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The rise of instant payday loans as a financing option is no great surprise The whole purpose is centered on the convenience of the Internet with fast access fast searching and fast approval all available Perhaps more precise is the fact that they are designed to cater to the short-term and emergency funding needs that can be so prevalent these days

The main advantage of course is that funds can be accessed within hours of the application being submitted There is no waiting around for the green light and no fiddling over the purpose of the loan In fact the whole application process is streamlined with faxless loan approvals one of the most significant speedy services

Payday loans do not have the best reputation though only because of the terms that relate to them High interest rates and short repayments terms are two specific characteristics but there are also many advantages

How They Work

As the name suggests an instant payday loan refers to a finance package that is granted in relation to the next payday of the borrower Basically the loan is set to be paid on the next pay day and usually in one sum

However it is also a very short-term loan with extremely high costs making them one of the most expensive loans around Strangely this is not enough to put applicants off and it is because of the advantages that they offer Approval is almost guaranteed as long as the applicant has a full-time job and a bank account

And with faxless loan approval offered it means that many of the bureaucratic processes in loan applications are avoided There is no need for pay stubs and receipts just basic information like your name address employer details and your bank account And when payday loans approval is given the funds are deposited onto the bank account of the successful applicant

Key Payday Details

The chief advantage of getting an instant payday loan is that they can provide access to emergency cash in a matter of hours But there are also some negative aspects that should be known before submitting an application One is the cost that is associated with these loans and another is the limited funds on offer

Lenders providing these loans have set strict limits making them idea of securing small sums capable of dealing with only small debts and expenses The range of loan sums for example is anything from $100 to $1500 Even if we are talking about getting faxless loan approval this is still a narrow scope of loan sums

The interest rates charged on payday loans are also extremely high with some lenders charging as much as 35 in interest What is more the normal repayment term is extremely short often 14 days to 30 days though it is also possible to negotiate longer terms up to 90 days

Why Get a Payday Loan

That is a good question and for many people it is not the preferred choice of financing The reason is the interest rates charged pushes the cost up too high For example a $1500 instant payday loan at 30 interest rate needs $1950 to clear the debt This is often within 30 days of the loan being taken out while leaving little time to raise the money elsewhere

Also the fact that the loan is cleared in one payment means that very little money is left to cover the usual monthly bills and obligations If $1950 is taken out of a normal monthly paycheck then how much is left to buy groceries or pay utility bills

Getting faxless loan approval is certain convenient but the best thing is that with an instant approval process money from a payday loan really is accessed quickly