ARE PAYDAY LOANS FOR YOU?

EVERYTHING YOU NEED TO KNOW ABOUT PAYDAY LOANS

You haven't heard the story yet, have you?

It's Ife.

She had it all.

A stable job.

A roof over her head

Where the next meal would come from.

Extra cash to spare.

Until that call came…

Maàmi had gotten involved in a ghastly accident.

Ife had to send money back home.

It's been 2 months.

Maàmi still hasn't gotten better.

The bills are so many, It's drying out all of her life savings.

Family, friends and colleagues can all but pray for healing.

They all have expenses as well.

Now, the Doctors are saying 'Maàmi needs surgery to correct the damages to her legs'.

Ife's last chance of solving her money-problem is to take a 'loan'.

But from who?

What type of loan will I ask for?

With what collateral?

What will they ask me to bring?

How soon will they approve it?

How high is the interest rate?

How long will they give me before repayment?

How do I send the money back to them?

…

If this story sounds familiar or it's something you relate to, I believe these are some of the questions you have on your mind as well. You should read on!

Come along let me show you the possibilities of solving your money-problem in as little as 24 hours with no collateral!

"PAYDAY LOANS" that's the loan! A quick fix for all your immediate money problems.

• What are payday loans?

It is money you borrow and pay back once you receive your next income.

Meaning nobody gets to ask 'What assets do you have?"

The only thing acting as collateral is "Proof that you have an income that reflects in your open bank account".

• What will they ask me to bring?

All you need are;

1. Your bank details that shows your account regularly receives deposits at least once in a month e.g your salary (Note that as long as your account reflects a stable income you're eligible for a payday loan, you don't have to be a salary earner, but you must be employed).

2. You have to be 18 years and above to qualify to apply for a loan.

3. A valid ID, with an active email and phone number as well.

4. You may also need Internet access as most payday loans are done online. You don't need to leave the comfort of your home.

• How soon will they approve it?

As soon as they confirm you meet all of the requirements.

In 24 hours you would be smiling to the bank with your bills sorted.

• How high is the interest rate?

Interest rate varies with each lender or bank.

It ranges between 1% – 40%.

It all depends on the loan repayment period and the amount of money you wish to borrow.

Some lenders organisations allow you to enjoy a 0% interest rate with early repayment.

Meaning, as long as you pay back early you pay back the exact sum you borrowed.

• How long will they give me before repayment?

Typically, until your next pay day which is usually 2weeks later.

Paying in installments is also a feature with some lenders, it depends on what repayment options you chose.

Remember early payment could mean no interest rate for you.

• How do I send the money back to them?

Lenders make it easy to pay back with several options;

1. Online payment

2. E-fund Transfer

3. Auto-pay option that allows you to schedule your pay-off date.

…

Need to Know facts about 'payday loans'

While payday loans are great for quick fixes, Try not to make a habit of it, as you might get stuck in a continuous cycle of paying debts.

At the app's sign-up stage, permission to access your phone contacts is requested.

What this means for you is; privacy breach.

This will only be a problem if you don't meet your due date.

You should also remember to read the terms and conditions of every loan before you apply for it.

Most importantly choose the right lender organisation by inquiring carefully