A wage loan also known as payday loan is a short term loan that allows the borrower to arrange some cash until the next payday. Consider the situation that one is facing shortage of cash and there is still time in next payday. This is where wage loans come in the scenario and helps one in getting immediate financial assistance. Hence, payday loans are a source of cash to manage the financial gaps between two consecutive paydays.
One can get around $1000 and more depending upon the monthly income of a person. This cash is enough to meet various needs such as medical emergency, grocery bills, school fees, car or home repairs, child’s stationary expenses, sudden travel expenses or sometimes even for buying gadget or some apparel. Wage loan can be obtained despite a person’s poor credit status. Wage loans require no paperwork, no collateral assessment and no time wastage; one can receive cash in a day’s time itself if all requirements are met with. Basically there are no restrictions for applying a wage loan.
The requirements for a wage loan are- one must have a steady income, one must produce a verifiable source of income payments, one must be above 18 years old, and one must have a gross income of at least $1200 per month.
Before applying for a payday loan one must be aware and consider that if one really needs a payday loan. If applied under unavoidable circumstances then its fine and the gadget buying activity can wait until the next payday. A payday loan is for short term and hence it won’t be helpful in case loan is needed for a long time. One should make his cash needs clear as payday loans provide limited cash reserves. Hence, if large amount of cash is required then payday loan isn’t the best option. Before opting for a payday loan one must be fully aware of the costs of payday loans and hence this may give a picture as to one can afford the loan or not.
Hence, before applying for a wage loan one must weigh all the costs and benefits of the loan and after assessing the pros and cons one can decide whether the wage loan is suitable for one’s particular needs or not.
