A Guide To
A payday loan is a cash advance on your
paycheck for usually up to 50% of what you will earn. There
are many lending agencies that offer this service and more
are springing up online as well. Between the Internet and
the telephone system, you can have money directly deposited
into your account in no time at all without stepping foot in
a loan office!
Whether you have good credit history, bad credit history, or
no credit history at all, there is a very good chance that
you may qualify for a payday loan. Part of the reason is
because pay day loan companies are like brokers who find
lending agencies for their customers.
Occasionally, but not always, the customer will be asked to
fax some information to the lending agency in order to allow
them to make a decision on whether or not they will lend
money to you and how much they will be willing to lend.
However, there are lending agencies out there who do not
require you to fax any information in order for them to
process a loan, since they can verify some of your
information online very quickly.
For this service, lending agencies will charge a fee or may
charge a higher interest rate than other types of loans.
Typically, you will be expected to repay the loan plus the
fee or interest on your next pay date. If however, you
cannot pay at that time, you may be able to get an
Payday Loans are a great way to get a little money upfront
if you cannot wait until payday comes. Perhaps you have an
emergency or a great opportunity that you would otherwise
not be able to enjoy if you waited until you got paid.
You need to be careful, though. Payday loans can be good,
but they can be a dangerous habit to get into if you find
yourself strapped for cash in the days leading up to every
paycheck. Perhaps then you would be better off analyzing
your budget and determining whether or not your spending
habits or income is in line with your expectations.
About The Author
Jeff Lakie is the founder of http://www.my-payday-advance.info
websites providing information on