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Digital News Report – Payday loans are getting easier to get, according to recent report by Chase Urchall in the online magazine ezinearticles.com. The loans can be available within one day with cash transferred directly to your bank account.
The loans are primarily for emergencies. For instance, if you mailed in an electric bill / payment but were short on funds in your account to cover the check. This loan could prevent your electricity from being turned off.
Besides non-sufficient funds charges, the loan could also be used to prevent late fees. Rather than becoming delinquent on a bill, the loan could help save your credit or prevent your interest rate from increasing. Before the new credit card reform act was passed by Congress, rates could be adjusted according to delinquencies or late payments on other bills. This may be still be the case outside the United States.
“First, when it comes to getting a same day loan you have to understand that this is going to be what is known as a temporary or band aid loan,” Urchall said. There are fees associated with the loan along with a high rate of interest.
There are no credit checks but you must be over 18-years old and have a job. The approval usually takes just a few minutes. Typically you don’t have to fax any documents but in some cases you may need to send a copy of your ID and bank statement. The lender may also want to see a pay stub. But this is not always the case.
The loan should be considered only for emergencies. “After you have done what you have to do with it you need to pay the loan back and move on,” Urchall said.
By: Tina Brown