When you run out of cash, how many options do you have for getting the amount you need? If you are like most people then you do not have that many options available to you. That is why you probably think that using payday loans might be a good idea.
A Good Solution to Cash Problems
You have to understand first how online cash advance loan works to appreciate how good it can be for resolving cash problems. As the name suggests, it is a form of borrowing that depends on what you make each month. The moment your paycheck comes in, the full amount is expected to be paid back together with interest or fees that have been incurred.
One of the major bonuses with short term loans is the speed with which they can be processed. From the moment that you file your application to the point the money is transferred to your bank account the normal processing time now is no more than 24 hours. Some legit payday loan companies even offer fast services than that. They are offering same hour processing and sometimes 15 minute processing.
Faxless Payday Loans Online – the Stunning Speed
A huge majority of faxless payday loan lenders today offer services, where borrowers don’t have to submit any documents in any way, shape or form. Loans are offered on a borrower’s promise to repay it with no documents involved. Faxless payday loan companies don’t ask borrowers to send any papers by fax or mail at all. Borrowers’ identity is validated based on the information received in the application form.
Very Convenient Solutions With Guaranteed Results
Direct lenders try to meet financial needs of people on benefits or limited income. They accept application from US residents regardless of their current whereabouts, so whether you are in the United States, UK or Canada, you can apply by submitting an online application, 24/7 (holidays and weekends included).
Loans With Instant Approval
Approval process is instantaneous, taking place completely online. Payday loans are one of the fastest loans the industry offers. Once an application is filed, it is immediately processed by the lenders who have implemented an approval system that guarantees speed. An e-signature loan is usually approved in less than one hour, but the time differs from lender to lender. The speed depends on the number of applicants and the efficiency of the servers used. Online loans are much faster than traditional loans, because there is no traveling involved as well as there is no waiting in lines. The entire process is electronic, including your loan agreement.
Bad Credit OK
Faxless payday loan companies don’t conduct traditional credit checks. This is a good news for people who have bad credit. They may sometimes run Teletrack check to see if you have file for bankruptcy or have other loans out. You can borrow money for different terms (30, 60, or even 90 days) but you are advised not to. This makes loans extremely expensive because you have to pay additional fees for every extension you make.
A Not So Thrilling Aspect
Before you become all excited about payday loans with no credit check from a direct lender, you need to know about the negative aspects they have. The biggest problem is the high interest rate that the companies would be charging you. Are you willing to pay the rate of up to $25 off every hundred dollars you want? That is the range you can expect. If you are not willing to shoulder it, then forget about payday loans then.