Payday Loan Lenders: Reliable Providers of Fast Cash
Before you approach a payday loan company for your payday loan, it is worthwhile to check out different payday loan lenders to see what each has to offer. Many lenders have websites, so getting information about them should not be difficult.
What are payday loan lenders?
Payday loan lenders are companies that offer a specific type of short term loan known as payday loans. Payday loans are sometimes also called payday cash advances. Payday loans are unsecured loans that require no credit check, and are best for short term financial needs.
There are many payday loan lenders who are ready to make fast cash available for urgent needs. Most of these cash advance lenders have websites that give information on their company, their qualification criteria for loan applicants, their rates, their terms and conditions, and other pertinent information.
The Internet also has websites for payday loan brokers, although a distinction has to be made between payday loan brokers and direct payday loan lenders. Loan brokers are companies that help you find a payday lender, while brokers look for lenders that can give you the best loan with the lowest interest rates for your immediate need.
There are people who prefer getting brokers to help them find the best option. However, getting a broker means paying extra charges for their service. Meanwhile, payday loan lenders are the direct source of the loan you are applying for. Most payday loan lenders do not charge a loan application fee. The finance charge on your loan is all that most payday loan companies charge. Many prefer to deal with direct lenders only and not with brokers to save hard earned money.
How much payday loan can I get from payday loan lenders?
If you are at least 18 years old, a citizen of the US, employed, with a steady income and an active bank current account, you are qualified to apply for a payday loan, which could range from $50 to $1,500. The maximum loan amount you can borrow is determined by the payday loan direct lenders and is based on your monthly income and paying capacity.
The repayment of your payday loan is usually due on your next pay date right after the loan was issued to you. Repayment schedules can be modified with the approval of the payday loan lender.
How much do payday loan lenders charge?
Since payday loans are unsecured short term loans, they have higher interest rates. When reviewing the charges of the different lenders, you will encounter the APR or annual percentage rate. The APR is the interest on the loan amount expressed as an annual rate, with the finance charges of most payday loan lenders ranging from 25% to 30%. There are also lenders that charge a fixed amount of $25 for every $100 borrowed.
It is of extreme importance to note all the details regarding rates and terms that payday loan lenders provide in their websites. Normally, most of these lenders do not charge an application fee and charge nothing but the finance charge, which is due together with the payday loan on your next pay date. However, there are some payday lenders that charge a “same day transfer fee” of $25 per loan application. This is quite a big amount, particularly if the loan you applied for is just for a small amount.
How can I apply for a payday loan from payday loan lenders?
Remember to thoroughly read all the information in the websites, even those in fine print, so that the direct payday loan lender’s terms and conditions are very clear to you before you file your application. There are even websites of lenders with live chat to give interested borrowers the chance to clarify all the points that they are not sure about.
Once you have made your choice of payday loan lender, you can now apply for a payday loan.
The payday loan application and processing is done online.The first step you have to do is to fill out an online application form found on the website of the loan company. You will be asked some personal information, like your name, address, phone number, email address, employer, income, and information about your bank account. Most of these sites are secure so you do not have to worry about divulging your personal information. All the information you supply the lender will be treated as very confidential and will not be shared with anyone else.
Payday loan applications are processed immediately upon submission. Loan approvals are granted after a very short waiting period, after which your loan will be deposited directly into your bank account. There are payday loan lenders that give instant approval to loan applications and loan amounts are deposited directly into the borrower’s bank account within just a few hours. However, almost all payday loans are available to borrowers in 24 hours or less.
Payday loan lenders can be the best source of quick cash during times of financial difficulties. There is a large amount of lenders offering their assistance, ad carefully selecting the one that will work best with you will get you through your financial woes.