Payday Loans

Easy to apply for, require payment of the entire amount within a short period of time which usually is 2 – 4 weeks or until the next pay period. Bad credit is accepted and no faxing of documents is required for loans under one thousand US dollars.

Payday Loans and Their Responsible Usage

Getting into a difficult situation when money is an issue is very possible and can become a reality even for the most conscientious and fiscally prudent person at some point of their life. When cash is needed, those people can turn to fast online payday loans that are offered with amounts up to 1000 USD. Payday loans come with a fast application process that takes less than 3 minutes by filling an online form, immediate approval and acceptance of your application and can even be granted to people who have bad credit scores. The quicker the application, the fastest the approval!

Payday loans are are tailor made for situations when you are short of cash, the sum is to be returned with your next paycheck. They are especially suitable in emergency situations like car repairs or a broken boiler for example. There is no need for the applicant to go to a store – the application is sent online, approval is issued online and your money is credited to your bank account as soon as 24 hours. There is no paperwork and no laborious bank procedures.

The repayment process is also fast and convenient – the loan amount and the interest rate sum are withdrawn from the account of the borrower on the due date. If the person is not able to repay the full amount, then they can pay interest and then prolong the loan term. As a rule, the due date for repayment of the payday loan is your next payday ; however some lenders are willing to extend the period for up to 45 days. In most cases payment in installments is also acceptable.

The amounts that the payday lenders are usually offer are between 100 and 1000 USD and most payday loans are taken out around the 300 and 500 USD level on average. The fees that are applied also vary and they are between 15 and 30 USD for every 100 USD that are borrowed as a payday loan, this amount depends on the state and on the local laws that are applied.

What Responsible Borrowing Means?

Borrowing payday loans is very easy and for that reason this should be done very carefully. The borrower should carefully consider the amount they will need with the amount of their next paycheck and estimate how much they can pay back. Most online lenders allow their clients to renew their loans. This however is not recommended by experts and is not considered wise as it can lead to many loans that can end up with large amount of money needed in the long term. MyGreenandgold.com can also help if this happens with our payday loan consolidation program.

How the Application Process Works?

The application for our payday loans is done online. The borrower should present full identification and financial data required for processing of the loan. No documents need to be sent by fax. When the application information reaches the lender, it is processed and in case of approval the funds are deposited to the client within the same day. In other words, the application is easy and fast when you need money the most.

Can Someone with Bad Credit History get Payday Loans?

In some cases people who need payday loans have bad credit history and are afraid that this history can affect their application. These clients should know that our payday loans are not auto loans or mortgage applications. Payday loans are unsecured personal loans for small sums of money and they are created for people who are in need of financial help of temporary nature.

As lenders we are well aware sometimes you have nowhere to turn to and we lend money to people with credit ratings that are not perfect. In fact, in most situations, payday loans are based on your income and on the other information you provided. When a larger sum is requested as a payday loan, lenders may use the credit report in order to take a decision.

Payday Loans and the Annualized Percentage Rate:

The annualized percentage rate applied to payday loans and the rest of the short-term loans vary from 547.5% to 999.45% on the amount borrowed and the period of the loan. The bigger payday loans with longer periods of payback come with lower interest rates. However, payday loans are short term loans and the payback time is usually around 2 weeks.

Collection of the Loan:

Payday loans should be returned on the due date agreed upon and stated on the contract. In case the loan is delinquent, then the lenders make different attempts to collect them. These attempts include telephone conversations, pay-off arrangements, etc. taking into consideration the borrower’s financial situation. In case the payday loan is not collected after all attempts have been made, then the lending agency sends the loan to a third party. These are the so called collection agencies, which make an attempt to collect the money outstanding.

Payday Loans and The Impact of your Credit Score:

The lenders of short term payday loans usually rely on a credit report and they are not limited to the main rating agencies, namely Transunion, Experian and Equifax. The request of the borrower for a payday loan is not determined by the results from these three agencies. Rather, the determination is at the payday loan lender discretion. This might result in the submission of the payday loan request or the payments under the loan to these agencies.

Sometimes the lenders of loans can rely on own criteria, which are usually based on the income, the payment history in previous payday loans and the potential ability for repayment.

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