Many people that find themselves in an emergency situation need to get cash fast. The quickest way to do this is with a payday loan. The easy loan NO FAX required will make it faster as you won’t have to spend time gathering papers to take to a print shop or fax it from your home or office. This is especially nice if you don’t have a fax machine at home and you must use one at work. You can keep everything confidential if you don’t need to fax.
If you are wondering how you go about getting a payday loan it really is quite simple. Whether you use a physical store or the internet you should be able to fill out the application online. This saves time because the loan can be approved faster. Remember that a payday loan is just for a short term emergency until you get paid. Don’t think of it as a long term solution to financial problems.
There is no stipulation about what you can use the payday loan for. If you have to make repairs on your vehicle, replace your washer or dryer or need to purchase clothes for your children you can use the payday loan money. If you have a utility bill that was unusually high you can pay it off so your power will continue to be on.
You may be unaware of the requirements for getting an easy loan NO FAX. Most companies if not all require that you be at least 18 years of age, have an active checking account for at least ninety days, that you can use direct deposit with your checking account and that you make at least $1000 a month in income. Since you are in the United States you must be a citizen as well.
The loan amounts will vary by state as that is how the payday loan companies are regulated. In some states the high end amount will be $1500 while in others the cap may be at $1000. Generally the lowest amount for a loan is one hundred dollars. The lender will look at the information you provided and then determine how much money they will loan you. It is dependent on your ability to repay the loan on your previous payment history or credit report. This means that even if you have bad credit or a bankruptcy you can still get a payday loan if you meet the requirements.
Fees that are associated with easy loans will vary between companies. Typically if you borrow one hundred dollars you can expect to pay $30 dollars per each one hundred dollars you borrow. This works out to some pretty steep interest rates so that is why it is so imperative that you repay the money back with your next pay check. You can be looking at interest rates of 300% to 1303% on these small loans; this alone should be enough incentive to repay the loan quickly.
Since time is usually of the essence you can receive your payday loan within two business days in most cases. The time that you submit the application could also speed up the process and you could find the money in your bank account within twenty four hours after approval. Some of the payday loan companies can get your approval within minutes according to their web sites. Once you have the money in your bank account you can spend it on the emergency or any way that you wish.
You won’t be sitting around waiting to hear from the loan company either. Most get back to you within an hour of the time you submitted your application. It is generally by email, but you may receive a phone call. You may be asked to provide verification of your pay stub, identity or other information.
The amount of money that will be withdrawn from your account when it is time for the debt to be repaid is guaranteed by law. The lender can only withdraw the amount that has been agreed upon. If you need to extend the repayment time it generally has to be done in writing and within two days before the amount is due. Some payday loan companies have a policy that your loan can’t be repaid in less than seven days. So even if your paycheck comes in three or four days it will be rolled to your next pay check after that. They also have a maximum of thirty one days to pay it off completely before additional fees might be charged.