Are you struggling to keep up with the sudden rise in medical expenses, unreasonable car repair bills or late fees on credit card bills? Financial crunch nowadays is quite a common problem. Payday cash advances might just be the solution you need. Two things you need to keep in mind though. First, payday loans are for relatively smaller amounts and second, it generally doesn’t have long payback duration. People at times are hesitant of applying for a payday loan because they don’t understand the process and the features it provides. Are you on that list? Let’s brush up the why’s and how’s then, through a FAQ format.

• What exactly are payday loans?

To put it very clearly these are unsecured quick cash advances that you can use while experiencing temporary financial roadblocks. The payback terms are regulated by a certain annual percentage rate (APR) to prevent lenders from extracting exorbitant interest rates from loan applications. Don’t sweat over the word unsecured. Payday cash advances are often termed as unsecured cash advances because repayment terms are not linked with borrower’s paycheck although it requires the consumers to have a previous payroll or employment detail.

• When do you apply for payday loans?

The answer to this question depends entirely on your needs and decision. Primarily, payday cash advances are for small amounts ranging from a few hundred bucks to a few thousands. It is important to note that application of payday loan is advised only for a brief financial shortage. Long term benefits might be availed only when you decide to activate the “roll it over” option. This feature enables you to avail the benefits of the payday loan for longer periods but the payback amount will continue to accumulate at the same interest rate.

• What expense can you expect?

Payday cash advances are known to be quite expensive considering the APR levied. Though the APR depends on the concerned state or the location where the transaction is taking place but it is reported that usually you have to pay an APR of over 40% on the loan amount. This is another good reason why payday loans are only recommended for short term usage.

• How to apply and obtain the funds?

Let’s look at both the options available, online and in store that is.

Online: Well, this starts with a few simple steps, filling up the required details, providing the information required which might include uploading a photograph and scanned signature to sign the contract online , and then just click the submit button or send the downloaded form to the email address provided. The funds applied will be transferred to your active bank account mentioned ideally within one business day. You might avail the online payback facility to refund the amount within the stipulated time.

In store: Once the offline application gets approved you can avail the funds immediately. But before you get hold of the funds you need to sign a check stating the full repayment amount and the fee requested by the lender. The lender will cash in the check only when you are ready to payback.

 Make sure you do your math properly because if your plans to borrow are not chalked out properly the high APR levied payday loans might aggravate your fund shortage. Sort out the best in the business and choose wisely according to your needs and meticulously analyze the repayment options to optimize your fund utilization.

Online Loans Same Day: How to Apply on the Internet?

Emergency cash loans or no credit check payday loans are now being used by a vast number of people who look for urgent cash for meeting their short-term needs. With these innovative credit products, money is deposited into their bank accounts within minutes of sending the online application. It is not always possible to borrow from your family members or friends. In this situation, payday lenders can work as a messiah for you.

Online loans same day have become popular due to the following reasons:

• Fast and simple online application
• Approval is done online
• Direct deposit to your bank account online

Understanding the application procedure of the loan is crucial prior to choosing a lender.

How to apply for online loans same day

Applying for same day payday loans is simple. You just have to visit the website of your chosen payday lender and complete an online application form with some basic details about yourself. The information that you need to provide is basically the following:

#1 Personal Details

• Your name
• Your email address
• Your residential address
• City and state you are living in
• Postal code or zip code
• Home phone and mobile phone numbers
• Date of birth
• Whether you stay in a rented or owned residence
• Your Social Security Number

#2 Occupational Details

• Your employment history
• Source of your income
• Name of the employer
• Your job title/designation
• Whether you are employed with the military
• Time for which you have been employed with your current employer
• Your net annual income
• Frequency of salary payment

#3 Bank Details

• Name of the bank
• Type of account you have with the bank (checking or saving)
• Bank account number

Once you fill out the application form with all the relevant details mentioned above, you will be instantly informed whether you are eligible for the loan or not. You don’t need to fax any document to the lender for being eligible and this is the reason why these loans are known as fax less payday loans. The procedure is hassle-free and saves you a lot of time. If lenders are satisfied with your application, they will transfer the amount to your bank account within just one hour, even before you are expecting the money. The transparency and flexibility of the lenders will amaze you.

If used in the right way, a fast cash loan can work wonders for you and help you come out of a pressing situation. However, avoiding scam lenders is also important and you can ascertain this by checking whether the lender uses the SSL encryption measures in their website and reading customer feedback and comments about them.

No Fax or Fax less Payday Loans- Making Life Easier!

A financial emergency can occur at any point of time. We all know that life is full of unexpected events and unanticipated expenses can crop up in the middle of month. This is when you may need financial assistance. A faxless payday loan is designed to meet the unexpected expenses of a borrower at the most difficult times.

No fax or faxless payday loan service helps people to combat an emergency. It provides support until the next paycheck. You can consider a no fax payday loan to meet diverse expenses like medical emergencies, family expenses, some unexpected bills, a holiday, car repair, home repair and for any special occasion.

The best thing is that fax less payday loans do not include any such overdraft fees. This helps a borrower to get an amount which would be suitable to meet his or her emergency expenses. The process of getting a no fax payday loan is fast and easy without the need to complete lengthy procedure.

You can apply for the loan and get instant approval within an hour. It depends on the lender or the lending institution from where you may be applying for the no fax payday loan. When some companies and lenders provide approval within a couple of minutes, there are others that provide approval within 24 hours of receiving the application.

Once your application is received, it would be verified by the experts. All details are verified and then the approval comes. This is just to guarantee that you meet the required criteria put forward by the lending institution for achieving the fax less cash advance. Once approved, the amount of no fax payday loan will then be deposited right into your savings or checking account on the next business day.

The whole process of the payday loan is effective and fast. The major factors taken into account when applying for the no fax payday loan include a steady job with monthly earnings of minimum $1000, permanent citizenship of the country where you are applying for the loan and an active savings or checking bank account with the direct deposit.

Overall, no fax cash advance means that you will have the privilege to obtain cash without following any lengthy procedure. You don’t need to complete a bunch of paper work and faxing them all to the lender. If you require a same day fax less payday loan, then you can apply right away without any hassle.

Banks and Payday Loan Companies – the Rivalry

Payday lending businesses have always got much controversy around them. They are not really much liked by banks and are considered predatory by many people. They say that payday lenders take advantage of borrowers living on tight budget and striving to make ends meet. They position it as emergency help and as fast loan that can be obtained in very short time. However, they tend not to stress the most essential aspect of such lending and it is high interest rates for such loans. When asked, lenders justify their rates as appropriate for such short term loans and if they start charging smaller rates, there will be no sense in the business and there will be no profit.

There is some point to it to some extent. When you take some local company in your area and make some sort of analysis, you will see that they definitely have to gain some profit in order to cover all their expenses. They have rent to pay and staff to pay wages to and all the rest of the taxes and utility bills and etc. This is not small money; and in certain terms the rates that payday lenders charge are comparable with the credit card ones with the only difference that the latter are long-term loans and payday ones are short-term and are a bit harder to repay. It is hard for payday loans to compete with banks and the latter do not have any liking of them.

The reason of bank’s dislike of payday lenders is that the latter basically take their bread. People prefer to apply for the fast and convenient services of instant payday loans online instead of going through the tedious bank procedure with all the lines and credit checks and paperwork. The application process in payday lenders office is much faster and if the procedure is carried online, things get even simpler. In this case no customer will choose a bank with its wait of approval and the prospect of being refused.

In a bank a person gets free checking account and they hope for some mistake when a person bounces a check. Then there is a $30 charge for overdraft and when it comes to payday lenders, they offer small loans such as starting from$100 and up to $500, aiming to help a person with emergency expenses. This looks much more appealing in comparison with all the banks and their overdraft fees.

There is also one more thing that banks have against payday lenders and it is that they are unable to attract so many customers for their long-term contracts as payday lenders get with their short-term loans. The thing is that the majority of people need small loans for short time but they have to take a minimum $1000 loan from a bank that they actually do not need. In case of payday lenders they can get exactly the amount they need and this looks very beneficial and advantageous.

With banks everything is always complicated. When it is a secured loan, a person has to provide something to be pledged as collateral and this is complicated for many people who have no valuable possessions such as cars or houses. With payday loans things are easier and the requirements are few. There always has been and there will be the rivalry and hostility in these two camps, there is nothing to do about it.