Let us imagine we live in a fictional world where you do not need to belong to a bank or credit union to take out a cash advance. The company would have to figure out someway to prove you receive a monthly income so they know you have the means to pay back the balance.
They how does payday loans work have to find another way to ensure payback of the financing since there is no bank information they have access to or check they have to hold as collateral. How would they ensure you paid back the balance.
Although a signed contract might be able to work in court, the costs of court would exceed the original amount of money you are trying to get back. What cash lending companies would have to do would be hire people to collect, in unethical ways. The industry would become loan sharking, with people going around threatening bodily harm if the money was not paid back.
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10, whatever loan tenure you select. Asia United Bank AUB offers multi-purpose loan to all employees of companies accredited by the bank.
The loanable amount is from P30,000 to P250,000. Moreover, borrowers can pay their monthly amortization through salary deduction. Planters Bank Planters Bank lets you loan a minimum amount of P30,000, up to P1 million, with no collateral needed.
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