Payday
loans
A
payday loan is a loan that is obtained from companies that offer
payday loans and is paid back on the next payday. The term payday
loan is also referred to as payday advance, paycheck advance,
paycheck loan, deferred deposit, cash advance, short-term personal
loan and signature loan. To obtain a loan one can either fill
out an application form or a representative of the company will
fill out the form through the telephone. After filling out the
form one has to send the company his or her bank statement and
a voided cheque. The bank statement is then verified and the loan
is sanctioned on the basis of the amounts that are deposited every
month into one's account. If the loan request is approved the
funds will be deposited overnight so that one can obtain the loan
the next banking day. The loan should be repaid in the same way.
One notifies the company the due date of returning the loan back
and the loan amount is deducted from one's account. Incase one
finds it difficult to pay back the loan on the due date one can
always ask for an extension but on the first three extensions
a minimum charge is levied. Further extensions require additional
payments. The percentage of the additional charges varies for
each loan amount. Such charges are levied so that one would pay
back the loan without many extensions. These companies help in
getting one his or her cash when they need it the most. These
companies offer convenient and flexible payment schedules and
also extensions and early loan sanctions to fit any budget. If
one applies for a $100 loan the term of the loan would be 714
days and the finance charge in this case would be $18.62 and one
would be paying back a total of $118.62. For a loan amount of
$500 for the term of 714 days the finance charge would be $93.10
and the loan to be paid back is $593.10. For a $1000 loan the
finance charge for 714 days would be $186.20 and the loan amount
to be paid back is $1186.20. If one has paid a previous loan back
he or she is eligible to apply for additional loans. Payday loans
are not sanctioned to people with bankruptcies but if there were
bankruptcies in the past and there is money in the account now
it would not be a problem. To qualify for a payday loan one needs
to have a job, make a minimum monthly salary of $1200, a US citizen
of 18 years and older and an active bank account.
Payday
cash loans Payday
cash loans are cash loans that are obtained the next business day
to the day of application. One can get cash when one needs it the
most. One can get cash on a loan with low interest rates. Payday
loans are now available with maximum benefits, maximum safety and
maximum service with very little paperwork sometimes no paperwork
at all, minimal fee and minimal time.
The payment
schedules of payday cash loans are convenient and flexible. The
loan period for payday cash loans is either 714 days or 1521 days.
If one applies for a loan of $150 for the loan term of 714 days
the loan fee would be about $27.93 and the total payment would
be $177.93. One can apply for a payday cash loan for an amount
of $1500 whose loan fee would be $279.30 for the loan term of
714 days and the total payment would be $1779.30. The loan fee
for each is a fee percentage fixed by the agency and the number
of the days of the loan. One should fax in one's bank statement
as soon as one finishes filling up the application form. The sooner
the documents are faxed in the immediate bank working day the
payday cash loan would be credited in the account. Once the funds
are transferred to the account by the payday loan agencies it
is the responsibility of the bank's ACH department to deposit
the amount into the respective account. The only time the loans
would be delayed is when there are bank holidays and other unusual
circumstances. One can apply for one loan only. The amount of
payday cash loan that one can borrow can also be determined by
the application. One's credit is not checked but the agencies
use telecheck, teletrack, which are account check reporting, services.
A cash loan
provides emergency cash without worrying about one's credit. Cash
loans are designed for emergency situations especially when one
is need in need and short of cash. Some emergency situations could
be unexpected family emergencies, overdrafts and other urgent
cash needs.
No
fax payday loans
Once
one applies for a payday loan by filling in the application form
what one normally has to do is to fax in one's documents. If one
has his or her own fax machine then it will be no problem but
most of the time one has to spend quite a bit of time on the look
out for a fax machine. Another problem that is bound to happen
while sending a fax is either the documents don't reach in full
or the printout becomes too blurred. Sometimes such problems discourage
one from faxing in these documents and in turn not getting one's
loan processed. This problem has been fixed by the introduction
of no fax payday loans. The distinctiveness of a no fax payday
loan is to obtain a payday loan without documentation. The only
factor is that the amount that one is able to borrow is less.
The amount that one can borrow as a loan will be from about $50
to $800 approximately.
The aim of such
loans is to be used for needs that could have been met through
one's monthly salary only if one had not finished using up the
money before the next pay.
Since no documentation
is needed for approval of this loan the process moves faster.
The agency that provides the loan can immediately sanction the
loan on going through the application. This fast approval is probably
the reason why more people go in for no fax payday loans. To avail
of no fax payday loans one should be 18 years of age, must have
a bank account that is active and has a direct debit facility.
The repayment of the loan is through a post dated cheque that
one agrees to make time repayments the loan provider will present
this cheque on the due date which for a no fax payday is generally
a week or a month. The borrower will make sure that he pays back
the loan when his next salary comes in because the interest rate
is high for no fax payday loans. A no fax payday loan is a short-term
loan with a high interest rate. No fax payday loans are also known
as paperless payday loans. A no fax payday loan normally is approved
in an hour. There are some occasions when this is delayed when
there are errors in the application. When such an error occurs,
the computer will reject the application. This will obviously
delay the process. So it is best that one double-checks the inputs
before submitting his or her application.
When one decides
to apply for a no fax payday loan do some homework on which agency
would provide the best service and rates. Make sure that the agencies
have good customer support because in doing so will ensure a smooth
process.
Online
payday loans
There
are a lot of companies that offer online payday loans. At these
sites one has maximum control of his or her income because one has
online access 24 hours a day seven days a week. All this can be
done with privacy from home. These Internet companies are solely
dedicated to getting one's loan processed and sanctioned. A payday
loan is a simple way of obtaining cash that one needs until one's
next payday. Once one completes one's application online one has
to send in one's bank account statement. Once the verification of
the statement and balance are done and after it is made sure that
the bank account is not in bankruptcy, loan cash is transferred
via Electronic Funds Transfer into one's bank account. If one has
problems paying back the loan amount on the due date one can always
extend the date by having the fees withdrawn directly from the account
or else to save one from paying this fee is to pay the loan back
on the due date itself. To avail of online payday loan one has to
be over 18 years of age, a US citizen, hold an active account, employed
and access to a fax machine. After filling in the application form
one has to send in documents like copy of one's passport, address
proof and bank statement. If one completes the online application
form by 12:00PM Pacific Time, 1:00PM Mountain Time, 2:00PM Central
Time and 3:00PM Eastern Time the money will be credited into one's
account the next business day. The application page is safe because
it is protected by a secured encryption. All the information sent
to the site will be encrypted and any user who intercepts the communication
they will only be able to view the encrypted form. Theses online
companies have certain technologies that help them decrypt the information
into normal text form. Some online companies want one only to fill
in the application form and hence do not ask for any other documents.
What one needs to is after filling in the application form one needs
to talk to the loan agent and the cash would be in the account the
next business day. The data is verified over a phone call. The copies
of the application for cash loan are e-mailed to the applicant for
every loan and for every loan extension. Therefore one can view,
print and save them whenever one wants to. One signs one's loan
request online using PIN #. By this PIN # and the social security
number will help in identification while requesting a payment change
or a new loan. Thus, online payday loans are an easier option to
obtain cash.
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