You have probably heard a lot of hype about payday loans
. They have certainly become extremely popular as of late. The popularity of these types of loans has soared even more so online. A payday loan is a short term loan that is borrowed against your next pay check. Most companies will grant the borrower from 2 weeks to 30 days to pay back the loan and interest fees. There are companies that offer free payday loans available on the net.
What is a Free Payday Loan?
A free payday loan is a type of loan that gives the customer an interest free payday loan. There isn't any interest added to a free payday loan.
How do Free Payday Loans Work?
As I said earlier there's no interest on the amount borrowed. There are certain limitations though. Fees and interest will be applied to the loan unles it's paid back by the due date that is set when you borrowed the money. A free payday loan is only available to first time customers. After you borrow the first time, there are no more freebies.
How Can I Qualify for a Free Payday Loan?
It must be your first time borrowing and you will need a checking account. In most cases you will need to have a pay check of at least $1000 a month.
A Free Payday Loan - How do I Find One?
Just do a search at Google or any search engine you prefer fo the phrase "free payday loan" and you will find these lending companies and information about them.
How Do I obtain a Free Payday Loan?
Once you find a company that provides these loans. The company will have a short form, once you fill it out they will provide you with the steps you need to take. Usually the procedure is very easy. Worst case scenario you will be faxing your banking information.
What Amount Can I Borrow?
$300 seems to be the limit usually. Lenders do not usually provide an interest free loan of more than that.
Let's recap the highlights about free payday loans. They are for first time customers only. They are only interest free if you payback on time. There are some rules for qualifying. You may have to fax some documents but you will need to fill out an easy form.
After the initial loan a lot of these companies will do larger loans. The next loan will have interest applied to it. As I mentioned earlier a free payday loan is for first time borrowers only.