instant payday loans

06/06/2012 22:01


If you are thinking about getting a payday loan you might want to know what the application process is. For one thing it is a very private, very simple process. Unlike applying for a conventional installment loan, the process for a payday loan is almost instantaneous. When you apply for a conventional loan you have to meet personally with a loan officer and you have to give a good reason for wanting or needing the loan. You have to fill out an extensive application and provide extensive financial documentation. Finally it takes 2-4 weeks to get approval for a conventional installment loan.So given all that is required for a conventional installment loan, what is the application process and the cost of a payday loan? Here are the requirements and the process:• You must be over the age of 18.
• You must be a citizen of the United Kingdom.
• You must have a source of income.
• You must have a checking, savings or debit card account.
• You fill out a short online application in the privacy of your home.
• You do not need to provide any financial documentation.
• There is no application fee.
• There is no credit check or employer call.
• There is no account management fee or any loan closing fees.
• There is almost instant approval within a matter of moments and no more than 24 hours.
• 99% of all applicants are approved.
• Funds are delivered into the borrowers account within 24 hours of approval.
• Some payday lenders offer one hour service.So that is the application requirements and process. Now what does this type of loan cost? Most pay ay lenders charge 25 pounds per 100 pounds borrowed.For more info,Please visit instant payday loans If the borrower needs 300 pounds today and he is paid in two weeks, then he will owe both the finance fee of 75 pounds and the principle of 300 pounds on that day. The lender will electronically withdraw that amount from his account. There is an option is the borrower cannot pay the entire 375 pounds on the first payday. He can pay the finance fee of 75 pounds on that first payday and then on his next payday he will still owe the principle 300 pounds, but he will also be charged another 75 pound finance charge. This is known in the industry as "rolling over" the loan. This is also how borrowers using payday loans can get into financial trouble with the loan. If you can pay the loan and the finance charge off the next time you get paid then this is a good product for your specific needs.Make sure to check out my blog, by clicking here!