As I am sure you know, life is full of unexpected surprises, like stopped up toilets, little girls needing dental braces, ovens that suddenly do not bake properly, or a steep cell phone bill thanks to your daughter’s new fascination with a boy. Sometimes these unanticipated expenses catch you in such surprise that when you check your wallet, you do not even have enough to buy a hot dog for your lunch. The quandary becomes just what do you do? You were paid two days ago, and the checking account is already dwindling down. You have to pay the mortgage and feed your family, but you cannot let your toilet go unfixed. What is the answer?
For many, the solution is right here where you can find cheap payday loans. These are unsecured loans that do not even require a credit check, nor any type of background check. This means if you have a bad financial past, it is inconsequential. All that matters here is that you meet the basic requirements listed below.
- You must be a citizen of the United States.
- You must be age 18 or over.
- You must give us your name, address, and telephone number.
- You must be currently employed or have a regular source of monthly income. It does not matter if your employment is full time or part time as long as your minimal salary per month is at least $1,000.
- You must have a checking account that allows for direct deposits. This account must be in good standing. Also, you must provide us with the appropriate information for the direct deposit, that being your checking account number and the bank routing number.
- You must give us the date of your last paycheck and the date when you will next be paid. As a rule, your payday loan is repaid when you receive your next paycheck which tends to be somewhere from 8 to 25 days from the date of the loan.
Fees for payday loans are not inexpensive. This is why these loans are meant to be only temporary solutions to emergency needs or situations that just cannot wait a few weeks for your next salary check to be dispersed to you. The fees are a set amount per $100 advanced. Some companies charge as much as $25 per $100, meaning that if you borrowed $500, your payback amount would be $625. However, some lenders offer what many refer to as cheap payday loans where the fee per hundred is much less. In fact, some charge as little as $5 per $100 borrowed. That is a significant difference. Some rates are controlled by state law to protect the individual from being taken advantage of by the payday loan companies.
Cheap or not, payday loans are very easy to apply for. It is just a matter of completing the online application which takes just a few minutes. The website is totally secure, encrypting your information for safe travel through cyberspace. Once the application is received, it is quickly reviewed. There are no in person interviews. Everything is handled on the Internet for your privacy and convenience.
What all of this means essentially is that when you find yourself in a tough situation where finances are needed now, but your bank account is running low, you have the option to seek out a payday loan. It avoids the need for credit cards, reference checks, and a complicated loan application. In most cases, the money you need will be deposited and ready for your use within 24 hours of applying.