Fast Payday Loan: Same day hassle free and unsecured emergency loan
Introduction to fast payday loans
A fast payday loan refer to a short term loan lent on an emergency basis. The borrower however does not need to explain or proof his/ her financial emergency to the lender or provide any documents (in person by regular mail or through fax) in order to proof his/ her credit worthiness. Additionally the loans are given without security/ collateral and the borrower gets the money almost on the same day. Fast payday loans go by many names including cash advances crisis loans pay check advances quick cash and fast money among other names. The application processing and disbursement of the loans take place through the website of the lenders.
No credit checks
The determining factor of whether a borrower qualifies for some loans or not depends on their credit score; a score obtained from credit referencing agencies from peoples records. The score stands high if a person has repaid their previous loans on time maintained good scores on their debit or credit cards and have no criminal records. Pay day loan lenders do not require such information and anyone (including people with bad credit) can apply for these loans.
No single process in the pursuit of payday loans requires the borrower to fax or mail any documents. Payday lenders eliminate the need for these processes because all the information they need from loan applicants can be filled on the online loan application form. Faxing or regular mailing of documents whether application documents or collateral documents would consume much time and delay the urgently needed money. More info here
A pleasant characteristic of the fast cash is the absence of the need to secure the loan with collateral of an equal or more value to that of the desired loan. This not only makes the loan accessible to people who do not have properties they can use as collateral but also convenient to people who have their assets tied in other loans. Absence of the need for collateral also saves time as the borrower does not need to spend time looking for what to secure the loan with and the lender needs not spend any time checking the collateral for authenticity.
The term fast in payday loans largely refers to the speed at which the loans can be applied approved and disbursed to the borrower. All payday lenders run websites for transacting their businesses. Borrowers must fill out the simple online loan application form on the website of the lender and submit it online as soon as they provide their physical address email address telephone number bank account number and the loan amount. With this information the lender approves the loan and sends the money into the provided borrowers bank account.
Since fast loans are short term in nature to be paid on the next payday of the borrower or within the agreed duration the borrower must deposit the loan amount he/she borrowed plus the interest amount that loan accrued in the bank account of the lender or their own bank account for the lender to cash the postdated Cheque; on or before the agreed repayment date. Any late repayment attracts penalties and if delayed further the lender might start calling up on the borrower.
Fast payday loans attract high interest rates. This is because the time within which they should be repaid may be too small and a lower APR would not cater for the lenders services. The risk of lending without assessing peoples creditworthiness also increases the interest rates.
A fast payday loan alludes to an online applied and issue loan. The loan does not involve a high amount and its repayment duration may not exceed a few months. Typically people seek fast loans when in urgent financial situations so to make the loans available fast lenders eliminate long processes and checks. Application for a fast payday loan and approval take place online and the lender releases the money into the borrowers bank account.