Quick Payday Loan

Quick Payday Loan

by Paul Rogers

The Internet is a very useful tool. You can apply for a loan online with it being quick and easy. The application is processed online and the loan amount is deposited into your banking account and therefore can be done within 24 hours after finishing the application. The approval process is done within just a few minutes but could take an hour, which is still relatively quick. Because there is no credit check done, you do not need to send old pay stubs or statements from the bank. You just need the proper contact information, employment and your checking account numbers. faxless payday loans

The requirements for a payday loan are you must be 18 years or older, been working in the same job for at least a month, and make a minimum of $1,000 per month. If you want to borrow more than $500, some lenders will require more information. Because the Internet is a great resource, you can easily compare loan amounts and interest rates to get the best deals. Even though your loan will only be for a short period, lenders, by law, must post the annual percentage rates. This makes it is even easier to compare the rates. Beware because there may also be application fees. faxless payday loans

Most states allow you to borrow anywhere from $500 to $1,000. The exchange of the loan into your account happens fast because it is directly deposited into your account. Once you have been approved, it is instant. You will not have to wait for the check to arrive in the mail, or wait in line at the bank to cash it. faxless payday loans

On your next payday, the lender will take a minimum amount from your account for repayment. Depending on which state you live in, this amount can be just interest charges or part of the principle. You can set it up with your lender if you want more the minimum or even the full amount taken out on that next payday. Because the process happens so quickly, you don't have to worry about any financial emergencies coming up since you can have access to the money the next day. Those with bad credit need not worry either, since there is no credit check; you just need a job and a checking account. faxless payday loans

What to Expect

A payday loan is also known as a cash advance, a check loan, a post-dated check loan, or a cash loan. All of these loans are normally for a small amount at a high interest rate, but must be paid off quickly. They are designed to help those that need immediate cash before that next payday. faxless payday loans

You repay these loans on your next payday, if you need it for longer just talk to your loan officer. There is no credit check, but you must be employed and have a checking account.

Normally, you write a post-dated check with the application fee included with the amount you are requesting. You are given the amount you want minus the fee. The company will not cash your personal check until your next payday or unless you extend the loan. Once your payday arrives the check will be cashed. faxless payday loans

Payday loans are very convenient and help at times when we need it most, the only fallback is the interest rate is very high and therefore cost you more in the long run. faxless payday loans