subject: Ever Wonder How Payday Loans Work; Here's Your Answer [print this page] A payday loan allows you to receive a cash advance based on the anticipation that when you are paid, you will pay the payday lender back. Finance charges can vary between payday loan companies, so it is best to look into several lenders before filling out an application. Once approved, you can receive your money within an hour in some cases. Typically you will receive your money within 24 hours. Repay your loan on your next payday, or the date you and the lender agree on, to avoid additional finance charges.
Don't work with just any lender. You should start by comparing lenders. There are many free resources on the web to help you easily compare various payday lenders. You can verify the information on the payday lenders' sites. Look for favorable terms, low finance charges and easy of use.
On average you can expect to pay $15 for every $100 advanced. You can borrow up to $1,500, but the typical amount is between $200 and $500.
You can do this all from the comfort of your own home. The advantage of working with an online payday lender is you don't have to worry about paperwork. To apply online, you simply need to enter your contact information, income level, checking account information, etc.
In most instances, you never need to fax in documents. However, occasionally, you may need to fax in documents when applying for a large loan. The lenders may ask you to fax in items such as pay stubs or bank statements. Sometimes you may find better rates with these lenders, so it pays to at least check out their rates.
The application process generally only takes minutes to complete online. Typically you will know within minutes after submitting your application if you have been approved for the payday loan. If you are approved for the payday loan, your money will be directly deposited to your checking.
Paying back your payday loan is easy with online payday lenders. With most online payday companies, your payment will be automatically deducted from your checking account. This payment will include the loan's principal and finance charge. Some payday lenders may offer you the option of rolling over the loan to another payday. If you choose this option, additional finance charges may apply.
Follow these tips to get the most out of your payday loan experience.
Ever Wonder How Payday Loans Work; Here's Your Answer
By: P. Brett
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