Applying For Quick Payday Loans Is A Simple And Trouble Free Process

by | Dec 21, 2015 | Loan

First off; what are quick payday loans? Just as the term implies it is a fast way to get the extra money you might need if an emergency arises between paydays. You might be tempted to ask why not fall back on savings, it is unfortunate that not everyone has savings, many people struggle through from paycheck to paycheck.

When you apply for quick payday loans there is little in the way of paper work; in many cases all that is required are your personal details, a verification of your source of income and a debit card.

Quick payday loans are granted based on the premise that you will repay the loan on your next payday. There are really two established methods of getting a quick loan; one is a loan from a bricks and mortar store, with this approach you can visit the establishment, make the application, be approved and get the cash in person while you wait, rarely will this take longer than 15 or 20 minutes. The second approach, one which is gaining in popularity is an online advance. The process is similar except you go online, visit the web site of the lender; provide personal information, checking account details and source of income. The money from the advance is then deposited directly into your checking account.

Regardless of how you apply and are granted the loan they are for small amounts and there is no problem getting one. There are no credit checks; basically all that is needed is proof that you can repay the loan from your paycheck. When you first apply for quick payday loans and then follow through on your promise it makes subsequent loans in higher amounts easier to get.

The typical fee for quick payday loans is $15 per $100 borrowed although every state and company has its own rules and regulations. The state may limit the amount that you can borrow, cap the interest rate and set the due date for repayment.

Getting an online loan is simple, in most cases you need to be 18 years old or older, you have to be employed and your wage must be $1000 a month or more and you need a checking account. If you meet these criteria you can expect to see the money in your account within 24 hours. Always remember, these loans are easy to get but if you don’t repay them as promised you will end up paying far more than you anticipated so only use quick payday loans for bona-fide emergencies.

Quick payday loans can come in awfully handy when you are faced with an emergency and you are still a couple of weeks away from payday. For help in arranging a loan in your state you are invited to visit the web site of Short Term Loans.

Latest Articles