Payday Advance Payday advance loans have been around for a long time. They originated back in the day of the mom and pop stores who lend customers a few dollars based on their employment rather than credit standing. The borrower would return when they got paid and repay the loan. Sometimes the store would lend the money interest free while others might charge a penny or two on the dollar. Today, payday advance loans work on the same concept, but they have become a huge business in the lending industry. Payday advance loans are short term, short cash loans available for 7 to 30 days at a rate of interest higher than most standard loans from banks or other lending institutions. The philosophy of the payday advance is they are meant to fill a financial gap between accruing an expense and the borrower’s next pay check. Payday advance loans are fairly easy to obtain and approval is based on fulfilling the requirements of the lender and not on a good credit score. The application can be filled out and submitted electronically or filled out in person if the payday advance lender has a physical storefront. The application takes about 5 minutes to complete, provided all the information is at hand, and the approval process is quick in most cases. It is possible to have cash for the payday loan in your bank account with a few hours to 24 hours of loan approval. Even though payday loans online are available in amounts from $100 to a maximum of $1,500, the borrower is advised to apply only for the amount needed. The interest rates are between $15 and $35 per one hundred dollar increment borrowed, sending the annual percentage rate into the stratosphere of triple digit numbers, making the payday advance loans very expensive. Most lenders require the loan be paid back in one payment by the date it is due. Some lenders will allow the borrower to make incremental payments during the time frame of the loan, with the final payment being made by or on the final day of the payback period. Penalties and fees will accrue for loans not paid back on time as well as legal action if necessary. Some payday advance loans are not subject to finance charge rebate if the loan is paid back early, while others lenders are only too happy to offer a rebate of the finance charges that are paid back early. Typically, no lender will charge an early repayment penalty, either.
How to Get Payday Loans
Once a borrower has taken out a loan and paid it back on time, the borrower can sometimes be approved instantaneously for a payday advance from that same company and have cash in hand in anywhere from a few minutes to an hour. The borrower can sometimes have a standing loan set up and receive cash automatically on the designated day. Payday advance loans are helpful for those who have no other alternative and it should be a lesson in economics for those who use a payday advance system regularly. Instant Loans Instant loans, also called payday loans, cash advance loans, salary loans and payday advance loans, are just what the term implies. Instant loans are cash loans that are available within a short amount of time when an unexpected expense occurs. Instant loans are often looked upon with a downturned eye. They are seen as financial mechanisms that takes advantage of someone with a financial problem. The interest rates are higher than a standard bank loan, sending the annual percentage rate into triple digits, and the payback time frame is very short, usually 7 to 30 days. The instant loans are sometimes the only resource someone with a cash flow problem has. Unlike a bank loan, instant loans are based on being employed and having a steady income rather than based on a credit score. Instant loans are intended to cover a gap when a bill arrives before the paycheck arrives to pay it. Instant loans are available anywhere from $100 up to a maximum of $1,500, depending on the lender.
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The borrower is encouraged to apply only for the amount needed and not the maximum allowable. That way the borrower is not taking on any unnecessary debt. Instant loans are designed for the person who needs a small amount of cash quickly but does not qualify for a bank loan. Sometimes, even if someone does qualify for a bank loan, instant loans are a better fit because they can be obtained in a fraction of the time of a bank loan. Instant loans do not require a cosigner, except in extreme cases, and there is no collateral involved. There are many reasons someone will apply for loans online. It might be necessary to replace an appliance that has lost its will to function or it might be to cover a car repair. Perhaps a bill is about to come due and it is less expensive to pay it on time with an instant loan than it is to accrue late fees by not paying the bill on time. The loans can be used for any reason. The lender does not even ask what the loan will be used for. Instant loans are available for those over the age of 18 who have steady employment and a monthly salary that meets the predetermined requirements of the lender. The applicant must also have a bank account that accepts electronic transfer. Most lenders will require a valid driver’s license or state issued identification card or a valid US passport to validate identification, a social security number and employment information including your employers name and contact information. Lenders may also require a current bank statement and pay stub. Once the loan is approved, the applicant will receive all the information including the amount, the interest rate and the payback time frame. The borrower will have time to decide not to take the loan without any penalty being assessed. Once the borrower accepts the loan, the funds will be transferred to the borrower’s bank account.