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How to Apply For An Online Payday Cash Advance Loan
Not enough money at the end of the month? Have an unexpected car
repair or other emergency? Do you have a bill that has to be
paid before your next paycheck arrives? These are all good
reasons to apply for a payday cash advance loan.
Payday loans are relatively small, short-term, unsecured,
consumer loans. Consumers apply for payday loans through the
Internet, with loans ranging from $100-$1500. If approved, the
loan amount is then deposited into the applicant's checking
account the next day.
Applying online for a payday loan is quick and easy and offers
several advantages over applying at a traditional payday loan or
check cashing storefront. You are able to apply directly from
the privacy of your home or office computer via the Internet,
never having to stand in line or wait in a crowded store. It is
much more comfortable and safe applying online than going to a
store that specializes in payday loans and check cashing. The
online payday loan application process can also be a significant
time saver. In-store applications must be handwritten, and
completed entirely in the store. If an applicant does not have
all the required information and paperwork they are unable to
complete the application and the loan cannot be processed.
Online payday loan applications can be completed in minutes. A
steady job and a bank account are all you need to qualify for a
payday loan. You usually need to complete a short application.
Provide your bank details and occasionally fax the lender your
last pay stub and a bank statement. There are a number of
lenders that offer no fax payday loans, especially if you have
your paycheck direct deposited into your account. There are no
credit checks done, so even if you have less than perfect credit
you can still be approved. Once approved, the money will be
deposited directly into your checking account usually the next
day. When it comes time to pay it back, the lender will debit
your checking account the amount owed, unless you decide to pay
back a portion or roll it over. Most lenders require a 3-day
notice before the due date.
The term on payday loans typically range from 5 to 30 days,
coinciding with your next payday. Usually on the application you
will be required to list your next 2 pay periods. Some lenders
charge a flat fee regardless of the length of the payday loan,
while some lenders vary the interest rate depending on the
length of the payday loans. Most payday loans lenders offer
clients the option of "rolling over" a loan, meaning that the
loan is extended to the next payday and the subsequent fees are
doubled. The larger and more reputable online lenders will allow
a client to roll over payday loans no more than one to two times.
Currently, fees charged on payday loans online range from $10s
to $30 on each $100 advanced. Stated another way, annual
percentage rates for payday loans generally range between 400
and 1000 APR. However, the cost of getting payday loans should
be viewed as a service charge. According to market research,
banks and merchants charge an average non-sufficient funds fee
of $30 per check. Credit card companies impose an average late
fee of $35, while auto finance companies charge $32. In
contrast, the average finance charge on a payday loan is about
$18 per $100 borrowed.
Payday loans are a great alternative to bouncing checks,
pawning personal property, or borrowing money from family and
friends. Consumers may also use payday loans to avoid
late-payment penalties and negative marks on credit ratings.
Ideally, individuals have money saved from each paycheck to
prepare for financial shortfalls or unexpected expenses.
Realistically, many people have a periodic need for short-term
financial assistance. When used responsibly, payday loans can
provide valuable assistance to these short-term cash needs.
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