A payday loan is a financial loan that gets offered to the borrower, under the condition that it must be paid in full or installments whenever the borrowers get their first paycheck. The amount granted in a payday loan is typically less as compared to the other personal loans because the borrower has to pay back according to their pay each month.
A payday loan has a relatively quick approval. Since it is a small amount of money, you can pay back quickly and the perfect option if you need it urgently for car repair, sudden family expenses, or emergency medical expenses. Because we often splurge on sales and buy too much stuff and have to make the payment before our salary arrives.
At fast personal loan Johor, we ensure you get the payday loan of your choice. From payslip loan, salary loan, and payroll loan to employee loans, we take care of all your needs.
What are the interest rates for payday loans?
Now you know that payday loans have a short time frame and no collateral backing them, the lenders charge the same rates as that of a credit card interest, 18% per annum or 1.5% each month, respectively.
What should be your payment strategy?
If you want to make the best out of your payday loan, the best way to repay would be to minimize the tenure of the repayment, so you do not have to pay hefty interest rates on your principal amount, similar to how you do with your credit card.
Conclusion: Payday loan is perfect, if you need surplus cash urgently, whether you need it to upgrade your iPhone or pay medical expenses, a payday loan comes in handy in more than just one way. Therefore, with the right strategy, you can make the best out of your payday loan.
