24 Hour Payday Loans - Cash For Emergencies

24 Hour Payday Loans - Cash For Emergencies

Have you heard of 24 hour payday loans? Chances are that you have, as they are advertised everywhere. So what exactly are they, and what should one keep in mind when getting such a loan?

24 hour payday loans are known by many other names- payday advance, check advance, bad credit loans, no credit check loans, etc. Different lenders might be using different names; however, they are all basically offering the same thing.

Short Term Loans

A payday loan advance is a short-term loan given for a period of 15 to 30 days. The borrower has to pay a loan fee to get these loans. The fee usually falls within the range of $10 to $15 for every $100 borrowed. If the borrower wants to extend the payday advance for another week or so, he or she would have to pay the payday loan fee again.

No Credit Check

24 hour payday loans do not require the borrower to have good credit scores. In fact, lenders do not even consider credit scores of people applying for check payday advances. Neither do these loans require the borrower to provide collateral against the amount borrowed.

The loan is provided within 24 hours as the name suggests. The fastest way to apply for a payday loan is over the internet. It takes 15 to 20 minutes to fill out the application. The lender might require the applicant to fax in certain documents pertaining to his or her bank account and employment status. However, there are also loan lender that require no faxing.

The lender processes the application within a couple of hours. And, in most cases, the money is deposited directly into the borrower's bank account within 24 hours.

Deposited Directly Into Account

This brings us to another common characteristic of all 24 hour payday advances - they are deposited directly into the bank account of the borrower. This is why most lenders require borrowers to have an active checking or savings account.

There is a reason behind this requirement. Transferring funds electronically is faster than delivering a check to the borrower. Just imagine if the lender had to deliver checks to each and every borrower. That would obviously take a lot of time.

There is another reason why lenders providing payday loans require borrowers to have an active checking or savings account. Most lenders automatically withdraw the requisite funds on the due date. The borrower has to ensure that there are enough funds in the account on the due date.

As you can see, the process of obtaining a payday advance is easy, and that is why it is often referred to as a hassle-free loan.

You can apply for24 hour payday loans easily over the Internet. Check out alsono teletrack payday loan with no need to check your credit history

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