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What Is A Payday Loan?

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If you suddenly find that you have to pay a bill, don’t have enough money to pay it, and don’t have enough time to apply for a loan, then don’t worry, you may be able to apply for a cash payday loan.

What Is A Payday Loan?

Basically, as its name suggests, an instant payday loan is a short-term instant cash advance loan. As a quick payday loan, the loan is an unsecured loan and is used to finance short-term shortfalls in your monthly cash-flow. Due to the fees payable on a payday cash loan, an instant payday loan is not intended to be used over a long-term period.

In order to be eligible to apply for fast payday loans, you need to be in full-time employment, you must have a current valid current account, and you must be able to show that your wages are paid into your current account. So, as long as you can arrange to fax a copy of your pay slip and bank statement to the payday loan company, you should able to apply for a fast payday loan instantly.

 

Moreover, as a form of cash advance, payday loans are not usually subject to any credit check; thus a no credit check payday loan is an ideal way for someone who has a bad credit history and cannot obtain a loan or credit card to make up any immediate shortfall in their cash-flow.

How Long is a Payday Loan For?

Normally repayment of a fast payday loan needs to be made on your next payday, but in any event the period between you being approved the loan and repaying the loan cannot usually be more than 14 days – but some loan companies do give 18 days credit. Once your wages have been paid into your current account, the payday loan company will send you a request (on the same day) for them to make a withdrawal from your account to repay the quick payday loan, plus any interest and charges, you owe them.

 

If you need to apply for an instant payday loan, you can do so very easily online without needing to have to go to the offices of the lender. Once approved, the money is then sent to the bank account of your choice. As such, payday cash loans are a quick and convenient means of covering any short-term shortfall in your budget – especially if you have a history of bad credit.

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