Payday Loans Secrets Revealed: Discover the Truth about Payday Loans
Payday loans get a lot of press these days; both positive and negative. Of course, with all financial institutions and practices being under the microscope in recent years, it’s easy to understand why so many people have reservations and questions about payday loans. However, we have noticed that the mainstream media seems to be on a crusade to discount these types of loans as being scams or less than honest.
In an effort to give you the truth about payday loans, we’ve put together some facts about these loans. By being aware of these facts, you’ll have the information you need to decide whether or not payday loans online are the right option for your fast cash solution.
There are some who claim that payday loans charge extremely high interest rates on their loans. The fact of the matter is, though, that most payday loan lenders do not charge any interest on the loans that they make at all. In fact, the industry standard is for lenders to charge a flat fee for every loan that they make. For example, someone might borrow $200 on a payday loan and pay a one-time fee of $15. When the repayment for the loan comes due, the borrower pays the loan amount plus the fee. That is a far cry from the high interest rates that conventional banks tack on to each and every loan that they make.
Payday Loans: Hidden Fees
Another complaint people make about payday loans is that lenders tack on hidden charges to make more money from every loan. This is simply not true. Payday loan lenders must adhere to honest, ethical lending practices. However, there are some fees that borrowers ignore when they apply for a loan. It is common for payday lenders to charge late fees for loans that are not repaid in full at the agreed upon time.
Thankfully, with online payday loans, this is rarely if ever an issue. You see, payday loans are paid via direct deposit to your bank account. And the final payment is collected the same way. When you apply for online payday loans the same bank account that receives the funds sends an automated payment for the loan on the agreed upon date.
In other words, you shouldn’t expect to pay any hidden fees when you take out payday loans. But, just as it is good practice to always pay your bills on time, it is important that you have adequate funds in your checking account to pay for your loan balance, plus fees, when the payment date rolls around.
Payday Loans: Fast, Convenient Cash
Now that we’ve debunked some of the myths about payday loans, let’s talk about some of the benefits that people get from these types of loans.
When you apply for a loan from a traditional bank or lending institution, it can take weeks to find out whether or not you even qualify to get a loan. And with so many financial issues taking place over the past few years, large banks are more careful than ever about who they issue loans to. Which means you could wait for weeks on a loan, only to find out that you are not approved to receive it.
Payday loans, on the other hand, typically offer you almost instant approval. The most important thing that payday loan lenders want to know is if you are employed/have a steady flow of income. If you do, you are more than likely to receive immediate approval. Of course, you will need to supply some information to your payday lender of choice.
This is the information you’ll need to provide for most payday loans approvals:
- Your contact information. This is your name, address, phone number, etc… The typical information that you would supply to anyone trying to get in touch with you.
- Your bank information. This will include your bank’s address, your checking account number and your bank’s routing number. All of this information can be easily found on your bank statement.
- Proof of employment/income. To both get your funds to you and to receive payment for your loan, payday loans lenders will need to verify that you are employed. Usually, your last period pay stub will suffice as proof of employment.
In the time that it takes you to enter these few bits of information online, you could be approved for your payday loans. Most lenders will send your money, via direct deposit, on the next banking day. If you are applying for the loan late in the day, however, it may take an extra business day for the money to make it to your account.
Once the money is in your account, you have the emergency cash that you need. Whether you’re paying for car repairs, a past due bill or any other debt, payday loans put the money you need in your account as quickly as possible. And since you don’t have to leave your house to request online payday loans, it couldn’t be any more convenient to get the fast cash you need.
Where to get Payday Loans
There are lots of websites that offer payday loans. However, there are so many that most people don’t have the time to read payday loans reviews or testimonials to determine which lender is the best. That’s where we come in. We specialize in helping people find the best lenders. Even if you’ve already checked out some of the more popular lenders, like Payday One or Payday Yes, don’t assume that those are the lenders you should do business with.
Let us help you by checking our network of payday loans lenders. We can help you find the right lender for fast approval and delivery of the funds that you need. There’s no sense wasting your time sorting through hundreds of lenders, when we can simplify the process for you. That way you’ll find the right payday loans, with the best fees and the quick cash you need will be just a day away.