What is payday loan?
Payday loan is a small cash advance that you can use in between pay periods. It normally ranges between $ 100 to $ 1500 to meet any financial emergencies. This type of loan is unsecured loan and also known as short term loan or cash advance payday loan.
No fax payday loan?
With the advancement in technologies, now you can apply for payday loan online, no need to fax any documents and requires no credit check. This ensures that you do not need to stand in long lines at the local pawn stores. No fax payday loans are amongst the best and most convenient options to arrange quick cash advance.
Bad Credit OK.
Most payday loan lenders do not check your credit history. This is particularly important for people with bad credit. Any bank or financial institutes often deny them the unsecured loans. Bad Credit payday loan are one of the best financial management tools that help thousands of people with bad credit to get some emergency cash advance.
Choosing a payday loan lender.
You should consider a few points before choosing a payday loan lender. The points worth checking are the loan’s interest rates, loan fees, terms and customer service. You can shop around on the internet, look at various lender’s site to get as much as information possible.
Payday loan benefits.
The loan can be applied online, in person or over the phone. The lenders normally do not check the borrower’s credit history and the process requires no fax. The complete process takes about 20 minutes and the cash can be transferred to borrower’s account in 1 to 24 hours.
Payday loan are generally expensive and the interest and fees ranges from $ 15-$ 23 for every $ 100 borrowed for 2 weeks. You should only try to obtain them in case of extreme financial emergencies. Here is a small comparison on what banks and payday loan companies charge.
* Banks and merchants charge an average non-sufficient funds fee of $ 22-$ 25 per check.
* Credit card companies impose an average late fee of $ 25-$ 29
* Fees charged on Cash Advance payday loans range from $ 15 to $ 23 on every $ 100 borrowed
Payday loans have changed life of thousands of borrowers with poor or no credit. These people would be denied a loan at any bank. The fact is, although payday loan is expensive but it does help you get out of the financial crisis. You can keep the cost low by paying the loan back on time. In USA, all states have laws that govern payday loans. By reading up on your state’s payday lending laws, you can be sure that you’re getting a fair deal. Often, lenders will try to charge you more than they’re permitted by law. Get informed and avoid getting ripped off!
In summary, payday loans are great benefits to meet any financial crisis but are expensive. It is great specially for people with no credit or bad credit as it will be difficult for them to get loan from bank or financial institutions. You should always do some research before choosing a lender and also try to payback on time to keep the associated costs low.
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