Instant Cash Payday Loans

Instant Cash Payday Loans

Car break down? Unusually high utility bill? Forgotten birthday or anniversary? Okay, maybe that doesn't exactly qualify as an emergency but you get the idea. In any of these situations, instant cash payday loans can get you the cash you need FAST! But that convenience comes with a price.

Convenience Comes with a Price

In general, instant cash loans or payday cash loans charge high fees and interest rates. For example, some payday loan companies charge $30 in fees and interest per $100 borrowed. Some charge more, some less, but this is basically the price you pay for instant cash payday loans. Additional fees apply to instant cash payday loans (usually 15-25%). Here's how most cash advance payday loans work:

1. First, go online and apply. A loan officer will contact you within a few minutes and confirm your loan. You may have to fax something to them, but you can find faxless instant cash payday loans.
2. The funds are sent to your bank via direct deposit overnight.
3. When the repayment is due, the amount you borrowed plus the fee will be automatically deducted from your bank account.

Qualifying

Payday loans are much easier to qualify for than traditional bank loans. First of all, there are no credit checks, which means it doesn't matter if you've had credit problems in the past. All you have to do is prove the following:

• That you have a job or regular income
• What your minimum salary is (typically you have to make at least $1,000 a month)
• That you have a checking account

Repayment

Generally you have three options when it comes to repayment of instant cash payday loans:

• Pay it in full when it's due
• Pay the fees and part of the amount you borrowed on or before the due date and pay the rest later
• Pay only the fees on the due date and pay the rest later

Remember, paying later results in more fees. A $500 payday loan could end up costing you more than a $1,000 loan from a bank.

Hopefully, you'll never have the need for cash loans, but if you do, we hope this page prepares you for what lies ahead.

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