Payday Loans, a Viable Option?

Payday Loans, a Viable Option?

Payday loans are short-term loans that are extended between two paydays. A payday loan is generally provided for 14 days. The borrower, on acceptance of the loan conditions, provides a check favoring the lender as security against the loan. On maturity, the lender deposits this check to recover the cash loan dues. The maturity is usually the subsequent payday of the borrower. No credit checks are conducted for granting payday loans. Therefore, the credit score of the borrower is irrelevant. It doesn't matter whether the borrower features a bad credit history, or has no credit history, or has declared bankruptcy.