Instant Payday Loan

When you require money as soon as possible, and payday seems a world away, an Instant Payday loan may be what you need. Instant Payday Loans can be done through online loan services that will review your criteria quickly, and contact you via e-mail or by telephone to complete the loan process. For those that become eligible for an Instant Payday Loan, your money should be deposited into your checking account that day, and you should have access to your money the next business day. For an additional fee, many Payday Loan companies may wire the money you are borrowing to your personal bank. If this is the case, make sure you know your bank's policies regarding receiving a wire transaction. The fees for doing so may be higher than you expect to pay.

Instant Payday loan amounts

One advantage of obtaining an Instant Payday loan is that there are many amounts you can opt for. Most lenders offer amounts between $100 and $1,500. The amount you receive will depend on how much you make in your current employment, and other requirements the loan company will have.

When will the money be in my checking account?

You can expect most Instant Payday loan companies to have the money you borrow in your account within 24 hours, usually on the following business day. If you require the money sooner than that, many lending companies may offer to wire transfer your money into your checking account so you can get it within hours. Be sure to check into all the fees, as this can become a very expensive procedure. Not only will you be charged the original lending fee, you will also incur a wire transfer fee from the loan company, and possibly a fee from your bank for receiving the wire money transfer. If you have a money emergency, however, the higher fee could be worth paying.

Will the Instant Payday lender run a credit check?

This is one huge advantage that causes many people to turn to an Instant Payday company. Very few lenders will run a credit check on the individual borrowing the money. As long as you meet their other requirements, it should be simple to obtain an Instant Payday loan. Requirements include being 18 years of age and older, having a job, a checking account, proof of income, a government-issued ID, and a certain amount of money per month in income.

When will an Instant Payday loan need to be paid off?

The timeframe for paying an Instant Payday loan may vary, but it is generally 14 days. An Instant Payday loan is technically an advance on your upcoming paycheck. Some companies allow 14, 21, or 28 days. After the time is up, you are required to pay the loan amount and the fee in full. If this is not possible, many lending companies will agree to take the fee only as a payment and extend your loan into a new time period. Check with your lender, as many will automatically do this. You will then incur new lending fees until your whole loan is paid off and taken directly from your account.

Who can get an Instant Payday Loan?

Most people who meet the minimum requirements are eligible for an Instant Payday loan. Since receiving this type of loan is fast and relatively easy, many people will try to get an instant loan when they are in need of quick cash. When the guarantee of a very quick payment is offered, the higher fee does not present a problem for many individuals. When an emergency arises and you are out of cash, an Instant Payday loan may be the right solution.

Instant Payday Loan Interest Rates

When you receive an Instant Payday loan, you repay the company with a financial fee instead of the typical interest rate that a bank may use. Different companies offer various financial fees, so it is always best to shop around for the best lender to fit your specific needs. The fees are for a specific time limit, which is usually 14 days. However, depending on the needs of the individual lender, this time limit may be extended. One basic rule of thumb is this: The longer you borrow money, the higher the fee will be. When the time period ends and the loan rolls over, a new fee is incurred. Fees become high when looked at as an APR - if you borrow $100, and the fee is $15, your APR will equal 391.07%.

Restrictions for Instant Payday Loans

Another reason to consider an Instant Payday loan is that there is no restriction, in most cases, on how you plan to use the money.

Multiple Instant Payday Loans

Many borrowers wonder if it is possible to have multiple loans through the same company. It is entirely up to the lender whether they want to provide more than one Payday Loan to the same individual at any given time. Many companies will permit it, while others may not. Check with the company to understand their policy on multiple Payday Loans.