A payday loan is exactly what it sounds like – it is a short term loan that a lender provides a borrower based on the borrower’s future paycheck. There are few requirements required to access payday loans.
Payday loans borrowers do not need a good credit history, or even a credit history at all. What they need is an active savings or checking account, and a 3 month history of steady employment. Lenders of payday loans provide short term loans by relying on the fact that the borrower will receive employment pay within the following 14 day period. In this way, companies that provide Payday loans can be confident in the borrowers ability to pay back the funds.
Read more about no fax payday loans.
Short term loans based on future paychecks is a different type of loan when compared to car loans, house loans, and credit card loans. The process to access instant cash by means of a payday loan is much faster than other types of loans or credit, and lenders generally will only supply any individual between $100-$500 instant cash at one time. Unlike other types of loans, credit or mortgages, an individual’s credit history does not impact their ability to borrow. Job history and banking history are the only relevant factors involved.
Payday loans go by many names, including short term loans, paycheck loans, cash advances, and other descriptions. All of these terms describe the same thing. Payday loans are very quick, short term, high interest loans based on your future paycheck. Borrowers have the ability to extend their paycheck loan for up to 31 days; however, they will pay fees and interest for this convenience.
There are currently many companies offering payday loans online. This is rapidly becoming a booming business, putting pressure on your local short term loan ‘stores’ down the street. The reasons for this are simple. The internet offers an extremely convenient and private method to access instant cash very, very quickly. There is no need to leave the house, guaranteeing your privacy. Online Payday loans can be deposited within an hour after approval, making them one of the faster ways to access quick cash around.
If you find yourself in a position where you need instant cash fast, a Payday loan may be the option for you. Learn more about short term loans and Payday loans that don’t require faxing.