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Low cost payday loan looking for a low-cost payday loan?
One of the solutions to have gained a lot of attention during the credit crunch is the low cost payday loan. This type of loan is made for an amount between $100 and $1500. It is generally repayable within 14 days and in most cases is secured against the applicants pay cheque.
The great news with this type of loan is that it is available very quickly, to a huge range of people and without any reference to your credit record. In fact, your privacy is guaranteed and no one will ever tell the credit reference agencies of the transaction which takes place between you and the low cost payday loan company.
These loans are exceptionally simple to get. Provided you have a job which can be verified by the low cost payday loan company and provided you have a checking account into which the money can be deposited, as long as you are over 18, you will qualify for this type of credit.
It isn’t designed to help you remodel your kitchen, it’s designed to help you to overcome some short-term emergency issue. These types of companies generally have excellent resources which can help you to budget in the future so that your need to access this new type of credit line is limited.
The costs are pretty good too. Today in America, if you bounce a cheque, it is likely to cost you up to $50. In addition to the monetary cost, there is a cost in the future relating to the damage that this type of transaction can do to your credit rating.
Borrowing $100 for 14 days from a low cost payday loan company will only cost you $15. This is less than a third of what a typical bounced cheque will cost you and it doesn’t do any damage to your credit rating.
What most customers are amazed at when they use this type of credit is how fast and easy it is. These types of companies are experts at providing the exact solution that people need in an emergency. Their key focus is or is to provide the money quickly and with the minimum of fuss and to put in place a fair agreement with you to have the money repaid from your next pay cheque.
Once the agreement has been reached, the money is deposited into your checking account within 24 hours and is repaid from the same checking account on the date that you stipulate.
If you have had an emergency and haven’t been able to raise the capital, you’ll know how frustrating and potentially damaging this can be.
Thanks to a low cost payday loan, millions of Americans now have access to capital that can help them get through this very difficult period.
Low Cost Payday Loan – A Really Surprising Facility
What are the factors that make a low cost payday loan different from others? The biggest difference when we compare it with any other type of loan is that you will not have to go through the trouble of credit checking. No matter how much is your credit score, you can always avail a bad credit guaranteed payday loan. If these types of cash advance surprise you then keep on reading. You will find a personal payday loan really much beneficial.
How To Qualify For The Loan?
Let us begin with the qualifying requirements for the low cost payday loan. As already mentioned you will be astonished when you come to know about very few requirements for availing the loan. Unlike other traditional loans, you do not have to sweat about satisfying the lending organization. However, you have to fulfill two basic requirements for this purpose.
The first requirement is related with your employment status. Low cost payday loan companies feel it necessary that you should be in the same organization for at least three months. This makes them feel that you are having a steady source of income and can make the repayments on time.
Another essential requirement is that you should have a valid checking account. This is required to ensure the smooth transfer of money both at the time of getting instant online payday loan and making repayment. No low cost payday loan is going to approve your loan if you do not fulfill this requirement. They do not want to deliver money by any other means and believe only in electronic transfer of money.
Processing Speed Is Very Fast
The speed at which the low cost payday loan company processes your application is yet another reason for surprise. Gone are the days when you had to wait for days to get approval after sending your application. With everything going online, you submit your application also online so it immediately reaches the lender. On receiving your application, lenders also take swift actions and you get approval in very short time. If nothing goes wrong, then you can watch money coming in your bank account in less than an hour. Do you expect any other to get money faster than this?
Many people hesitate in talking to anyone in person for getting a loan. You are saved from this humiliation also when you apply online for a low cost payday loan.