It is just not possible to plan for all kinds of emergencies in life. Fast cash payday loan provides you with those extra few hundred dollars when you need to take care of some urgent financial needs and realize that you do not have enough money in your bank account.
As the name suggests, this instant short term payday advance provides you fast cash loans within a few hours, and the best part is that you don’t even need to step out of your home for it! You can apply, get approved and get the money deposited directly in your checking account over the internet, all within a maximum of 24 hours!
Sounds Too Good To Be True! How Does It Really Work?
All you need to get a fast cash payday loan is a steady job, fetching you at least $1000 a month, which you must have held for a minimum of 3 months, and an active checking account in a bank. You don’t need to fill lengthy application forms or wait for months to get approved for the fast cash advance loan.
You don’t even need to submit any documents for verification! You just have to apply for the payday cash advance over the internet, give them your employment details and banking information, and they’ll simply check your credentials with your employer. They will then process your request and transfer the amount required to your bank account within 1 day. Due to its paperless nature, this cash advance is also referred to as the faxless payday loan.
Based on your employment status, you will be instantly approved for this short term cash loan. You can borrow a maximum of $1000 for a period of 1-3 weeks, basically just till you get your next paycheck. The amount will be recovered from your bank account on your next payday, along with a one-time “fee”.
What’s The Catch In This?
This “one-time-fee” that the lending companies charge on faxless payday loan can be as high as $15 to $30 for every $100 borrowed for a fortnight! Calculated on a yearly basis, it amounts to an APR of almost 400%! Incase you are not able to repay the loan on the promised date, you can get an extension on the loan for another fortnight, but you will have to pay the fees again. So you could even end up paying more than you borrowed, just as “fees”.
Due to the high cost of the fast cash payday loan, you should go for it only if there is a real emergency and when you cannot get the money anywhere else. You must also make sure that you take this short term payday loan only for a “short term” and pay it back as soon as you get your next paycheck.
Fast cash payday loan is a quick cash advance for a small amount. This short term payday loan can be acquired online instantly, without any paperwork and is, hence, also called faxless cash advance loan. To know about the loan application process, eligibility criteria and to compare rates and offers log on to best payday loan.
Source:http://www.americanchronicle.com/articles/viewArticle.asp?articleID=40076
Friday, October 12, 2007
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