Getting cash in seconds from a payday lender is a feature which attracts borrowers so much. Simply speaking, a payday loan is a short term loan of a small amount, which is given to a person who is in immediate need of money to pay some small expenses such as an electricity bill, water bill or housing society's bill. The amount of the bill is very small but their payment is very necessary, therefore when you are running out of money a pay day loan lender can be your savior.
The pay day loans are very popular among people in U.S., U.K. and Australia. They are also referred to as Cash advances. Many jurisdictions in the above mentioned countries also limit the rate of interest that is levied on the loan by a pay day loan lender. The time period of a pay day loan is very short, probably a week or so, till you get your next month salary. Therefore there can be a substantial difference between the annual percentage rate and effective annual rate
The process of getting a loan through a pay day lender is very simple. It is as simple as that person visiting the pay day lenders store, get some amount of cash which fulfills his requirement at that time and go. It is like borrowing money from a friend to pay the electricity bill and return to him as soon as you get your pay. In the case of pay day loans in the U.S, an interest rate of 15-30% is levied on the customer for a period of 15 days. It amounts to around 390-780% APR. The simple formalities include a post dated check which a borrower writes in the name of pay day loan lender which includes the principal amount and the fees. On the date of maturity of loan, the pay day lender expects the borrower to return and repay the loan.
If the money is not returned by the borrower personally the check is used. In case if the check gets bounced the borrower faces problems both through the bank as well as the pay day lender. Thus as the person walks in the store to get loan so can he do through internet. The borrowers have to fax the copy of their check, a recent bank statement as well as signed paperwork.
In case of fax less pay day loans, the borrower doesn't have to trouble about faxing his documents to the firm. Pay day loans is a great way to pay your bills but cannot be hassle free because of large number of documents that need to be faxed. Here the effectiveness of fax less pay day loans comes into action. The fax less pay day loans to give you loan of a short amount for a small period but does not expect the borrower to fax all the documents. Thus truly fax less pay day loan is the easiest way to get a loan without any paperwork.
Cash In Seconds From A Payday Lender
By: kiefitwells About the Author For a payday loan in seconds visit Mr Payday Lender now! For more details visit http://www.mrpaydaylender.com. (ArticlesBase SC #3146624) Article Source: http://www.articlesbase.com/ - Cash In Seconds From A Payday Lender