Payday loans are short term loans. People basically take short term payday loans to bridge the gap between paydays. Until the next paycheque becomes due, most people are already ended with their earlier month's paycheque. Their state becomes worse when a necessary expense arises, and they have not much cash to pay for it. Short term payday loans are for such situations. People can easily use the short term payday loan proceeds to pay the necessary expense; and when they receive the following months paycheque, they can pay off the short term payday loans.
Therefore, the term within which the short term payday loans need to be repaid is a month. Short term payday loans for a week are also advanced at Consumer Payday Loans. If borrowers want, repayment of short term payday loans can be further extended to a maximum of six months. This process is called rollover of short term payday loans.
Short term payday loans present an important method of drawing small sums of cash. At Consumer Payday Loans, borrowers can instantly qualify for an amount up to $500. Nevertheless, borrowers can request for larger amounts on short term payday loans.
If you are having a bad credit and have been refused loan assistance from several lenders, then you will find Consumer Payday Loans different. Short term payday loans are lent in spite of bad credit history like repossessions and bankruptcy.
To repay short term payday loans, a post-dated cheque is used. When the date of repayment arrives, the post-dated cheque is paid into the borrower's bank account and the requisite amount is cut.