Authored by Scott in Loans
Published on 07-02-2008
Most people by now have seen the advertisements for payday loans, but some are still in the dark about the fact that you can effortlessly apply for your payday loans online now. The best reason to apply online I find is for the simple ease of doing it in your own home without needing to leave, and also due to the fact that when doing it online you’re basically remaining anonymous because the people you’ll deal with aren’t locals from your city. With some of the newer payday loan companies they are even beginning to offer money within hours of applying depending on the day and time that you send in your application.
The process to apply for an online payday loan is rather simple. All you need to do is find the company that you want to use and then send in the information they need. They will then look over your application and you’ll hear back from them usually within a maximum of twenty-four hours on whether or not you’ve been approved for the loan. If you are in fact approved for the loan then they will send the money to you within hours usually of the approval and sometimes within minutes.
A couple years ago people would use to have to fax in their information in order to get a payday loan but now the requirements are basically be over eighteen and have at least $1000 monthly income. If you pass those two requirements then generally you’ll find a company that will approve your loan application. You need to make sure that you actually need the loan though, because payday loans have fees associated with them you don’t want to get a loan if you don’t need it. The fees and interest rate that you’ll be paying is actually quite harsh, which is why people stress that you really need the loan before applying. Typically on a loan that is paid off in full on the due date you’ll incur 10% in fees and interest on the amount of your loan. Meaning if you borrow $200 you’ll need to pay $220 on your next paycheck. If you start renewing the loan then you get into trouble because you need to worry about the 10% again, and in some cases the number could be higher.
It’s important that before applying for the payday loan you understand the terms that go along with that given loan. Each company has its own set of fees and interest rates so it can differ dramatically depending on where you’re looking for the loan. Make sure it’s at around 10% for the fees and interest rate because you don’t want to be paying much more then this. If you shop around on the internet you’re bound to find something within this percentage.
Payday loans are available for residents in the United States, Canada, United Kingdom and Australia, but only certain companies cater to certain countries. You’ll need to make sure you find a company that caters to your country in order to find a loan that works with you. The numbers above are based off of the average Canadian rates that I come across, so the rates may be different in the different countries so again I stress that’s it’s vital you check and double check the interest rate and fees with any loan you’re going to apply for.