What is a Payday Loan? ~ Pinoy Reviews

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Tuesday, January 15, 2008

What is a Payday Loan?

If you think that payday loans are only popular in the Philippines, think again. In the US and other parts of the world, a payday loan is a popular short term loan that can range from 4 to 17 days, the average pay period. If you live in the US, you should be earning around $1,000 in order to qualify for a payday loan. That would seem a lot if converted to our local currency, however, a thousand dollars is the average income that a middle class family earns.

Payday loans are a great way to come by emergency cash specially if you’re an Overseas Filipino worker looking for emergency loan in order to send money home. There’s no security needed and approval is quick if you meet the requirements. There are a number of payday loan lenders on the net and if you just type in “payday loans” in Google, you would be bombarded with thousands of results. One website that has a list of online payday lenders is cashadvance1500.com, it is only one website that I’ve come across but I’m sure that there are also a number of websites that also offers the same services, you should just be patient in sorting through Google’s results.