Posts Tagged ‘instant payday lenders’

How To Find Instant Payday Lenders That Approve Cash Advances Within An Hour?

If you are going through an unexpected yet temporary financial crisis, you are likely to be tempted to borrow money from instant payday lenders who allow consumers to borrow quick cash of up to $1000 on very simple eligibility criteria. Even the application and verification process is very fast. Here you fill up and submit your application online and there the lender deposits the check in your bank account. Now, it depends on your bank’s operations how fast they collect that check. In most cases, the money is credited to your account and becomes available for your use within 24 hours. Thus it is very important for you to keep in mind that though the approval from lender may come within an hour, but you must expect to get the money in your hand within at least 24 hours if it is a business day. In some cases, it can take more time also, especially if the check has been deposited in the evening and the next day is a weekend. Following is a brief overview on how to and whether you should obtain instant payday loans.

You Can Find A Payday Loan Store At Every Nook And Corner

It is very easy to find instant payday lenders, as there is a payday loan store available at almost every nook and corner of all the cities in the United States of America. Almost every payday lending company requires you to meet 5-point eligibility criteria, which include being a US citizen, at least 18 years old, currently employed, a certain minimum amount of monthly income (this varies from one lender to another but usually ranges from $500 to $1000) and a checking account in your name (this is the bank account where you get your paycheck disposed every month).

In fact, even if you do not have a checking account, most instant payday lenders may still consider you as an eligible applicant provided you show proof of income, and better, if you also have at least a saving bank account. This type of loan is usually referred to as no checking account payday loan. In any case, your credit score is not checked at all. Even if you have poor or bad credit score, lenders do not bother about it. That is the reason why payday cash advances are also popularly known as no credit payday loans. What is more, in order to apply for these loans, you just have to fill out a simple application form either manually at a nearby payday loan store or online through the official website of the payday lending company. You do not have to go through any paperwork. No wonder why these instant short-term cash advances are also commonly known as faxless payday loans or paperless payday loans.

Despite The Plethora Of Attractive Features, Why You Should Never Borrow An Instant Payday Loan?

It is not just about borrowing from instant payday lenders; you should in fact never borrow any type of payday loan at the first place. The reasons are pretty obvious – these loans will rob your bank account, as they are extremely costly. You must be wondering if it is true how come thousands of borrowers are still ‘taking advantage’ of these quick loans. Well, that is half truth; the other side of the truth is that over 90% of the borrowers eventually get trapped into a vicious cycle of payday debt and a very large percentage of them even go bankrupt because it ruins their finances beyond repair. Thanks to the aggressive advertising strategies done by payday loan companies that most consumers often feel tempted to borrow these loans. But, you are advised not to make a financial decision just on the basis of temptation. When it comes to making a financial decision, make sure it is based on facts and logics.

Overall, though it is very easy to find instant payday lenders, you are still recommended to opt for better alternatives, such as borrowing from friends, employers, credit unions and others. You can even consider borrowing a cash advance using your credit card; thought not something recommended, it still makes a much cheaper alternative than highly risky payday loan programs.

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