A payday loan is a cash advance for a short period of time. You can borrow up to $2000 and will have to pay the money back within 30 days maximum. All you need in order to be eligible for this type of loan is to be over the age of 18 with a bank account and a fixed source of income. Even people with bad credit can get this loan by applying for a bad credit payday loan, and perhaps the biggest benefit is that the money you borrow will be transferred to your bank account in a short period of time, sometimes even within a few hours.
A fast payday loan is a great solution for anybody in need for quick cash to pay an unexpected bill or for any emergency and doesn’t have the cash available.
A bit about the payday loan rate
Since payday loans are a quick way to get cash, the interest rate lenders offer you are high. Rates range between 10% – 30% depending on the amount you wish to borrow and the type of repayment plan you choose to go with. If you fail to pay the loan back on the deadline the interest you’re supposed to pay will be double for the following repayment period. For this reason, people who are in debt should avoid applying for a payday loan.
The fastest way to get a payday loan
The internet is a great source to find information and considered by financial experts as the best place to apply for any type of loan. By applying for a no fax payday loan you can enjoy a quick approval procedure hassle free. Before you sign the dotted line make sure to compare payday loan rates from at least 3 different companies. If you happen to come across a very low rate meaning lower than 15% call up the company making sure they are legit. If the rate is lower than 10% I would advise you to find a different lender.