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E.J. asked us the following question:

Are payday loans practical during emergencies like when my wife was rushed to the E.R. and I needed to buy some medicines right away? We’re talking about a day here. How long is the process and what are the requirements? I heard some lenders even approve loans on the same day. – E.J., Marietta, GA

Dear E.J.,

That’s exactly what payday loans do: give you fast cash to tide you over until the next payday.

For those who do not have a debit card, have bad credit records or simply do not have time for all the formalities, banks and other financial institutions prepared a special solution, a fast payday loan can be an option.

This kind of a loan allows the borrower to obtain up to $1,500 in a really short period of time – even within a day (some of the providers claim that you might get your money even in less than 60 minutes). In some states like California, the loan limit is $300 and the interest is 15%. Check your state laws on payday loans, if any, to know how much you can get.

People look for fast payday loans when they find themselves in an emergency and need money immediately. With little effort, almost no formalities at all, they are able to get their money the same day!

What are the requirements to get a fast payday loan?

Fast payday loans are really fast and easy to obtain. Basically, what you need to do is to fill in the application form online or in the nearest cash advance company if you want to do it in person. The information required by the banks is limited to the minimum, so that it would not take ages for you to complete the form. Usually, it takes about 20 minutes to finish the whole process. You need to give your name, address and also provide the lender with you bank account details, as well as with some information about your occupation. Banks pretty often need you to show some kind of a proof – like a paycheck slip from the last 3 months, just to make sure you have a steady source of income so that you would be able to pay the loan back. The next step is the verification, but since there is no credit check and there is only the information you provide in the application form, it does not take long. After they approve you, the money will be transferred directly into your checking account within 24 hours or even a few hours.

Payment Terms

Repayment of the loan is really simple. These are short-term loans and they are usually given for a few weeks’ time. You just need to specify the date in the form, when you want to repay the loan. The company will automatically debit the amount from your personal account on the desired date.

Payday loans are getting more and more popular and the rates at which to borrow have drastically come down as a result of the world economy as well as because of the strong competition of such services on the market. Therefore, it is a good time to take advantage of a fast payday loan!

Of course use your loan wisely because you’ll be paying more for that.

About Martin Glover:

martinMartin Glover has a solid academic, journalistic and industry background in financial planning. He’s privileged to share his proficiency specifically about online loans with Americans grappling to understand the in and out of this capital stream. He holds a Masters of Arts in Economics from the Darla Moore School of Business, University of South Carolina and a Bachelor of Science in Business Administration major in Finance in the same university.