!> Get Fast Loan Now home improvement submit site Approved in 1 minute

Get Approved home improvement submit site Easy approval 5 minutes

Most of us have experienced a minor crisis which called for immediate cash If you have been in this position you may have considered taking out a payday loan also known as a cash advance or paycheck loan Its a well known fact that these loans feature steep finance charges obligating the borrower to repay the debt at an annualized interest rate of over 900 Because of the high cost of this form of borrowing payday loans should only be used as a last resort Using them frequently can trap a person in a dangerous cycle of debt

If you decide on a cash advance loan you have a number of options To the dismay of many lawmakers this form of lending has proliferated throughout the US and Canada and those who dont have local access to a lender can easily find one online In fact your online payday loan options are so abundant that you may have some difficulty in settling upon a lender The following are some unique features of payday loans and a few guidelines to follow when getting one

Exactly how high are the finance charges A typical $250 payday loan carries finance charges from about $40 to $75 which translates into an APR of 400 to 800 Not much of a bargain but you can find significant differences from lender to lender

One criteria you can use to compare payday loan companies is the maximum amount they will lend The minimum amount is normally around $200 with the upper limit being somewhere around $2000 The precise amount will be determined by several factors including your income and work history In many cases you will be able to increase the maximum amount for which you are eligible by building a history with the lender Take care not to borrow more than you can afford to repay on the specified date or you will incur even more finance charges

How quickly will you receive your money If you get the cash advance in person at a local establishment you will have the cash as soon as you are approved Online lenders take slightly longer with the next business day being the norm Some companies offer money wired into your account on the same business day provided you receive approval before a certain time for instance 200 pm You will probably pay more in fees for same-day service

The minimum monthly income requirement for a payday loan can be as low as $800 not a big issue for most full time workers Most lenders will not run a credit check however many of them use some type of tracking service that verifies identity and other information given by the loan applicant

What if you are self employed or living on a fixed income like a pension or social security Not all lenders will extend credit for this type of income but you can find one with some persistence In the event that you receive some non-traditional form of income that you want considered the lender will verify the income by looking at your bank statements

Do you happen to have access to a fax machine With many payday loan companies you wont need it No Fax lenders are the norm these days While some lenders may require you to fax proof of income most of the time everything can be verified online saving valuable time in getting your money which can be deposited directly into your checking or savings account