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Low Interest Payday Loans
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Many people are interested in pay day loans, apart from normal loans. Payday loans are loans which are small and short term in nature. They are usually given in the form of cash and at the, same time the borrower have to give post dated cheque, which includes in it the accrued interest and the principal loan. The main problem is to find a proper low interest pay day loan. There is one disadvantage in the pay day loan which is they are
not flexible in their interest rate and they fluctuate a lot. Since it is quiet difficult to find a payday loan, people often get into financial trouble when they don?t repay on time. In this case the length of repayment is very short i.e. fifteen days or may be thirty days. Here are the things that you need, to apply for a low interest pay day loan: First and the most important thing a lender will ask is your proof of identity, you?re banking information which will include your bank account number, where you are employed. Then taking into consideration all the above factors a lender will determine the amount of loan you can borrow from them.
The biggest advantage of this type of loan is that, here your credit history is not checked by the lender or the financial institutions and hence all the loans are received in the matter of minutes. The biggest disadvantage of this loan is that people can?t pay the full amount on time because of the interest and the fees which is applied on the loan. Here is a way to find out the annual percentage rate which is (APR) of a low interest payday loan: It is a very useful tool to compare rates of the lenders and other loan companies: the formula for which is, you can begin by multiplying the payday loan fees by number of pay periods in a year, so if a lender of a payday loan charges a fee every two weeks, then there are twenty six pay periods
Ways to avail payday loan for self employed individuals: nowadays low interest pay day loans are very easily available to self employed people, because there are many lenders and finance companies who are offering such loans; there are many online finance companies who also offer pay day loans at low interest rates. They also provide search tools in their website so that a person opting for loan can find out with accuracy what will be the interest rate of the pay day loan. So normally an online pay day loan company offers a loan when a person opting for the loan shows his last three month?s bank statement as a proof of income. So when you are in an urgent need for money pay day cash loans provide you with that urgent relief. There are basically many pros and cons of applying for such loans, i.e. if you use your pay day loan in proper manner, then you can save your need for that time, as long as you are in a financial position to repay the loan with high fees and interest. Each payday loan company has a different maximum payout. Most of the companies offer short term loans, whereas many online loan companies offer approved loans with higher amounts. The most important point to be considered here is that the more money borrowed from the company, the higher is the interest rate of the company. For a written example you can get a loan of $1400, with absolutely no collateral or no credit check, but if a loan company offers a loan which is more than $1400, then they can ask for collateral or your credit score. But basically pay day loan companies do not take your credit score, income and occupation into consideration; they simply look out for the applicants who will be able to repay their loan back
Here are some of the online financial institutes which provide Low interest pay day loan: 1) Mypaydayloan.com: They provide with hassle free online application, of pay day loan, the requirements of their pay day loan are, you must have 3 months old checking account and you must be employed making at least $1000net pay per month. But you will be denied for a payday loan if you are filled with bankruptcy, or if you are unemployed, or your net income is below $1000, or you have an outstanding pay day loan or your contact information or bank account information is invalid. 2) Nationalpayday.com: They provide you with minimum $100 and up to $600 in future. The fee for the check advance is 25% of the amount borrowed. If your online pay day loan is approved then it takes only twenty four hours for the money to be directly deposited in your checking account. The requirements are verifiable income, an active checking or savings account and legal age in your state. 3) Paydayloancashadvance.com: They provide low interest pay day loan up to $1500.They provide you with the facility of direct deposit in your bank account overnight. There are absolutely no credit check loans and no faxing or paper work, the interest rate being low. They are available all over United States and Canada. 4) Responsiblelending.org: They provide minimum pay day loan of $500, you have to give post dated checks to the lender for automatic withdrawal, for a written example, if you take a payday loan of $400, then you might pay $45 in fees and $355 in cash. So for every 15 days pay day loan advance, a borrower will pay at least $15 for every $100 borrowed. But the APR percentage remains quiet low because of such short duration pay day loan. But when we talk of present day, all the lenders are dropping their fees and rate of interest on the pay day loans because of the market competition.So a low interest pay day loan is offered to people, who are able to verify that they have a steady job and a proof of regular income, therefore in an emergency type of a situation, a short term pay day loan can be acquired. Other Articles |
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