Installment Payday Loan - An Ideal Solution to Meet Urgent Financial Needs

If you have a short-term financial requirement, you can apply for an installment payday loan to get the cash needed to fulfill those requirements. These loans are granted for small periods of time. The usual due date is the next payday of the borrower. These borrowing options are a great choice for salaried individuals. These are people whose only source of income is their monthly salary.

That is the reason when they are hit with an unexpected but urgent expense a week or two before the next payday, they find it very difficult to arrange for enough cash to meet the financial obligations. Programs like installment payday loan involve an extremely fast approval process and you usually get the much-needed money directly deposited into your bank account.

How Much Amount Can Be Borrowed?

The amount can range from $300 to $1000. You can borrow even more, but that would depend upon the amount of your monthly salary and the lender that you are applying to. However, the approval for these loans is subject to fulfillment of some minimum eligibility requirements. These are as follows:

- A minor, even if employed at a good salary, cannot apply for these loans. You must be at least 18 years old.

- Besides that, you must also be citizen of the state that you are applying for installment payday loan from.

- You must also be employed in your current job for the past six months or more.

- Your monthly salary should not be less than $1000. Some lenders may consider applicants with a lower salary, but they won't grant you a loan for more than $750.

- Most importantly, you must also have a checking account in your name.

The great thing about installment payday loan is that unlike other loans, there is no processing fee involved. You only have to pay the amount of interest at the specified rate. In most cases, the lenders would require you to give them a post-dated check at the time of approval. The check must be dated to the next payday when you will get your salary. Alternatively, some lenders may also offer the option that you authorize them to debit the amount directly from your account on the due date.

The advent of Internet that has made the process much easier, as you can apply for installment payday loan online - right from the comfort and convenience of your home.