Tuesday, December 2, 2014

Payday Loans - Short-Term Cash Advances

The short-term money advances, known as payday loans, are becoming very popular these days because of the ease and simplicity with which they can be obtained. They are especially growing in fame with the lower and middle-class sections of the society, who are so tied down with their fixed monthly salary that it becomes extremely difficult to manage any unexpected expense in the middle of the month - be it a medical crisis or a vehicle-repair bill or any academic expenses related to the kids!

Quick Repayment

In such situations, a quick payday loan can be taken against your next paycheck, and you simply repay the entire amount, along with the interest on it, on your next payday. You can either give a post-dated check against the total sum, drawn on the day that you receive your next salary, or you give direct withdrawal permission to your lenders so that they can debit the amount automatically from your bank account on the specified date. In other words, you keep these payday loans with yourself from hardly 1 week to about 2 months!

Easy Approval

If you need the money within a day or two, then you can go for a route 66 funding payday loan. This kind of cash advance is processed completely through the internet, right from the application to the verification of data provided. Even the disbursal is done online through the electronic wire transfer facility. And with no credit check or telecheck required for such advances, you get approved for these payday loans even if you are low on credit.

Another advantage with route 66 funding is that with this kind of cash borrowing, you are not required to fax any documents for the verification of your personal details or your salary and bank information. Faxing dozens of different documents used to be quite a hassle and also took a lot of time. And even after all that, many times it happened that the faxes failed to reach their destination! All these problems have now been taken care of with the no fax payday lending offer!

Expensive!

Yes! There is a high price to pay for this convenience and flexibility, and of course, the speed too! These paycheck loans come at an interest of 15-30% on a bi-weekly basis. It means that if you borrow $1000 against your salary, you must pay $1300 after 2 weeks to clear this debt off your account! This can become very expensive indeed if taken for a longer period of time! Therefore, you must always make it a point to repay your payday loans right on schedule.

3 comments:

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