Instant Payday Loans

An instant payday loan can be described by its name. It is a loan that you have electronically deposited into your bank account overnight. Instant payday loans should be used only as a short term loan. The longer you take to pay off an instant payday loan, the more fees you will incur.

Why Might I Need an Instant Payday Loan?

About a year ago, I had a little financial trouble. Everyone has some sort of financial trouble at one point or another. I received a final notice on my electric bill and I did not have the money to pay it. I had only two days before it would be disconnected and I would not be getting my paycheck for another six days. I didn’t know what to do. I could not get the electric company to hold off on disconnection, and I did not have the money or any family to lend it to me. I did not know what I was going to do. I went on the internet and I found the answer.

What is an Instant Payday Loan?

The loan that I found online was called an instant payday loan. Even though I have a low credit score, I was still able to apply. Every other personal loan that I had tried turned me down immediately. With an instant payday loan, as long as you meet the requirements, you are eligible for the loan regardless of your credit score. With the instant loan, I would be required to pay the loan off when I got my next paycheck. I would pay the amount that my loan was for as well as the loan fee.

What are the Requirements of an Instant Payday Loan?

instant payday loansThere are certain requirements that need to be met before I can get an instant payday loan. In order to apply for the loan, I must be eighteen years of age or older. No minor is ever allowed to sign any kind of loan or contract.

The most important requirement is that I have a source of income which is more than $1000 dollars per month. This income can from only one source or a combination of sources. My there are certain incomes that the instant payday loan company accepts and certain ones that they don’t.

Acceptable incomes are wages from a job, Social Security, child support, disability and unemployment checks. Unacceptable sources of income are Social Security that is in your child’s name or Social Security that is in another person’s name. State welfare checks are also not an acceptable form of income. Whatever source of income I have, it has to be direct deposited into my bank account. When I apply for the loan, I will be required to fax a copy of my most current bank statement and a voided check. I am only required to fax information the first time. If I ever get another instant payday loan again and my banking information has not changed, I will not be required to fax again.

How Does the Fax less Payday Loan Work?

Jason wanted to see how the loan works so he could get a better idea of what he may be getting himself into. The loan is a short term. You are not allowed to borrow a considerable amount of money. The loan amount varies from $100 to $1000. The borrower should decide how much he or she needs. Not everyone will be approved for a loan in the higher denominations. If a person makes closer to the $800 that is required for the loan, he will probably be unable to borrow larger amounts of money. After the borrower chooses the loan amount, he should look on the website. He will find the loan fees for each of the loan amounts. With most fax less payday loans, the loan fees are usually close. If the amount borrowed is $100, the fee can be as low as $18 to $20. If the loan amount borrowed was as high as $1000, the bank fee could be between $180 and $200. The borrower will also have to choose on a length for the loan. Fax less payday loans are taken out for either 7 to 14 days or 14 to 21 days.

How Do I Get a Fax less Payday Loan?

Jason liked what he read about the fax less payday loan. He decided to apply for the loan. He read the instructions then began the application process. First, he filled out all of his personal information. He gave his name, address, phone number, social security number, and income source information. On the second page was his choices of the loan length and loan amount. When he finished, the faxing instructions appeared on the screen as well as a prompt to print the information. He printed it out and two pages came out. The first one was instructions and all of the information that he read on the website. The second page was a loan agreement that he had to sign and fax along with a copy of his most recent bank statement and a voided check. He signed the paper and faxed it over.

What are the Terms of the Payday Cash Loan?

The terms of the payday cash loan are simple.  The loan is a short term loan.  I was able to choose how long I wanted to keep the loan out for.  My choices were either seven to fourteen days or fourteen to twenty-one days.  Because I needed so much money this time, I chose fourteen to twenty-one days.  The last time my amount borrowed was much less so I used the seven to fourteen-day loan.  The amount of the loan can be anywhere from one hundred to one thousand dollars.  The loan stated that I could choose the amount that I wanted to borrow under a certain condition.  If I only made $800 per month, I would not be able to borrow $1000.

In order to borrow $1000, your income level had to be more than $2500 a month.  A person who only had an income of $800 would be allowed to borrow up to only $200.  Along with repaying the loan, you will also be required to pay a loan fee.  The fees are set up depending on how much money you borrow.  I was looking to borrow $1000, so my loan fee would be $185.

The lowest fee is $18, and that is for someone who borrows only $100.  The more that a person borrows, the more he has to repay.  I was prepared to pay the $185 fee, I was desperate.  If the repayment money was not in my bank account by the time, the loan was due, I would be required to take out an extension.  With the extension I would pay my loan fee plus another for each week the money is not in my account when the lender tries to withdraw it.  After three weeks of extensions, I would be required to pay a penalty.  The penalty is, for my loan, one hundred dollars on top of the loan fee.  If my loan had been for less than $600, I would have only had to pay and extra $50.  For a loan more than $600, the penalty is $1000.  The loan could have become  really pricey if I didn’t pay it in time.

How Do I Apply for the Payday Cash Loan?

Applying for the payday cash loan was very simple.  I went online and I filled out all of my personal information.  I had to give my name, my address, my phone number.  All of the standard questions.  When I entered my name, a message came up on the screen telling me that my information was already in the system.  I looked over the information and nothing had changed so I continued.  After that I was asked to choose my loan amount desired and the length of my loan.  When the application asked me for my income information, they had my old information listed.  I went in and changed it.  After it was all filled out, I waited about thirty seconds for the decision on my loan.  I was a bit nervous that I didn’t get approved because my amount was so much.  Soon, a message popped up on the screen, I was accepted.

How Do I Repay my Payday Cash Loan?

When my loan was due, all I had to do was make sure that my money was in the bank. The lender electronically withdrew my loan amount along with my loan fee. It was that simple. I did not have to do anything.

What are the Risks?

There are no risks involved in the payday cash loan. As long as the money to repay the loan is in the account, there are no extra fees. If you do not have the money in time, you will incur extra loan fees until the money is there. If you do not have the money, it could end up costing you an awful lot of money.

What are the Requirements of a Payday Advance?

There are a few requirements that borrowers must meet in order to qualify for the loan. The borrower must be at least eighteen years of age or older. The borrower must have a source of income of at least $1000 per month. This income can come from wages from a job, Social Security, unemployment, temporary disability insurance, or child support. There are also a few different sources of income that are not accepted. Social Security that is in your child’s name or somebody else’s name and state welfare checks are not allowed. It is required that whatever type of income you have, be directly deposited into your bank account. Your bank account must have been open for more than ninety days.

How do I Apply for a Payday Advance?

Applying for a payday advance is rather simple. The borrower should first go on the internet and research the payday advances to find the company with the lowest loan fee. When they have found the best company, they should fill out the application form. The first page of the form is the borrower’s information. This includes their name, address, telephone number, social security number, and email address. You will also be required to enter all of you banking information and give the lender the names, addresses, and telephone number of three personal references. The second page is the page with the loan options. You will choose the loan amount and the length of the loan.

Once all this information has been entered, you will wait for the loan decision. It usually takes about thirty seconds. If you are looking for a larger loan of $500 to $1000, you will be required to make more money than someone asking for a loan of $100 to $400. Once you have been approved for the loan, there will be pages to be printed. One of the pages will have fax information. You are required to fax over a copy of your bank statement along with a voided check. The second printed page is the loan agreement which must be signed and faxed over as well.

When will I get my Payday Advance?

When you receive your payday advance, depends on when you submit your loan application. If your application is submitted and all of the necessary papers are faxed by 7:00pm EST or 4:00pm PST, the loan will be electronically deposited into your account the next day. If it is submitted after the above-mentioned times, it may take an extra day.

How do I Repay my Payday Advance?

Paying your loan back is simple. The lender does everything for you. All the borrower must do is make sure that the money is in the bank and the lender will electronically withdraw the money.

Payday Loans Online

Some people look down at payday loans online. They believe that they will either get scammed in one way or another or that they will get tangled up in loan fees, finance charges, and hidden costs. All of this is not true. As a past borrower of a payday loan online, I can say from experience that there are no scams, or hidden costs.

Why Does a Person Need a Payday Loan?

There are many reasons why a person may need to get a payday loan online. Usually, it is used to take care of a bill that is due before you will get your next paycheck. If some type of emergency or unexpected bills comes up like car repairs or a burst pipe in the basement you may need to get some cash.

If you go to a bank for the loan, you may not qualify. Most banks do not do short term loans that usually are only out for a week. Also, because the loan amounts are not very high and the loan term is short, most people are approved. With bank loans, you need a high credit score in order to qualify for the loan.

What are the Requirements of a Payday Loan?

The requirements of a payday loan differ greatly from the requirements for a bank loan. A bank loan requires a very high credit score and sometimes collateral. With an online payday loan, as l0ng as you make more than $1000 a month, and your income is one lender’s accepted incomes, you can usually get a loan. The accepted incomes are wages from a job, Social Security, unemployment checks and temporary disability insurance checks. There are only a few types of income that are not accepted by the payday loan companies.

These are Social Security in the borrower’s child’s name, Social Security in another person’s name, and state welfare checks. This is completely different from banks. The only types of income allowed with a bank are wages from a job. Another requirement of the payday loan is that you have a bank account that has been active for at least ninety days. Also, your income must be direct deposited into the your bank account.

This way, the lender has a better chance of getting their money back. There is really just a few ways in which a payday loan and a bank loan are alike. One thing that the two have in common is the age requirement. Both lenders require that a borrower be at least eighteen years old. Any person under the age of eighteen cannot enter into a legal contract.

What are the Terms of a Payday Loan Online?

The terms of a payday loan online and a bank loan are very different. A bank loan is usually a loan that is taken out for months, even years. A payday loan is taken out for a short period of time. The borrower has a choice of either a 7 to 14 day loan or a 14 to 21-day loan. If the borrower does not have the money, the bank will take whatever you put up for collateral. It has serious penalties.

The payday loan online has penalties also, just not penalties that could take your possessions from you. If you are late paying a payday loan, you will be granted an extension. After a week if the money is still not in the bank, you will get another extension. The borrower is allowed three extensions then the penalties kick in. If the loan amount is up to $599, the penalty is $50 plus the loan fee. If the loan amount is $600 or over, the penalty is $100 plus the loan fee.