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Payday Loans Spelled Out

Jul 21, 2008
So what happens when you are short on cash and have a bill due or car repairs? Usually you'd let the bill go till you could pay it or ride the bus till your car is fixed, right?

Well, with payday loans you can avoid those unnecessary setbacks. The article below describes payday fast cash loans so you can understand how they can help you.

What are Payday Loans?

Basically it is exactly what it is called. You borrow money till your next payday. These are meant to be short term loans and can cost you a lot more money if you use them long term.

Usually there are no questions asked and they can be processed very quickly for your convenience. There are fees for getting a cash advance but you will get your money quickly and can forget about asking Uncle Bob for the money.

There is a time frame that you decide upon to pay the loan back that should be stuck to or you'll pay a lot for fees after that time period. That is reason enough to pay the loan back quickly! They do not take long to process and you can usually have the money in your hand in a few short hours.

Why do I need a Payday Loan?

As mentioned above, you may have some urgent car repairs or have a bill that is due before you get your paycheck. When it rains, it pours and payday loans can be a live saving umbrella.

When your creditors won't negotiate on your payment due dates and your paycheck falls short of that due date, getting a payday loan to make your payment can be quick and easy and save you all kinds of headaches.

No Credit Check

Usually when you apply for a loan the credit check is what keeps you waiting on your money. Some lenders don't even bother with a credit check. They are actually not interested in your credit history, believe it or not. They merely are interested in your ability to repay what you borrowed out of your next paycheck.

If you are one with a bad credit rating, this is great. You are paying your loan back with a post-dated check from your checking account. Some lenders will debit your account when the loan period is up, therefore saving you the effort of writing a check.

You must have employment to qualify. Usually they require that you've been working for at least three months or receive steady money like disability or social security.

Make sure when you apply for a cash advance that you read the terms and conditions, or rather, the fine print. Some lenders charge you a certain amount of money for every hundred you borrow. Review what kind of fees and penalties are issued if you are late paying the loan back.

If you can't repay the loan in the time frame decided upon, it is possible to roll the loan over for another designated amount of time; however, you will pay a fee for it.

How can you be smart and responsible when considering a Payday Loan? You should know that the amount you borrow should be the most minimal amount that you require, and to pay off the loan as soon as you can.

In some states it is mandated how long you may keep the loan active and how many loans you may have at the same time but a smart consumer will be able to keep track and handle their own business.

Fast money

Payday fast cash loans are just that...fast. With no credit check to run through and only a few papers to sign, you are on your way to money in hand with no strings attached. If you are in a crunch, a few minutes is all you need to apply and receive money.
About the Author
Michael New Jr. is an authority in the financial industry. He has written hundreds of articles relating to consumer services and Payday Loans.

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Michael New Jr.
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