Online Quick Payday Loans

You’ve probably seen commercials and online ads for online quick payday loans. A payday loan may also be called a cash advance, and is appealing to people in dire financial need who cannot acquire the funds they need from any other source. This might be people who have an unexpected expense come up and do not have the credit to borrow money from a bank or credit union. With payday loans, credit is not checked but income is verified because the payment comes directly out of your bank account on your paydays as specified by the loan company.

Some online payday loan companies will require to submit an online application and fax verification in before they send you the money. The online application will ask you questions such as your name, home address, phone number, email address and of course about your job and income. They may ask you to fax a copy of your photo identification and a certain number of check stubs or a letter from your employer stating your income. You will also need to provide your checking account information for two reasons.

One reason is because when your loan is approved, the funds are deposited into your account usually within 24 hours. Your loan officer will explain to you how much your payments will be and when they will be taken out of your checking account. It is important to have the funds in there or you will get charged non sufficient funds fees from both your bank and the payday loan company. Also, the more you can pay the better, as these types of loans have high interest rates. The faster you pay the loan off, the less interest you will end up paying. Interest on online quick payday loans, or any payday loans, can be as high as 300 percent.

Before you start shopping for online quick payday loans, make sure there is no other way you can get the money you need as these loans can be financially risky. If you do end up getting a payday loan, check into the company and see if they have any Better Business Bureau complaints. If so, look for a different company with a clear reputation. When you get your loan, think about how fast you can pay it off and arrange the payments with the loan officer to avoid the high interest rates. Payday loans can be quite expensive, but for those in need who can’t get money any other way they can be helpful also.