Borrowing Money Fast with Payday Loans - Any NAS Finance Blog

Posted February 11th, 2012.

Many consumers desperate for fast cash wonder where is the quickest way to borrow money. Regardless of one?s credit history, the answer is the same. The fastest place to borrow is with a lender that does payday loans. This is for short term borrowing only. The interest rates on these type of loans is very high. However, the interest cost can be quite manageable if the loan is promptly paid off. This means the interest will be only a small part of the payment while the rest of it goes to principal. The process to borrow is pretty easy as well. Most people will not have a problem qualifying.

The first thing to do is to apply. As long as the applicant has some sort of recurring income and a bank account in good standing, the chances of getting approval from a payday lender is pretty high. The applicant will need to have recurring income of some sort such as wages, retirement benefits, insurance benefits, or something similar. Having equity or assets will not help since they are not income. It is also necessary to have a bank account that is in good standing since it will be used to fund the loan as well as repay the loan.

After the application process, the loan decision will be made. If the loan is approved, the funds are generally deposited electronically although some places may still print paper checks for payday loans. Then the repayment process begins. On the repayment date, the funds are generally taken out of the borrower?s bank account including any interest and fees. If the loan cannot be repaid, it may be possible to extend it in some cases depending on local laws. However, it is inadvisable to extend the loan because the interest will eventually be bigger than the original loan amount. It only takes a few months for that to happen. That is why prompt repayment is so important.

Consumers should remember that payday loans are intended for short term borrowing that can be funded quickly. If the funds are repaid quickly, the amount of interest paid will be pretty low. It is only those who try to stretch the loan by not repaying who end up in a lot of trouble.

Source: http://www.nasany.com/finance/borrowing-money-fast-with-payday-loans/

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