You may have heard of something called a quick payday loan, but is it a suitable solution for you?
Understanding the quick loan
Payday loans are often called quick loans or same day loans. This is due to the fact that typically, pay day loan companies give you an almost instant decision and you may be able to have the loan paid into your bank account within just a few hours, or usually on the same day or the day after. Three important facts regarding payday loans are:
quick payday loans typically allow you to borrow usually between $100 and up to around $500, although the actual sums may differ between lenders with some allowing you to borrow less or more;
the amount of money borrowed is repaid back very quickly too, usually on your next payday, together with any fees and interest;
the payday loan is a short term loan only, meaning you do not borrow and repay over many months or years as you might with any other loan.
Benefits of a payday loan
Usually when applying for a payday loan you can often complete the entire application online and get an answer very quickly. Usually there is no paperwork involved so there is no waiting around for the necessary forms to come in the post which you then have to sign and send back.
No faxing payday loans are available, so in some cases there is not even the need to fax any documentation. This means that many lenders are able to pay the money directly into your bank account within just a few hours, or the next day, depending on whether your bank can accept immediate transfers.
Repaying your loan
Repaying a quick payday loan can usually be easy. When you apply for the loan the lender asks for your debit card details and this is how the cash advance is typically repaid. As long as the money is in your account, you do not have to do anything at all as when the agreed date comes around – usually your next payday – the money is taken directly from your bank account via the associated card. You do not have to remember to make the repayment nor do you have to arrange for a direct debit to be taken each month as you pay back the loan and any interest and / or fees back in one go.