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Your income is the only factor that will determine how much loan amount you can get when your application is reviewed by the lender. If your application is successful, you can get the loan in your account usually within 24 hours after your application has been successfully processed.
In exceptional cases, you can be given an extension of one or two weeks, depending on the agreement between you and the lender. Another common trend is increased fee after a payment extension if due to some issues beyond your control you fail to make full payment within the agreed payment terms. The payment guideline for this loan varies from one lender to another.
The regular fee for this loan is between £10 and £30 for every £100 you borrow and varies from one company to another. If you are unable to make the full payment as agreed, you will be charged an extra fee that may be high and varies according to bajaj finance personal loan documents terms and conditions of the loan.
Theyre different from regular bank loans in several ways: Smaller Amounts. In most states where payday loans are legal, theres a limit on how much you can borrow this way. This cap ranges from 300 to 1,000, with 500 being the most common amount. The Pew report says the average size of a payday loan is 375. Shorter Terms. A payday loan is supposed to be paid back when you get your next paycheck. In most cases, this means the loan term is two weeks, though it can sometimes be as long as a month.