A payday loan is also known as cash advances or a short term loan. The borrower of the payday loan is needed to pay the due on the next day of the borrower payday. These types of loans are for the small amounts generally for thousand hundred dollars or may be lesser than that. The borrower has to give the access of his bank account to the lender of the payday loans or he has to give the cheque to the lender with the loan amount along with the charges so that the lender has a choice of depositing the cheque on the due date.
Features of the loan can vary with the amount of the payday loans. For the small amount the borrower has to pay the full amount of the payday loan in the one lump sum payment. And for the large amount the borrower has the choice to pay it as an installment for some period of time.
The lender of the payday loans can give the loan amount in the form of cash or cheque. The lender can also pay the loan amount directly to the borrowers account or he can load the amount into the borrower’s debit card. The additional charge for the payday loan depends on the amount of the loan, Loan Company and also the duration of the loan.
For example if the loan amount is one hundred dollar then the charge for that loan would be ten to twenty dollars and if the payday loan is a two week loan then the company would charge for the loan for nearly fifteen dollars by equating the loan amount with the annual percentage rate for the betterment. To get the payday loans efficiently from the online then http://kaikki-pikavipit.fi is the right website. This site is a much secured one to get the payment for the emergency needs.