You can opt for an easy online payday loan if you face a financial emergency. It may happen that you have to urgently meet some unexpected bills like car repair bills or a huge grocery bill in the middle of the month. At such a time a quick loan of cash is what you need the most to help you overcome the expense. These loans are called by this name as you can get them easily through online transaction. Their repayment time period is about two weeks that is till your next payday. The amount lent through this system is small and ranges from $100 to $1000 only.
The Loan Is Instant
The greatest advantage of easy online payday loans is that they can be got instantly within 24 hours through a very simple online process. This means that you needn't waste time in personally going and applying for the cash advance. One cannot deny that another added advantage of the online process is that the ordeal of facing someone in such an embarrassing situation is not there. You have to provide some details in the company's online loan application form like your name, address, employer's name and bank account number. Once the application is approved of, the lending company transfers the required loan amount into your bank account. The main eligibility criteria for the loan are that the borrower should be 18 years or above, employed and having a valid bank account.
High Interest
The only disadvantage of easy online payday loans is that the interest rate is high, generally $15 to $30 per $100. The company will expect you to write a post-dated check for the total amount of the borrowing cum the interest. The condition is that on your next payday you must repay the loan. It is also a good idea to repay the borrowed amount within the time period. Borrowers will agree that a reason why lending companies are keeping such a high rate of interest (about 390% to 780% when expressed as annual percentage rate) is because the lenders are at a risk, providing cash loans to people without collateral or any other security. Moreover these companies also provide loans to people with a bad credit score.
A Suitable Deal
Nowadays there is stiff competition among the payday loan companies. You can get information on all of them from the Internet. It is advisable to conduct your own research about the rules and interest rates of different companies before you decide on a suitable company. With the availability of easy online payday loans you can stop worrying about your mid month financial problems.
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