Fast Cash Loans for Emergencies: Payday Loans
We all dread those situations where the unexpected happens and we find ourselves in spots that only cash can get us out of. The car breaks down. The dishwasher spews water all over the kitchen and then stops working. You need to bail your son/wife/daughter/husband out of jail. They just turned the water off because you forgot to pay the bill. The list goes on and on, and these types of problems crop up from time to time in all of our lives - problems that require immediate money, cash that you don’t have at the moment but will be able to pay over a short period of time. If you find yourself in such a situation, a PayDay Loan might be the answer.
Payday loans are simple loans that are streamlined to provide you with needed cash in as little time as possible. They require no credit check so practically everyone is eligible for approval. All you need to apply is some proof of employment and a checking account. The application process is very simple - most often you can apply on-line. Approval is lightning fast once you’ve made application, and the cash is most often transfered into your bank account via wire transfer within 24 hours.
Since good credit is not a prerequisite for loan approval payday loans are accessible to just about anyone. If you have no credit history at all, a payday loan may be just what you’re looking for if you find yourself in a situation where you need cash fast. If you have been refused credit in the past it doesn’t matter - payday loans are still available to you and they give you an opportunity to re-establish a positive credit history.
Most loan companies will allow you to borrow up to $1,500 - some even more. Fees for a payday loan vary and depend on your choice of loan vendor and the amount of money that you borrow. They customarily charge ten to fifteen dollars per one hundred dollars that you borrow, and the length of the loan is usually 2 weeks. Here’s an example: the hot water heater in your house stops working in the middle of the winter, and you can put a new hot water heater on your credit card but you need to pay someone to install it. You don’t have the cash on hand to pay the installer, so you borrow $200 from a payday loan company who charges $10 per hundred. At the end of two weeks you repay the amount you borrowed plus the fee, or $220.
Banks and other lenders have bee critical of payday loans in the past, warning that if you annualize the fee charged for a two week loan the annual interest rate is high. This is true, but the payday loan is not held for a long period of time and is not subject to all of that interest. It is obtainable overnight (contrary to a regular bank loan) and is a very short term loan. It is designed to be payed back in a short period: two weeks. In that timeframe, the fees are relatively small when compared to the principal. (Banks and lenders would prefer that you apply for and be approved for a conventional loan, but the application process alone can take weeks and you may not even be approved!)
As with any loan you should make every effort to pay back the loan and any fees according to the schedule that you agreed upon in the application process. With payday loans this is usually within 2 weeks of receiving your loan. If you have trouble repaying a payday loan on time the lender will extend the loan for another two week period, but they will also require you to pay their fee again for this new loan period.
If you are careful and conscientious about repaying the loan on time the expense is small and the turnaround time from application to receipt of your loan is very fast - faster than any conventional loan process. Payday loans offer you a reliable and convenient way to obtain quick cash in those situations where nothing else will take its place. If you have a job and a bank account, the money is available, it’s quick, and the application process is very simple. By far the easiest way to apply for a payday loan is on-line.