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What is a 24 Hour Payday Loan?

You've probably heard of a 24 hour payday loan before. Perhaps you have seen signs or internet ads promoting them as a great way to get free money until you can afford to repay it. Others hear about the 24 hour payday loan through friends, as payday loans are increasingly losing their “taboo” as a forbidden subject to speak about. Once you realize that many people use them or have used them, they don't seem like such a hush-hush thing after all.

The premise of a 24 hour payday loan is that you can have money lent to you within 24 hours of when you apply. Some payday lenders can even have the money to you within minutes.

No matter how much money you need, you will likely be able to get a 24 hour payday loan to cover the amount. Once most people sort out “need” from “want” (a hard task for anyone, but always necessary to stay out of debt), it's easy to cover your expenses with the typical $100 to $1,200 lent by most payday lenders. Some will lend a bit more, many will lend less than the upper amount, but this range covers most people's unpaid bills.

The 24 hour payday loan term can range from two weeks to two months; again, depending on the lender, you may have more or less time to pay it back. The basic idea is that you will pay it back once you get paid, so this depends on your financial circumstances and how frequently you get paid.

Conditions for a 24 hour payday loan vary wildly. For the most stringent lenders who do credit checks and approve only the least risky consumers, it may be a relatively low rate of interest with few fees, while others who lend to bad credit consumers may have to charge higher rates on all loans, to cover their losses on those who don't pay back the loan. Be careful to check out the conditions before signing for the loan, and shop around for different lenders to get the best deal.

Eligibility for this kind of payday loan is very broad. Almost anyone over the age of eighteen with a job can get a loan, and there are plenty of lenders to choose from, particularly if you shop around online before committing to one particular lender.

If you find yourself in a tight spot with no alternatives, try a 24 hour payday loan to help get you through the rough period.

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