Instant Pay Day Cash Loans

by : Scarlette Riley

There are times in life when we face the unprecedented money crunch to fix our motor vehicle or we discover that something that we have always cherished for is on a sale for a limited time and all we end up doing is to pray that the sale remains till we get our next paycheck. There is nothing to worry if we find ourselves stuck in a situation of emergency where we may need money on an urgent basis, as instant payday cash loans can come in as a our savior till our next paycheck comes in.

What: An instant payday loan is a loan wherein a lender lends a modest financial amount for a very short period of time. There are numerous organizations which give out check cash services online. Also some banks and financial institutions offer pay day loans. One can apply online or can actually visit the lender's organization for availing the payday loan. Usually a payday loan company charges 15 to 30 per 100 borrowed. The APR of payday loan cash advance interest boosts up to 391%.
Who: Prerequisites of most of the companies that give out instant payday loans are that the individual applying for the loan must be above 18 years in age and should necessarily have some fixed monthly source of income, and must have a checking A/c in a bank. Ideally the monthly income should be greater than ?1000.
When: The process of availing the loan amount is pretty simple, and in general one gets the loan amount sanctioned within 24 hours of filing the application. The companies have their automated system to verify the documents of applicant and then approve your loan. The whole procedure of verification of the identity of the applicant, and depositing the money in the checking A/c of the applicant takes 24 hours of time and at time even less. The usual limit for such a loan is ? 500 for first timers and can increase when the applicant comes back to the organization for another payday loan.
Important Things to know before applying about instant payday loans:
One must check out the interest rates and the additional fees associated with the loan. Some organizations often offer low interest rates but end up charging very high additional fees.
&bullOne must carefully go through the policies of the company and legal matters complied with.
&bullLast but not the least one must remember that the lender organization takes the money off from the checking A/c on the date of the pay day and if the borrower fails to repay the loan on the scheduled date then he/she may have to ask to rollover the loan amount which often involves some high fees plus not to forget the rate of interest of the pay day cash loan is already high. All in all instant payday loan suites for an individual who needs money on an urgent basis and is sure that he/she can return it on the day of their paycheck.