Payday Loans Saving Account
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Payday loans A payday loan is a loan that is obtained from companies that offer payday loans and is paid back on the next payday. The term payday loan is also referred to as payday advance, paycheck advance, paycheck loan, deferred deposit, cash advance, short-term personal loan and signature loan. To obtain a loan one can either fill out an application form or a representative of the company will fill out the form through the telephone. After filling out the form one has to send the company his or her bank statement and a voided cheque. The bank statement is then verified and the loan is sanctioned on the basis of the amounts that are deposited every month into one's account. If the loan request is approved the funds will be deposited overnight so that one can obtain the loan the next banking day. The loan should be repaid in the same way. One notifies the company the due date of returning the loan back and the loan amount is deducted from one's account. Incase one finds it difficult to pay back the loan on the due date one can always ask for an extension but on the first three extensions a minimum charge is levied. Further extensions require additional payments. The percentage of the additional charges varies for each loan amount. Such charges are levied so that one would pay back the loan without many extensions. These companies help in getting one his or her cash when they need it the most. These companies offer convenient and flexible payment schedules and also extensions and early loan sanctions to fit any budget. If one applies for a $100 loan the term of the loan would be 714 days and the finance charge in this case would be $18.62 and one would be paying back a total of $118.62. For a loan amount of $500 for the term of 714 days the finance charge would be $93.10 and the loan to be paid back is $593.10. For a $1000 loan the finance charge for 714 days would be $186.20 and the loan amount to be paid back is $1186.20. If one has paid a previous loan back he or she is eligible to apply for additional loans. Payday loans are not sanctioned to people with bankruptcies but if there were bankruptcies in the past and there is money in the account now it would not be a problem. To qualify for a payday loan one needs to have a job, make a minimum monthly salary of $1200, a US citizen of 18 years and older and an active bank account. Payday cash loans are cash loans that are obtained the next business day to the day of application. One can get cash when one needs it the most. One can get cash on a loan with low interest rates. Payday loans are now available with maximum benefits, maximum safety and maximum service with very little paperwork sometimes no paperwork at all, minimal fee and minimal time. The payment schedules of payday cash loans are convenient and flexible. The loan period for payday cash loans is either 714 days or 1521 days. If one applies for a loan of $150 for the loan term of 714 days the loan fee would be about $27.93 and the total payment would be $177.93. One can apply for a payday cash loan for an amount of $1500 whose loan fee would be $279.30 for the loan term of 714 days and the total payment would be $1779.30. The loan fee for each is a fee percentage fixed by the agency and the number of the days of the loan. One should fax in one's bank statement as soon as one finishes filling up the application form. The sooner the documents are faxed in the immediate bank working day the payday cash loan would be credited in the account. Once the funds are transferred to the account by the payday loan agencies it is the responsibility of the bank's ACH department to deposit the amount into the respective account. The only time the loans would be delayed is when there are bank holidays and other unusual circumstances. One can apply for one loan only. The amount of payday cash loan that one can borrow can also be determined by the application. One's credit is not checked but the agencies use telecheck, teletrack, which are account check reporting, services. A cash loan provides emergency cash without worrying about one's credit. Cash loans are designed for emergency situations especially when one is need in need and short of cash. Some emergency situations could be unexpected family emergencies, overdrafts and other urgent cash needs. No fax payday loans Once one applies for a payday loan by filling in the application form what one normally has to do is to fax in one's documents. If one has his or her own fax machine then it will be no problem but most of the time one has to spend quite a bit of time on the look out for a fax machine. Another problem that is bound to happen while sending a fax is either the documents don't reach in full or the printout becomes too blurred. Sometimes such problems discourage one from faxing in these documents and in turn not getting one's loan processed. This problem has been fixed by the introduction of no fax payday loans. The distinctiveness of a no fax payday loan is to obtain a payday loan without documentation. The only factor is that the amount that one is able to borrow is less. The amount that one can borrow as a loan will be from about $50 to $800 approximately. The aim of such loans is to be used for needs that could have been met through one's monthly salary only if one had not finished using up the money before the next pay. Since no documentation is needed for approval of this loan the process moves faster. The agency that provides the loan can immediately sanction the loan on going through the application. This fast approval is probably the reason why more people go in for no fax payday loans. To avail of no fax payday loans one should be 18 years of age, must have a bank account that is active and has a direct debit facility. The repayment of the loan is through a post dated cheque that one agrees to make time repayments the loan provider will present this cheque on the due date which for a no fax payday is generally a week or a month. The borrower will make sure that he pays back the loan when his next salary comes in because the interest rate is high for no fax payday loans. A no fax payday loan is a short-term loan with a high interest rate. No fax payday loans are also known as paperless payday loans. A no fax payday loan normally is approved in an hour. There are some occasions when this is delayed when there are errors in the application. When such an error occurs, the computer will reject the application. This will obviously delay the process. So it is best that one double-checks the inputs before submitting his or her application. When one decides to apply for a no fax payday loan do some homework on which agency would provide the best service and rates. Make sure that the agencies have good customer support because in doing so will ensure a smooth process. Online payday loans There are a lot of companies that offer online payday loans. At these sites one has maximum control of his or her income because one has online access 24 hours a day seven days a week. All this can be done with privacy from home. These Internet companies are solely dedicated to getting one's loan processed and sanctioned. A payday loan is a simple way of obtaining cash that one needs until one's next payday. Once one completes one's application online one has to send in one's bank account statement. Once the verification of the statement and balance are done and after it is made sure that the bank account is not in bankruptcy, loan cash is transferred via Electronic Funds Transfer into one's bank account. If one has problems paying back the loan amount on the due date one can always extend the date by having the fees withdrawn directly from the account or else to save one from paying this fee is to pay the loan back on the due date itself. To avail of online payday loan one has to be over 18 years of age, a US citizen, hold an active account, employed and access to a fax machine. After filling in the application form one has to send in documents like copy of one's passport, address proof and bank statement. If one completes the online application form by 12:00PM Pacific Time, 1:00PM Mountain Time, 2:00PM Central Time and 3:00PM Eastern Time the money will be credited into one's account the next business day. The application page is safe because it is protected by a secured encryption. All the information sent to the site will be encrypted and any user who intercepts the communication they will only be able to view the encrypted form. Theses online companies have certain technologies that help them decrypt the information into normal text form. Some online companies want one only to fill in the application form and hence do not ask for any other documents. What one needs to is after filling in the application form one needs to talk to the loan agent and the cash would be in the account the next business day. The data is verified over a phone call. The copies of the application for cash loan are e-mailed to the applicant for every loan and for every loan extension. Therefore one can view, print and save them whenever one wants to. One signs one's loan request online using PIN #. By this PIN # and the social security number will help in identification while requesting a payment change or a new loan. Thus, online payday loans are an easier option to obtain cash. Related Articles: |
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