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1. What is the maximum amount I can borrow under this instant loan scheme?
You are allowed a loan up to the maximum of 1000 only.

2. What is the time period allowed for repayment?
You are required to repay the payday loan of say an amount of 100 within 30 days from the date of sanctioning of the loan amount.

3. What are the eligibility conditions for obtaining an instant payday loan?
While there are certain differences in the eligibility conditions put forward by different lending agencies, broadly speaking address and identity proof; proof of employment for at least three months to a year, overall credit worthiness record, etc. are the eligibility criteria that you have to meet.

4. What happens if I default on repayment of the loan received?
There is late fee of 15 and also there will be default interest charged whose rate is the same as the agreed contracted rate of interest on the portion of principal amount that is pending on you. Besides, your credit rating is certain to plummet.

5. In case of a low credit rating, am I not eligible to apply for an instant loan?
You may, But it goes without saying that the rest of the eligibility conditions, etc. will be applied on your loan application more stringently. And the final decision of approval of your loan request would very much be with the lending agency only.

6. What is the interest rate that is levied in payday loans?
Since both the maximum amount permissible ( 1000) and the repayment time period (up to three months) are low, the interest rates are well over 200 per cent per annum. The APR (annual percentage rate) is not that appropriate in the case of instant loans as the interest rates are not being calculated for a year.

7. Am I eligible to apply for more than one payday loan at the same time?
No. The lending agencies do not approve of this. The clearly laid out policies require that you repay your ongoing loan amount and then only apply for a fresh one. Even otherwise, instant loans are meant to meet your genuine financial needs, and not to serve you in repaying your debt.