Instant Payday Loans Online
Payday loans are found online, although there are payday lenders who operate from a store front for those who would rather do business in person. Payday loans can be obtained pretty quickly.
Instant online payday loans are available through lending web sites and can be found in every corner of the Internet. The time frame for approval of instant online payday loans are pretty instant compared to the time it takes to be approved for a loan at a bank or credit union. The application and approval process is very efficient and some instant online payday loans will be approved and distributed within 24 hours. In some cases, the approval takes a few minutes after instant online payday loans application is submitted online. The distribution of funds can take a few minutes up to a few hours, depending on the policy of the company.
Instant online payday loans are short-term loans that are available to cover an emergency expense when cash flow is a problem. The loan can be used for any expense, but it was really meant to cover an unexpected expense and not an expense related to a non- emergency situation such as recreation purposes.
The instant online payday loans are available to anyone over the age of 18 who is employed and has a steady income, usually meeting a minimum monthly salary and a bank account that has been active for at least 90 days and accepts electronic transactions. Some lenders require the applicant’s paycheck to be sent to the bank account by direct deposit. Lenders will verify all information on the application so it is essential the applicant fill it out completely to avoid holding up the approval process.
Instant online payday loans are usually available instantly after the applicant has demonstrated successful repayment of previous payday loans with the same lender. The applicant achieves “preferred customer” status by being an excellent customer and whenever they apply for a loan, it is approved instantly.
Payday loans, no matter the lender, come with higher than normal finance charges. The finance charges vary, depending on the lender, but tend to be around 15 to 35%. The payback time frame is typically 7 to 30 days. It is always wise for the applicant to shop around and compare lenders and loan offerings. Out their somewhere in payday land are lenders who offer new customer a discount on the finance charges or an extended payback period with no additional finance charges. There are those lenders who offer a onetime loan extension with no penalties or late fees involved. With a little effort the applicant will find instant payday loans online that will save them a few bucks.
While the offers may seem tempting, and no one is saying they are not on the level, always check the lender for qualifiers. A qualifier is the one element that has to happen in order for an advertised special to take place. For example, the lender may offer a reduced interest rate for first time customers, but only if they take out a loan for the full amount available. Be sure to always read the fine for those pesky qualifiers.