subject: The Facts About A Payday Loan [print this page] The Facts About A Payday Loan The Facts About A Payday Loan
These types of loan are available from payday loan lenders and are small loans that are due to be repaid on the borrower's following payday. They are intended for emergency situations where the borrower is caught short of money between paydays. There is no credit check required for a payday loan. When you urgently need money there are numerous payday loan lenders who provide you with the money with only a small amount of paperwork required. You have until your next payday to repay the loan. This type of loan should be used for emergency situations such as car repairs or medical bills.
It is very easy to get a payday loan approved. You simply provide the payday loan lender with a check that is post dated for the amount of the loan plus the interest and provide then with some basic information. The payday loan will usually be approved while you wait. The money will be automatically transferred to your bank account within 24 hours. To find a payday loan lender all you have to do is a search on the Internet. Payday loan lenders won't check your credit history. The most that they will do is to verify the details from your bank and they will then advance you with the loan. The process is even easier if you have been employed by the same employer for over six months.
A payday loan won't affect your credit history. The interest fee will range from between $30 and $100. This loan will be due in full on your next payday. This type of loan is a very easy way to get money in a hurry.
Most payday loan lenders will permit you an extension of the term should you get your next paycheck and not be able to repay the loan on time. However, the additional interest can make this very expensive.
The interest rates for payday loans are as varied as are the payday loan lenders. When you need payday loan, you should always check out all the payday loan lenders as possible. If you search the Internet you can determine the various interest rates that they are offering. You want to locate the payday loan lender who is offering the least expensive interest rates. This is rather easy to do since the number of payday loan lenders is so large and competition among them is so great. The interest rates are important to you because if you should roll your payday loan over or default, the APR that they may charge you could be as much 4000 percent.
You should avoid getting a payday loan every payday. They are so easy to obtain that that can be habit forming. When you find yourself low on cash it is very important that you budget your money carefully. You should only use a payday loan in emergency situations. It isn't good to be in the habit of living from one payday loan to the next.
