Do you need cash fast for an emergency but have nowhere to turn for relief? If so, take advantage of payday loans. These loans will help you get through your emergency without a hassle in no time. Payday loans are emergency loans offered by online lenders to help people who get regular income get through tough financial times.
Why use a payday loan?
Unlike is the case with traditional bank loans, you do not need to have good credit to be approved for a payday loan. The lenders are only interested in your ability to pay back the loan, not your past credit. Therefore, to be approved, you must be employed or show proof of getting regular income. For instance, if you are not employed but get regular payments such as alimony or disability benefits, you can still qualify for the loan.
Emergency payday loans are great for financial crunches because they are approved fast, usually within a few hours after your application. The application is done online and no documents have to be faxed to the lender. To get approved, you must meet the minimum requirements for financing set by the lender. In most cases, you must have been in employment for at least three consecutive months, must have an active checking account and must be a legal US resident.
The application process for an online payday loans is fast and easy. You simply need to fill an online form at the lender’s website, indicate your personal details and bank account where the money will be sent, and submit the form. Some lenders have short one-page applications that can be filled within a few minutes. When your loan is approved, you will be notified by phone or email. The money will then be deposited in your bank account.
What are the rates charged for payday loans?
Emergency payday loans are short-term loans that usually have to be paid within 30 days or on your next payday. The interest rates charged for the loans vary depending on the amount that you borrow and the lender you are working with. Most lenders charge from 10 to 30 percent. It is important to compare the rates charges by different lenders to find a loan that will not stress you to pay back.
When you need cash fast for any type of expense, be it personal or business, you can rely on payday loans for relief.
About the Author
Robin Williams is an Executive at CashOne, a leading provider of online payday loans in the US. CashOne’s emergency payday loans means cash in your bank account within one hour, with low fees, fast approval, flexible payment options and no credit checks.