maintain a nice profit margin for your dropshipping business.
LightInTheBox is the perfect AliExpress alternative as it is also a Chinese e-Store. It sells hot and trending products across the globe. Their products range from phone and electronics to fashion, jewelry, shoes, bags, and many other items. You can find almost anything here at a very cheap price.
The delivery time of LightInTheBox is also similar to AliExpress as their warehouses are located only in China. But, you may get a faster shipping time due to having fewer orders to ship. You can pay for your orders with PayPal, Western Union, or your credit card.
Wish is a widely popular online marketplace where you can buy almost anything. From clothing to footwear, electronics, healthcare items, and many more things, you can get them all for an incredibly cheap price. They are also known to offer great deals and coupons to their new customers.
Their shipping time is also faster than AliExpress as their products come from sellers located in small countries. Wish also provides an advanced rating system that is very helpful for both the consumers as well as sellers. It helps promote good ones.
Overstock is a US-based online marketplace. It makes profit by selling wholesale products at a highly cheap price tag. A major portion of their stock is comprised of overstock from the major retailers or their seconds. You can find some really amusing deals here. The shipping time will also be lower as compared to the Chinese marketplaces. You can get your items within a week.
The product range of Overstock is incredible. You can find everything such as clothing, decor, kitchen appliances, and many more items. You can even find furniture and other big home items. So, you can use to fill your house with great stuff at a reduced price.
DealeXtreme, more popularly known as DX, is an amazing online marketplace. The website works in a very similar manner as ‘Wish’ and sells cheap products coming directly from sellers. It has partnered with many small businesses and sells its products to a wide base of audience.
The shipping time is a problem with DX also because their warehouses are located in China. Apart from this, you can get some really worthy deals on DX. You should always keep an eye on their clearance sales for the best prices.
Gearbest is the perfect AliExpress alternative if you are looking to shop for the latest gadgets or electronic devices. It works with over 5000 Chinese brands and top suppliers to deliver the best products. It has products from top Chinese companies such as Xiaomi, Huawei, Lenovo, and many others. But, it isn’t just an electronic store.
You can also find a massive range of other products as well. The prices available on GearBest are reduced, and you can even reduce them with the available coupons. They also have warehouses in multiple countries. So, you can get faster shipping from the local warehouse.
BangGood is another Chinese e-commerce platform that provides worldwide shipping of cheap goods. You can find almost anything on this website, from clothing to electronics, and even home items. The prices available are marked down from their original prices. You can also get amazing deals during special clearance sales.
BangGood provides a free $20 coupon to every new user. The shipping time for BangGood orders is faster than AliExpress for certain products. However, the regular shipping time is similar.
ChinaBrands is a widely popular Chinese e-Store where you can buy products at wholesale prices. You can find almost anything on this website at a highly affordable price. Their shipping prices are also low but you will get a long shipping time. It is the perfect website for buyers who want the lowest prices but can wait for their orders for at least a month.
Most of the ChinaBrands sellers run their factories from China, and their warehouses are located there only. This is the reason for the considerably long shipping time.
Bonanza is a unique American online marketplace where you can find a great range of products. They have over 20 million items from more than 50,000 sellers. It is a growing e-commerce store where even you can sell your items. It is a preferred platform by more than 20,000 entrepreneurial sellers. You can find some really amazing handcrafted items and collectibles here.
For people looking to shop regular items, this store may disappoint you a little. The prices of some items may be a little higher than some Chinese stores. But, the quality provided will be worth it.
21 ALIEXPRESS ALTERNATIVE STORES
Here are 21 AliExpress Alternatives that you can use to shop online.
- DealXtreme (DX)
- American Greenwood
AliExpress is amazing but it is always good to have options when you are shopping. So, these are the 21 best sites like AliExpress. If you ever feel like you should look somewhere else, these are some stores that you should visit. You can also use these for your dropshipping business if you are an aspiring entrepreneur. Make sure you have a solid plan before beginning.