Ever faced a situation where there is an urgent need for money but the salary is due, or maybe a financial crunch in the middle of the month? At such times, a Payday loan helps us to escalate the situation. Many people opt for Payday loans if they are short of money. The process is simple and does not require many documents. In this article, you will get to know about what is a payday loan and how a payday loan works?
If you do not know what Payday Loans is and how it works, then do not worry, as we in this article, are going to discuss Payday Loans and how we can opt for one. B3 Cash Solutions is one such place where you can visit and get the payday loan within a single day with the least paperwork.
A payday loan is a small loan, typically of a month duration that has to be repaid after the arrival of the next paycheck. Generally, it is a single instalment loan in which the money, as well as the extra charges, will be deducted within a single instalment. The tenure of the loan is from the date from which the customer opts for the loan to the repayment date.
If we have bad credit, then also it is not a thing to worry about if we opt for the B3 Cash Solutions payday loans. The loan is extremely easy to apply for and gets approved within a day. However, there are certain requirements that we need to fulfil to be eligible for Payday Loans. Our age should be at least 18 years. Apart from it, our monthly income should be greater or equal to $1500. A checking account is also required that is at least 30 days old. And yes, we need to be employed for a minimum of 3 months.
There are not many documents required. They only need to assess our identity. We need to carry our driving license. Another thing that is required apart from a driving license is our bank statement and Personal check of the Banking firm. However, if we fail to repay the amount on time, some things might land us in trouble.
An additional late fee might get added up if we don’t pay on time. As per the agreement and terms and conditions, the firm will try to contact us. We might also get engaged with a collection agency if repayment is not done on time.
Impact on Credit Score
If we do not repay the amount on time, then our credit score might get reduced as the company uses certain credit reporting agencies. The companies that are linked with that particular agency might refrain from providing credit services to us. Hence, the due amount should be repaid instantly to avoid certain issues.
This was all about Payday Loans by B3 Cash Solutions. Many people opt for this loan if they are in urgent need of money, especially during a time of crisis. At B3 Cash Solutions, the process is extremely simple and hence, we can get the approval within a day. We hope that the article has served its purpose and will help you in deciding on a Payday loan sometime.