Still,Sometime, applying for an urgent loan becomes very frustrating when the documents are missing, as you will not get the loan without them. In such a situation, however, paperless payday loans online can work for salaried people. These loans are especially carved out for them in order to provide financial support without the need of faxing any documents to the lender at the time of making the application. instead of rushing to the lenders, you should first take note of aspects of the loan for avoiding a debt trap.
You do not have to send the papers regarding your earnings, employment, and residence proof to the lender. Still, approval of these loans is usually given within hours of making application of the loan. All the processing of the loan is done online, which enables in fast approving of the loan. Consequently, the borrower gets the loaned amount within 24 hours to his or her bank account. These loans are meant for US citizen, who are currently in a job, earning a salary of at least $1000. They must have attained the age of 18 years, and should have an active bank account.
Under these loans, you can borrow $100 to $1500, as per your monthly salary. These short-term unsecured loans are given for two weeks, so that you can repay it at the time of next salary. In case, you can not repay it, then you can extend the repayment for a month as well on paying the lender a fee.
But note that these loans require you to make a very high interest payment. The borrowed amount carries a typical rate of 30 percent and above, making it an expensive loan to repay. Therefore, avoid extending the repayment as it will cost too much of an amount from your salary.
A history of late payments, defaults and arrears is usually not a hurdle for the borrowers, as these loans are approved without any credit checks. However, you should make a good search for paperless payday loans online in order to find some offers at comparatively lower rate of interest. Repay the loan on due date.