Eunice, Louisiana is situated in St Landry county. Flights can be out from Chennault International Airport. Total population counts 10,407. The ratio of men and women is 48.1%/51.9%, respectively. Median age is 34. Median household income is $38,185. 34.1% – poverty rate. 57% – the rate of issued payday loans in Eunice, LA. Median gross rent is $617. Median house value is $102,800. Standard Zip code is 70535. Time zone is America/Chicago.
What are payday loans Eunice, Lousiana?
Payday loans Eunice, Lousiana are a type of loans when a borrower is offered a small amount of money for a short period of time. The main difference of such a financial transaction is that the terms for issuing a payday loan are simplified, but the loan amount is issued at an increased rate. A short-term loan is issued to everyone without exception, even if you have a bad credit history. The only nuance is the high interest rate, which is justified by the high risk of non-repayment of funds by the borrower.
The main parameters of payday loans Eunice, Lousiana
The main parameters or features of such loans include: a small amount, a short repayment term, a high interest rate and fast depositing. At the moment, there is an increase in demand for this type of lending. The amount of the payday loan is on average up to $2,500.
Such loans are processed in a short time, from 5 to 15 minutes which makes the competition for a regular loan. The interest on the small loan is calculated daily. If the rate is 1-2 per day, then the annual rate will be approximately 730. Such loans, as you know, are taken out for about 30 days maximum.
Payday loans are already gaining a different audience, most people are just too lazy to spend time on a long registration of a simple loan, so everyone is applying for it. In order to get such a loan, it is not necessary to have a good credit history. It’s enough just to come to the registration.
An application is filled out, an IDor an additional document is provided. After the application is submitted, the waiting term takes about 15 minutes and the money is issued. The speed of approval does not mean that there are no requirements to the lender. Usually they check his age and place of registration.
The payment of a payday loan Eunice, Lousiana can be different. These are: equal payments, full repayment. They usually pay at the offices of the lending company, terminals, via the online personal account. You should not allow delays, because the penalties for this are much tougher than for a simple loan. They do not give long to think, they immediately transfer such unscrupulous payers to collectors.
What are the advantages of payday loans Eunice, LA?
The terms ofonline lending are set independently. The loan repayment procedure can be individual for each client. For example, a monthly repayment schedule may be approved for someone, and a weekly one for someone. The maximum loan amount in an MFO is $2,500. But unlike a bank loan, a payday loan is issued for a short period of time.
However, despite this, there are not so few advantages of payday loans. It is worth highlighting the following advantages:
- the speed of application. Filling out the application and its reviewing, as a rule, takes no more than an hour.
- minimum package of documents. Most often, one ID is enough, in some cases an additional identity document may be needed (driver’s license, SSN, etc.).
- the possibility of issuing a payday loan Eunice, Lousiana for any category of citizens, as well as the issuance of loans online to the card. MFOs work with both officially working citizens and pensioners, students, as well as with those who do not have an official income.
- issuing a loan at an increased interest rate to persons with a bad credit history.
Today, many MFIs provide online lending services, thanks to which the application process has significantly accelerated. When filling out the application, the borrower needs to specify the minimum personal information: full name, citizenship, contact information. And of course the desired loan amount, and the deadline for registration.
After making a preliminary decision, the MFO manager contacts the borrower. As a rule, the decision-making time takes no more than several hours. As an additional service, the client may be offered an information newsletter by e-mail or in the form of an SMS, which will contain information about the interest rate and the repayment schedule of the loan.
Despite the fact that it is much easier and more convenient to issue a payday loan than a bank loan, it is advisable to resort to the services of an online payday lending company only as a last resort. The fact is that microfinance organizations have much more risks associated with non-repayment of loans than banks, and this is reflected in the amount of the interest rate. Which is actually the main drawback of a quick loan.