The main advantage offered by the good lender for you is the simple online application form which can be completed and submitted in minutes. The main requirements for the approval of payday loan are an active and valid checking account, monthly income of $1000 from a reliable source, and minimum age of the applicant which must be at least 18 years. The online application form is simple and needs to include the minimum details regarding your employment, bank account and financial status.
The additional details that must be entered in your online application form are your Social Security Number, Email ID, address and phone number. The other requirements are that your checking account must have the Direct Deposit feature, by which the payday loan amount can be directly deposited in your checking account. The payday loan processes will be over in 24 hours and the cash advance will be deposited to your checking account directly the next business day. Payday loan lenders will not deny your online application even if your credit score is bad, but the loan amount varies according to your credit score. The payday loan lasts till your next payday, and the duration is generally two weeks.
If you can't repay the payday loan amount on the repayment date you can extend the loan period to the next payday with an extension fee. Remember, the faxless payday loans amount and the interest rate will be automatically withdrawn from your checking account on the repayment date, unless you require for an extension at least three days before the previously agreed upon repayment date.
Rates are what any loan is all about, and they could discourage many individuals suffering from bad credit from approaching lenders. What sets short term payday loans apart is the fact that that many payday loan lenders offer their cash services even for individuals with bad credit.
If you're in a really bad credit situation and you have mounting cash needs between your paydays, the payday loan is just about the only option you have of setting your finances in order and rebuilding your credit.
But before you select a payday loan lender, make sure you get the Payday loan rates right. Payday loan rates include the finance charge or interest rate for the loan amount you borrow, and other charges for the application, extension, and flexible repayment options.
Generally finance charges for payday loans range from $15 to $30 per $100 borrowed, which would translate to 390% to 780% in APR rates. Payday lenders are required by law to publish their APR rates and give you any information you demand about the rates and the terms and conditions of the no teletrack payday loans. The APR is the Annual Percentage of Rate of Interest.
Before you apply or agree to the terms and conditions ensure that you check out the APR comparison chart. Some states such as New Mexico have passed laws regulating the rate of interest charged. Payday loan rates also depend on your credit score. Your credit score may not discourage you from a payday lender, but the better your credit rating the more competitive the rates you're charged.