Don’t be confused by the many different types of payday loans that are available over the Internet or through your local financial institutions for example online payday loan service, instant payday loan or advance cash payday loan, essentially these are all the same as a conventional payday loan. If you are in need of emergency money, researching alternatives available on the market would be the first step to take before applying for financial aid. Guidelines are available online to read through, this will assist you in making an informed choice.
Payday loans should be meticulously researched to make sure you are prepared with the right information before you embark on a financial contract with a payday loan lender. While doing your research you will notice there are many different types of payday loans available, they also go under various names i. e.instant payday loans, fast payday loans, cash advance payday loans and even bad credit payday loans. These loans are all characteristically short-term loans for a period of 14 days or less. All lenders have many common factors and this is no different when it comes to recovering the loan owing to them. Lenders ask for a post-dated check to be written for the amount including the charges and interest rate fee. The lenders cash the checks on a specific date noted in your contract normally your next paycheck.
A few facts:
A Payday cash loan is a short-term loan for employed borrowers; the loans can be obtained very quickly when you need money urgently before payday. They are convenient and simple to apply for but usually carry high interest rates. The interest rates can be as high as 700%, with added fees for “roll-overs”.
Payday loan lenders usually need verification that you are employed. You may also need to provide verification of your bank checking account, your last bank statement, social security number, driver's license and proof of residency. This can also vary from lender to lender depending on their specific lending criteria.
Funding can be borrowed no matter what your credit record is. Some payday lenders will not even check your credit record. To apply for a payday loan, the lender will usually need you to give them a personal check for the amount borrowed including the charges. The funds for repayment will either be withdrawn from your checking account on the due date or the post-dated check will be deposited by the lender. These loans are short-term, 14 days.
Once your application for the instant payday loan has been approved the money is transferred directly into your bank account.
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