Fast Payday Loan

Fast payday loans are the latest means of acquiring quick cash with a telephone call, a fax, or an online application to cover those unexpected expenses that come up between paydays. A fast payday loan is a short-term advance on the consumers pay check. Seven to fourteen days is the usual term of this funding, but it can be extended. The fee for each extension rises significantly. Some of the fees that are posted on the Internet range from $10 to $18.62 for a $100 loan for seven to fourteen days. Extensions are allowed for up to twenty-one days, but each week's extension adds a hefty fee to the debt. Some companies offering fast payday loans advertise "no faxes," presumably giving added privacy to applicants. However, most require that the initial application, a voided check and bank statement be faxed to them.

Applicants must be eighteen years or older, and must be depositing at least $1,000 a month in his or her account to be eligible for a fast payday loan. There is no credit check necessary, presumably because of the short term and limited amount of funding. Most lending companies offer from $100.00 to $1,500.00, depending upon eligibility and need. Some companies offering fast payday loans will complete the first transaction without charging a fee. This is often a marketing technique that will encourage borrowers to return to the same company in the future for assistance.

The application process is fairly straightforward and simple to follow. When the application has been approved, funds are deposited in the applicant's account within twenty-four hours. Application can be made by telephone, but the voided check and bank statements still need to be faxed to their office, so a fax machine must be available to the applicant. Companies offering fast payday loans are doing a great deal of television advertising to encourage more applicants to choose this service.

This type of program can be of great assistance in urgent situations, but it can also open the door to greater indebtedness. One of the things the ads mention as a reason for a fast payday loan is a "night out," and the pictures may show women carrying shopping bags. This encourages irresponsible borrowing, which is something to be wary of. Unexpected expenses can come up in anyone's life where a fast payday loan would help get through a crisis. The careful borrower will use this funding sparingly. It is important to take control of the financial situation and not let things get out of hand. "For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows." (Timothy 6:10). Christians have the responsibility to control spending and all financial situations.

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