Need Cash Now? Consider an Online US Payday Loan
US payday loans are quick, tiny, and almost always accompanied by some kind of security deposit required, usually around a week's pay. Internet payday loans are relatively small, quick, and usually short term, often offering triple-digit APRs. They are designed for urgent needs, like an emergency expense or for consolidation of accumulated high interest debt on multiple loans into a single smaller one. If you have experienced bad credit in the past or if your credit score is below optimal, then online payday loans might be right for you.
With a US payday loan you are given access to cash within 24 hours of submitting your application. In some cases you might even get it the same day. There is no credit check, down payment or any kind of collateral required. All it takes is a checking account and proof of employment, and you can have the money deposited into your account within a matter of hours. There is also no tax due either, which can make these loans even more attractive.
Because payday loan companies are highly regulated by the state, they are very responsible about their lending practices. Most US states have laws restricting the amount of interest that can be charged on a payday loan, for example. That's why you usually have to use your own banking information to complete your application and get approved.
As you might expect, these loans are pretty expensive. You usually pay a processing fee, and an application fee. Usually you are also asked to supply a secondary security, called aguarantee of repayment. But that's where the costs really stop! After approval and without any collateral or a fee being charged, the lender will then send you a check to cover all of the lender's services including the loan itself, with a few small exceptions.
So what happens if you don't get approval? Well, first of all, we would like to point out that the majority of lenders do not charge an approval fee. They simply deposit your loan into your checking account and then send a check for that amount to your house. Then, if you choose, you can cash the loan in advance, which will greatly reduce the lender's risk. If you don't, you just wait a few extra days, until your next payday, to get the money you need.
The other way that US states limit payday loan lending is by requiring certain things to be faxed to them. For example, most require a copy of your current pay stub, social security card, and a copy of your utility bill. You must fax this to the state within a twenty-four hour time window, or you'll be hit with steep fees. That said, if you happen to have access to funds beforehand, it is sometimes possible to get a loan very quickly - sometimes even overnight.
Most of us have at least one crisis situation each year - a car breakdown, a forgotten utility bill, or the unexpected trip home from the hospital. Whether it be due to an automobile emergency, or a simple problem that requires some attention, most people know how urgent it is to get the money they need right away. This is where a US payday loan can come in handy. Because these loans are unsecured, they carry very low interest rates and give you a fast way to get your hands on the money you desperately need.
So, when is it time to consider using a US payday loan center? Well, there are plenty of them available online. Even if you've never applied for a payday loan before, there are many resources available to teach you the process and the eligibility requirements. If you take advantage of their free online loan application tutorials, it won't be long before you're approved for a payday loan that can help you solve whatever financial crisis you're facing.