Advantages and Disadvantages of Payday Loans

Your pay day (salary day) is yet to come and you are in need of money, what to do. You take a small sum of money as loan or advance and pay it back on your pay day. This is termed as Payday Loans. These loans amount somewhere between $100 and $500 and are usually due in two weeks. The interest rates of these loans are very high and go up to 400% annual percentage rates (APR). The fees of such loans average $15 for each $100 lent. These loans are sometimes also termed as cash advances.

There are some requirements to qualify for the payday loans. Now the procedure to apply for the loan is very simple and no paper work. No need to fax any document for the cash advance and the cash transfer to the checking account within 24 hours if you fulfil the requirements of the lender.

The repayment process is also very easy, the money will automatically withdrawn from your checking account when you got the salary. For this, you must have a checking account and earn atleast $1000.

When you need urgent cash then you also agree to pay its interest rate because the required amount is not very big and it can pay very easily.

Only the big disadvantage of advance cash is the interest rate. It is upto $30 per $100. The lender transfer the advance cash into your account even without any document, they are ready to take risk and without delay you get the amount you required. So they charge high rate per $100.

Payday Loan Requirements in UK

The requirements of loan has been increasing the competition in the market of USA and UK. If you search the websites of payday loans in the search engines, you will find many sites. Now the internet has made loan easily available to the loan seekers in just mouse-click. The lenders provide online form to apply for the loan without any fax or documents. But if you are in UK, you must meet some requirements then you will be able to apply for the personal loans or advance cash. These are the following requirements in order to qualify for the loan :

a) You must be the citizen of UK.
b) Age of your must be over 18 years.
c) Your income should be more than £300 monthly. It depends on the lenders. Some demands for more than £700 per month.
d) You must have salary account in the bank and have valid debit card.

These are minimum requirements and if you fullfil these conditions then you will be able to take personal loans or advance cash. Apply for the loans online using form provided by the lenders in their websites. They will call you within an hour if your application approved. Within 24 hours or less then loans will directly transferred into your account. No need to send any documents. So the quick payday loans also known as faxless loans.

Payday Loans Helps and Faqs

Frequently Asked Question - Payday Loans Faqs

What is payday or advance loan?
It is the amount that assist your financially and fulfill your financial requirements.

What are the loan requirements?
Loan requirements are depends on location. If you are living in USA or UK then you must a citizen of that country. It is the first condition. But the requirements are minimum.

What is the amount that I can borrow or apply for?
It depends upon lenders. Most of the lenders provides $1000 to $1500.

Can I apply if I have bad credit?
Yes you can apply for payday loans if you have bad credit. The lenders will check telecheck to confirm if you have any payday loan that is currently outstanding. They never check your credit report.

Do I need to fax any documents for the loan requirements?
If you check the websites of the lenders you will find no fax documents payday loan option available. It also depends on lender. Very few ask for the documents. But most of them will provide quick loans without any documentation.

Can I repay the loan early?
Yes you can. If you think to repay then you do it without any penalty.

How do I apply for a online payday loan?
Its very easy. Just open a website that provides payday loan services in your city, read the loan requirement page and check whether you fulfil the requirements or not then fill the online form with correction information and apply online.

How long does it take to get approved?
If your application will be accepted then within 24 hours then the loan amount transferred to your bank account.

Is my loan confidential and personal data secure?
Yes, your loan is confidential and your personal date is secure. The lenders are using the latest technologies to secure the data.

Can I apply for the big amount loan?
Its depends on the lender where you applied for the big amount if they accept your application.

How I know if my application approved or not?
The lender will contact you by phone or e-mail within few hours. Usually they call you and inform you about the status of your application.

Instant Payday Loans - Faxless Loans Online

Instant cash helps you at time when your pocket is empty and you need cash urgently. When you have nothing and you have to attend any party or have any emergency then you start seeking for faxless payday loans that help you financially when you need cash urgently.

What is Payday Loan?

The payday loan is also known as a cash advance loan that is granted to borrowers when he/she urgently need money. It is repaid when borrowers received next paycheck. It can also define as the cash advance given to a employee in exchange for the employee's post-dated check. The advance cash given to the person at a very high interest rate.

Why Faxless Payday Loans?

In the most of the cases, the need of payday loans in emergency. So people prefer no fax payday loans no teletrack payday loan. It is given to the person in just 24 hours without any security and document. The interest rate is very high, so you have to pay $10 to $20 for each $100 amount as interest. But it is sure that you will get loan instantly so they charged high interest rate.

The procedure to apply for the payday loan is very easy. Just enter into the website of payday loan provider and fill the form. Enter all your correct information like your name, email id, contact number, your address, loan amount, etc. When you submit the form, it is checked for authenticity and when your loan approved then amount transferred to your bank account.

Before applying for the loans, search all the lenders of your area and get quotes from them. Compare the interest rates in the quotes then choose the lenders who provides you loan in low interest rates and apply for the instant faxless loans.