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End The Month On A High Note With Payday Loans

by Jim ONeil on July 11, 2011

in Payday Loans News

By the time the month ends, the bank account balance is not usually very impressive. After paying the monthly bills, there is sometimes little cash left over for discretionary purposes. An unexpected expense can wipe out that excess and then some, making it necessary to find additional funding.

Payday loans are one source because they can be obtained quickly.

Whether the car breaks down or home repairs are needed, these loans provide immediate access to the needed cash. In a nutshell, they are unsecured, short-term loans. Their unsecured nature means that no collateral is necessary, which makes them especially suitable for college students and renters.

As one of the no credit check loans available, they are also perfect for people with a blemished credit history.

Not having to supply collateral or submit to a credit check means less paperwork and time for verification. Within 24 hours, an online application for a payday loan can be verified and approved.

Using an online application enables multiple lenders to view the document, increasing the chances that the individual will receive a positive decision.

Because this loan is flexible and lenient, the amount of funding is usually low. Loan amounts usually range from £40 to £1,500. The repayment period spans from 14 days to one month but may be extended, depending on the lender and the credit status of the borrower.

Payday loans APR are much higher than the rate for a traditional loan. However, the shorter repayment period lessens the impact.

Many online lenders offer this type of financing so consumers should compare the terms and conditions to find the best one. Not all payday lenders are legitimate, which makes looking into the company background and reading consumer reviews necessary.

By selecting a reputable lender and repaying the loan quickly, an individual can pay needed expenses without incurring huge interest charges.

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