Payday Loans Online: Instant Cash Advances: No Fax Personal Loans

By Kristy Annely

Payday loans are short-term loans offered for a limited period of up to120 days. They are offered to help borrowers manage temporary fund flow issues between their paydays. Payday loan companies are profitable as the interest rate charged by them on payday loans is very high. They are popular as they process an application and release the funds to a borrower within 48 to 72 hours.

Most payday loan companies in the US offer enticing deals to attract people who are looking for a quick source of funding. The criterion for approving a payday loan is very simple. The documentation required from a borrower to prove his or her eligibility for a payday loan include proof of identification, proof of a checking account and of a valid employment status for a minimum period of 3 months. Payday loan companies do not conduct a credit check on an applicant. Some companies require that the applicant should have a minimum monthly income as it shows the ability to repay. Different companies have different rates of interest. In general, lending companies offer payday loans at very high interest rates that may go up to 300%.

Typically, most payday loan companies sanction an amount that is 25% or lesser than an applicant

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This entry was posted on Tuesday, August 15th, 2006 at 3:21 am and is filed under Payday Loans. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.