Fast Cash with Payday Loans

By Kris Seguin

Have you ever been in a situation that only cash can get you out of? We all have. Whether it's car trouble, legal trouble, a broken lawn mower, a broken dishwasher. The list goes on and on, and all of these situations have one thing in common: they all require us to spend money that we might not have on hand. Money that we can scrape together in the next pay period or two, but that we just don't have on hand right we you need it. Payday loans were designed just to meet this need.

A payday loan is a simple loan that requires no credit check, and is streamlined to provide you with the money you need in as little time as possible. Practically anyone can apply and be approved - all you need is some proof of employment and a bank account. The paperwork required is simple - you can usually complete it on-line - and the turnaround time is lightning fast. Most loan vendors will use a wire transfer to deposit the money that you request into your checking account within twenty-four hours of your application.

Since a credit check is not required for loan approval, payday loans are accessible to practically anyone. If you have been refused credit in the past it doesn't matter - payday loans are still available to you and they give you an opportunity to re-establish a positive credit history. If you have no credit history at all, a payday loan may be just what you're looking for if you find yourself in a situation where you need cash fast.

Most loan companies will allow you to borrow up to $1,500 - some even more. Fees for a payday loan vary and depend on your choice of loan vendor and the amount of money that you borrow. They customarily charge ten to fifteen dollars per one hundred dollars that you borrow, and the length of the loan is usually 2 weeks. Here's an example: the hot water heater in your house stops working in the middle of the winter, and you can put a new hot water heater on your credit card but you need to pay someone to install it. You don't have the cash on hand to pay the installer, so you borrow $200 from a payday loan company who charges $10 per hundred. At the end of two weeks you repay the amount you borrowed plus the fee, or $220.

Payday loans have been criticized by banks because if you annualize the fee charged for the two week loan, the annual rate interest is very high. This is indeed true, but the loan that you acquire overnight from a payday loan vendor is not intended to replace a longer term bank loan and is designed to be re-payed in a very short period - two weeks. Banks would prefer to sell you a conventional loan, but the application process for those loans can take weeks. Some people may not even qualify for a conventional loan.

Repayment of payday loans is usually due within two weeks of receiving your loan money, and you should do your best to repay the loan and all associated fees on schedule. If you find that you cannot repay the loan on time the lender will extend the loan for another two week period, and you will be required to pay their fee again for this new loan period. This is still a small price to pay for the safety and security that a payday loan can bring in a time where your ability to get cash is important.

If you are careful and conscientious about repaying the loan on time the expense is small and the turnaround time from application to receipt of your loan is very fast - faster than any conventional loan process. Payday loans offer you a reliable and convenient way to obtain quick cash in those situations where nothing else will take its place. If you have a job and a bank account, the money is available, it's quick, and the application process is very simple. By far the easiest way to apply for a payday loan is on-line.

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