Pay day loans are loans meant to cover unexpected expenses that will cover your finances for the short-term. Such loans generally fall between the $100.00 and $500.00 range with a two-week term. Interest rates for pay day loans vary, although 15% is common average rate. Some loans may also incur additional fees or penalties depending on the lender.
Simply put, payday loans are meant to offer a hand when one finds themselves in a financial bind. These loans are often a sort of "last resort" for those who may have limited options when it comes to additional cash. Short term cash loans are ideal for covering expenses such as an unexpected medical emergency or bill. Instant pay day loans are especially handy as you may receive your cash in a quick, timely manner.
How Pay Day Loans Work
You may be wondering how exactly payday loans work. There are a number of institutions, both brick-and-mortar and online, which offer such loans. Borrowers are normally required to supply a post-dated personal check or access to a personal bank account in order to repay their payday lenders. After you receive your next paycheck following the loan, it is then repaid instantly. If necessary, borrowers may also pay additional fees by delaying the loan repayment to their next pay period.
Online Pay Day Loans
Thanks to the Internet, access to instant pay day loans is easier than ever. Filling out an online application is
quick and painless. completely free of paperwork and ensures that borrowers get their cash fast. Online pay day loans require borrowers to supply a checking account where a loan may be transferred after approval. Such loans are growing in popularity due to their speed and ease of access. Online payday loans are certainly not a fad; more and more borrowers are getting their loans online today than ever before.
Getting an Online Pay Day AdvanceWhile all not lenders of pay day loans are identical, there are general requirements for borrowers when it comes to applying for a loan:
- Must be at least 18 years old
- Must be a United States citizen
- Must have an active bank account
- Must be able to provide personal identification and Social Security number
- Must provide proof of monthly income (typically a minimum of $800 per month)
Please note that while not all lenders will conduct a credit check of their borrowers, they may perform a TeleCheck in order to verify your checking history.
How Pay Day Loans Can Help
Pay day loans have increased in popularity in recent years, especially as more and more Americans struggle with their finances in today's shaky economy. Lenders of instant pay day loans provide relief to those facing unexpected financial turmoil. With millions of Americans facing such economic uncertainty, cash advance loans are serving as a reliable, viable lifeline.
Category: Payday loans