A fast payday loan is a short term loan. This type of loan is usually only held for a week or two. Normally, on the borrower’s next pay day the loan will become due, hence the name fast payday loan. Payday loans are low rate loans as well. Typically loan companies offer between $100 to $1000 loans. Because these loans are short term loans, offering loans of over $1000 would not be a good idea because most people would not be able to afford to repay the loan on time.
Anyone seeking a loan can apply one of three ways. Over the telephone is one way. Some pay day loan companies have offices in certain areas of the country. If there is one in your area you can go right in and apply. The most popular and convenient way of applying for a fast payday loan.
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When applying for a loan credit is usually not an issue. Because these loans are short term, low rate loans having income that can be verified is the main requirement. Most types of income are acceptable. Wages from a job, Social Security, child support, temporary disability, and worker’s compensation are all acceptable when applying for a fast loan. Welfare checks and Social Security checks in another person’s name are not acceptable forms of income.
Another requirement when applying for a fast loan is that the borrower must have an active bank account. The reason an active checking account is necessary is because the borrower receives the loan money by direct deposit. When the loan becomes due, the loans company will withdraw the funds directly from the account. Fast payday companies do not send checks for the loan amounts, nor do they accept checks for repayment. Everything must be done through the borrower’s bank account.
As with most loans, a pay day loan does require a fee which must be paid when the loan becomes due. This fee depends on the amount of money borrowed. The more money borrowed the more the fee will be. The fees vary depending on the company. Typically the fees are between $25 and $250.
If the borrower does not have the full amount of the loan, including the interest fee, their bank account when the loan becomes due the loan company will give the borrower an extension on the loan. This extension however, does carry a penalty. For each week the fast loan is not paid, the loan company will require that the borrower pay another interest fee. For example, if a borrower takes two extensions before being able to repay the loan, he will owe the full amount of the loan and the interest fee along, with two more interest fees for the two extensions. These fees can add up making it difficult to repay the loan.
When the loan becomes due, the borrower will not be informed when the lender withdraws the funds due from their account. It is necessary for the borrower to know the date which the loan is due and be sure it is in the account on that day. The borrower is not responsible for anything but making sure that the money is in the account. The lender will do the rest.
A fast payday loan is an excellent to get cash fast when unexpected financial problems arise.
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