1185031_pile_of_money1You may be unfamiliar with payday loans but find yourself in the situation that you need to have some cash quickly.  If you car needs to be repaired or your hot water tank has sprung a leak you may find that your budget just won’t allow any more stretching.  A payday loan might just be the answer to your short term dilemma.  You may have heard that they charge high interest rates so you have shied away from inquiring about a payday loan.  What you may not realize, however, is that there are lenders that give a first time payday loan free.

You did read that right. There are many lenders online and at physical stores that will let first time payday loans get it for free.  While it sounds great there are going to be qualifications that you will have to meet, but if you do you could be on your way to easing a money crisis.  One parameter that most of the lenders have is that in order to receive the money for free the first time it must be paid back with your next paycheck.  There may be a limit on how much money you are allowed to borrow with the first time payday loan free offer.  It is worth looking into if you find that you need to have repairs done so that you can go on getting to work or taking a hot shower.

If you are searching for a payday loan that offers the first time free you can go online and read the comparison charts.  There are sites that are devoted to showing you the best online payday loan companies.  This list should include the fees that are charged and what happens if you can’t repay the loan on time or in full.  By reading a comparison list you can find the company that suits your situation the best.  It is always good to get several offers from a first time payday loan free company.  When you do this you can be assured that you have the best deal out there for your problems.  You do need to remember that this is a short term fix for a short term problem. If you can’t pay the money back in a timely manner you should seek other ways to fix your financial needs.

Applying for a first time payday loan free is very easy and in most cases is done online.  The physical stores that may be in your area often have web sites that allow you to fill in the application before you have to travel to their business.  This saves time when you need cash in a hurry.  They can get your loan approved in about twenty-four hours and you can have the money in your account the next business day.  You may be asked to fax proof of your contact information or a pay stub, but there are lenders that don’t require any of this information to be faxed to them.

When you apply for a payday loan you will have to meet certain qualifications such as being at least 18 years of age, you must have steady income, an active bank account, and be a citizen of the United States.  You won’t have your credit history checked as the loan is based on your ability to repay it, not on FICO scores.  This is one reason that these loans can be accomplished in such a short time period.  In some cases your bank account must have been active for at least ninety days and you have to have been employed for at least six months.  You may also be asked to prove that you have a monthly income of at least $1000.

You want to make sure that you have the money to repay the loan with your next pay check or you can wind up paying too much for the short term loan.  The fees for a short term payday loan can be $30 per one hundred dollars borrowed. If you pay it back on time; however, if you can’t you are looking at $390 as a repayment.  There may also be other fees that could be incurred if the payment has to be rolled over.  So if you find yourself in a situation where you need short-term cash and this is your first time look for one that gives you that money for free.

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