Payday loans

Online Payday Loan Lender - Tide over your Financial Crisis

An online payday loan lender can rescue you, if you often find yourself short of cash in the middle of the month or it has happened only in this month. You will come across many lenders on the internet ready to give you payday advance loan. A payday loan is one, which is given on the security of your salary or your monthly income. This means that you have to be in service or you should have substantial means to show that you have a fixed monthly income to qualify for a payday loan. The online payday loan lender charges a one-time fee on the loan advance he provides you. This fee is very high if you compare it to conventional finance. Therefore, before opting for a payday loan you must explore all other options of securing finance.

Features of Payday Advance Loan

  1. A payday loan is a short-term loan, which is given for 1-2 weeks.
  2. The interest rate is high at about 18 %; it could be a couple of points higher or lower in certain cases.
  3. This is an unsecured cash loan, which you guarantee to repay on your next payday.
  4. The amount of the loan is also small, usually below 1500 dollars.
  5. The online payday loan lender takes a post-dated check from your banking account for the loan amount and his fee.
  6. On the due date, you can give cash to the online payday loan lender and take back the check or ask him to withdraw cash by means of the post-dated check. In case you are unable to pay on the due date, you can ask for a roll over. This means that you will pay on the due date next month. But, you have to pay double the fee per week if you opt for a roll over.

In case you have no option and you have to contact an online payday loan lender, then make sure of a few things for your own safety. Shop wisely on the internet to find a lender of repute. Check out the credentials of the online payday loan lender with the department of financial institutions. Find an online lender who provides overnight payday loan, which means you get your loan in 24 hours. Plan your budget before hand and pay on the due date. Check out with credit unions for lower fee structure. Ask for the cost of credit under the Truth in Lending Act. Ask for the APR (annual percentage rate) and check it with the maximum permitted range of your state.



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