Thursday, November 1, 2012

Benefits Of An Instant Online Payday Loan

Instant online payday loans are becoming very popular. The process of filling up an online form is easy and within an hour's time, the loan is approved without any credit check. The first thing you should do before going for an instant online payday loan is to check if the online payday loan company is registered with the Better Business Bureau. If not, then move ahead and continue your online search for a better option.

Understanding The Need For A Loan

Many people because of the hurry to fulfill their financial crisis do not do a thorough search on the internet. The concept behind an instant online payday loan is to get the money instantly in the bank account of a customer and can pay the loan back on the next payday. The APR tends to get higher with time if the loan prevails for over a period of time. The payday loan application is very simple and easy as it states all the terms and conditions of a payday loan.

In an instant online payday loan, the lender does not check your credit record before providing with the loan. You can get an advance payday loan ranging from $300-$1000 depending on the loan company.

A payday loan is also known as the cash advance loan. Cash advance loans are a better option to borrowing money from friends and family. The money charges on this cash advance are $18 for each $100. The term of a cash advance is one to four weeks, which coincide with the next payday.

Payday Loans With Bad Credit History

Usually loan companies avoid giving loans to many customers due to their bad credit. For them, there is a special payday loan, which is known as the bad credit payday loan. This bad credit payday loan provides them with fast cash during any emergency. With bad credit, getting a personal loan becomes tough and fast cash is next to impossible. The only negative point of this bad credit payday loan is that the fees are very high compared to any other payday loan.

It is always said that a person who is having any sort of debt issue should go to a no or low cost credit counseling non- profit organization. The organizations help people to get a low monthly payment and they also help in reducing the interest charges.

Hurry! To get Online Payday Loans in Seconds

Are you a salaried person? Is the amount you get at the end of each month insufficient? Are you in need of immediate finance? Then end up all your queries with online payday loans. Online payday loans are unsecured short term loans. These loans are approved without any collateral.

Online payday loans are availed to you when you fill an online application with all your details like name, occupation, standing income, amount of loan, purpose of loan etc. The online payday loans can be used for various emergency purposes requirements like paying of medical bills, store bills, garage bills of car etc. Online payday loans cover the unexpected expenses while avoiding costly bounced check-fees and late payment penalties.

Online payday loans require you to make a post dated cheque containing the borrowed amount and the interest charged on the loan amount to the lender. The amount of online payday loans ranges from £1000 to £1500. These loans are opted for a period of 2-4 weeks till the borrower gets his next paycheque. In case you want to extend the loan duration then you are allowed the same.

Are you again worried for the approval of online payday loans because of your bad credit? Then take a break, as online payday loans are approved fast without checking your credit history. Bad credit may happen due to late payments, CCJs, IVA, arrears, bankruptcy etc. Even bad credit can make space for online payday loans. As such, the lender gets convince of getting back the loaned amount because of fixed monthly salary of the borrower.

Thus online payday loans are unique in a way as you get the loan amount in no time without any fuss. Any time you apply for online payday loans and with in seconds the amount is transferred to your account.

Helpful Tips On How To Avoid Getting Financial Trapped With An Online Payday Loan

Whoever created the online payday loan created a massive profit center for banks, finance company and moneylenders? But these loans can become a nightmare for the naive Internet consumer who becomes bogged down by automatic payments deducted from their checking account on a bi-monthly basis.

These overpriced loans go by several names, online payday loans, online cash advance loans, online check advance loans, online post-dated check loans or online deferred deposit check loans. An online payday loan by any name means high interest rates. These convenient online payday loans come at a very high price.

These loans all have the same impact on the bottom line of the consumer, the interest rate will kill you if you don't handle your loan with care. The online payday loan process involves the following:

1.Provide the online payday loan company a personal check payable to the lender for the amount of the loan plus the fee.

2.The check is post dated until the day of your payday. Usually two weeks from the time you request the loan.

3.The money you request is electronically transferred into your checking account.

4.On your payday, the loan company sends your check through your account.

5.There is an extension for some online payday loans but they will cost you more money.

If you choose to extend your loan, you will pay a few for each time you do this is called a roll over payment. If you choose to do a rollover for $100 loan your fees will jump to 60.00 for borrowing $100. For a prudent buyer, the high interest rate is outrageous but for a desperate consumer trying to make ends meet. The ends may justify the means.

The problem is that once consumers start using these high priced services, they get stuck and cannot get out of the hole except by more borrowing. Getting money this way is the only resource for a vast number of people. The lenders exploit this segment of the population to line their pockets with huge profits. Some of the online payday loan programs charge in excess of 391% APR for these quick convenient online payday loans.

To get out of the quagmire of the online payday loan's clutches do some of the following:

Get a part-time job. This may be an extreme solution but it will prevent the need to borrow money from online payday loan providers at their exorbitant interest rates.

Ask family of friends for a loan and pay them back promptly.

Shop for the cheapest interest rate you can get if you must use an online payday loan.

Monitor your checking account carefully after you apply for one of these online payday loans to make sure they do not abuse your information.

Check to see if your employer has an emergency loan program. It might be embarrassing to ask but you will save a lot of money in the meantime.

You may be able to get overdraft protection on your checking account so you can write a check for the emergency loan at a much lower cost.

These online payday loans can become a habit and an expensive one. Look in your closet to see if you have something to sell. Avoid getting your finances dependent on online payday loans. If you are there, make it a point to get out of the loan as soon as possible.