Weekly Payday Loans

If you are a person earning a weekly pay, you would have often been in situations where in the middle of the week you would have spent all your earnings.  Exactly at such a time, your car breaks down and needs an immediate repair. Anyway, your pay is all spent; there is absolutely no cash in your savings box either. What do you do?

Borrowing from relatives or friends is not something you want to do.  A bank does not give immediate loans nor does it lend small amounts.  A typical moneylender would demand some kind of security.  Well, there is a way out.  You can always borrow Weekly Payday Loans.

What are Weekly Payday Loans?

Generally, salaried people receive their pay and the end of the month. For some kinds of jobs however, the salaries are paid every weekend.

Payday loans are loans which are to be repaid by the borrowers on payday.  If a person wanting to borrow money receives a weekly salary, he can opt for Weekly Payday Loans.  These loans can be taken even for a couple of days and have to be repaid at the weekend when he receives his salary.

Requirements of Weekly Payday Loans

  • The borrower should be above 18 years of age and should be a citizen of the country.
  • He should have a regular weekly salary income.
  • He should have a checking account.

How does one borrow Weekly Payday Loans?

They used to be a time when people wishing to borrow Weekly Payday Loans had to personally go to the lender’s shop, request him for a loan and submit the documents demanded by him.  Then there came a time when the borrower could just make a phone call to a payday loan lender, request him for a loan and fax the necessary documents to the lender.

Now of course, everything from application to actually receiving the loan money has been simplified.  A borrower can apply for Weekly Payday Loans online.  All he has to do is look for web sites which have tied up with payday loan lenders, select one such site and fill in the required information like employer’s name, the number of years he has worked at the job and his weekly salary amount.  He would immediately know whether the loan has been approved or not.  If the request has been granted, then within a few hours, the money will be deposited in the borrower’s bank account.

How to repay Weekly Payday Loans

For repayment, a borrower had to hand over a post-dated check for the repayment amount to the lender at the time of borrowing itself. If the check bounced, the borrower would be taken to court by the lender.  Not anymore. Now, the lender can recover the loan money directly from the borrower’s checking account on the day he receives his salary.

Some Features of Weekly Payday Loans

  • Weekly payday loans are very Weekly loans, maybe even for just a couple of days.
  • The interest rate for Weekly Payday Loans is very high.
  • The borrowers of these loans are usually weekly wage earners who may not be strong financially.  They may find it difficult to repay the loan and therefore the risk of default in case of Weekly Payday Loans is very high.