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The Main Features Of An Overnight Payday Loan

May 26, 2008
An overnight payday loan refers to short term finance arrangement within a night. There are number of banks and other financing agencies which are offering short term loans to its customers with high rate of interest. Once the payday loan is approved the borrower can get the amount of loan in next day that is why it is called overnight payday loan, because customer literally get his loan in overnight.

When a customer is in dire need of cash, he is might want to look at the opportunity of a payday loan. In such a way his shortfall in cash may be controlled. A payday loan is one of the best opportunites when late payments and unexpected bills becomes a financial shock for the customers. Payday loans may also be termed instant cash flow because it takes no time for arrangement.

There are other names of payday loans like cash advance, paycheck loan, payroll advance loan, check loan etc. These terms are labeled to the payday loan because of once these loan was taken it is refunded just after the receiving of next pay check along lender's charges for its payday loan.

Various lenders and banks/financial institutions are now a days providing the services of payday loan to its valuable customers. It takes 1 to 2 days depending upon the package and services offered by them. But when the lenders promises to deposit this loan amount within a night into the customers account direct or to pay them into cash within a night, such payday loan is called an overnight payday loan.

There is a stipulated date for the settlement of a payday loan with lenders along with its financing fees. But sometimes the borrower is not in position to meet that time line due to maintaining the urgent family expenses like paying off medical bills, phone bills, electric bills, house rent bills or other necessary utility bills. So there is facility to rollover the period by promising by the borrowers to pay double financial fee to the lenders for extension in time period of paying back the loan.

However, there are certain criteria for obtaining payday loan from payday loan companies. These may be variations from other, however, the common criteria is
1.A customer should have a regular source of income.
2.A customer must have a checking a/c in the bank.
3.A customer must be atleast 18 years of age or above.
4.A customer's income should be enough to be in the position to payback the payday loan at the receipt of next pay.

A payday loan is the an ideal source of quick cash for employed people with emergency cash needs. If an employee is in need of some small cash in hurry and can repay the amount borrowed within a short time interval, a payday loan is the ideal solution for him/her. The process for obtaining a payday loan need not any fax documents from the customers. Simply it is fax less payday loan which can be obtained in a day and can be repaid on next payday.
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