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It is quite normal nowadays to meet some unexpected needs which may come up at any point of time. With a limited income, it is impossible to meet each and every need, leave alone emergencies. That is why lenders are now offering payday loans. These are quick loans and designed to help you meet emergencies. It is very easily available and can be availed by filling up a simple application form.

These loans in particular are designed to suit your prevailing circumstances. Since you need instant access to cash, the provision of collateral is not there, making it unsecured in nature. In the absence of collateral, the approval of the loans is fast. It means you can lay the hands on the loans after filling the application form.

To be eligible for these loans, you must fulfill certain pre requisites. You must be working in a reputed company for the past few months with a fixed regular source of monthly income. Your age should be more than 18 years. Apart from these, you should have a valid bank account. Based on these, lenders approve amount in the range of *100-*1500 which gets deposited in to your bank account by the same day or by the next day.

These are short term loans with a repayment duration that lasts for a period of 14-18 days. The repayment duration is designed that it often bumps in to your up coming payday. You also have the flexibility to extend the repayment period by a few days more on paying an additional fee to the lender.

Instant approval and a short repayment term are the reasons why these loans are advanced with a slightly high rate of interest. Bad credit borrowers too can apply for these loans, as the lenders approve these loans without any credit check. By paying back the loan amount, borrower gets a chance to improve the credit score.

Payday loans can be sourced from various lenders, but for quick approval and low interest rate, borrower can use the online application. With the help of these loans, you can meet emergencies like paying medical bills, electricity bills, store utility bills, car repair, house repair etc.