Instant Payday Loans

An instant payday loan can be described by its name.  It is a loan that you have electronically deposited into your bank account overnight.  Instant payday loans should be used only as a short term loan.  The longer you take to pay off an instant payday loan, the more fees you will incur.

Why Might I Need an Instant Payday Loan?

About a year ago, I had a little financial trouble.  Everyone has some sort of financial trouble at one point or another.  I received a final notice on my electric bill and I did not have the money to pay it.  I had only two days before it would be

disconnected and I would not be getting my paycheck for another six days.  I didn’t know what to do.  I could not get the electric company to hold off on disconnection, and I did not have the money or any family to lend it to me.  I did not know what I was going to do.  I went on the internet and I found the answer.

What is an Instant Payday Loan?

The loan that I found online was called an instant payday loan.  Even though I have a low credit score, I was still able to apply.  Every other personal loan that I had tried turned me down immediately.  With an instant payday loan, as long as you meet the requirements, you are eligible for the loan regardless of your credit score.  With the instant loan, I would be required to pay the loan off when I got my next paycheck.  I would pay the amount that my loan was for as well as the loan fee.

What are the Requirements of an Instant Payday Loan?

There are certain requirements that need to be met before I can get an instant payday loan.  In order to apply for the loan, I must be eighteen years of age or older.  No minor is ever allowed to sign any kind of loan or contract. 

The most important requirement is that I have a source of income which is more than $1000 dollars per month.  This income can from only one source or a combination of sources.  My there are certain incomes that the instant payday loan company accepts and certain ones that they don’t. 

Acceptable incomes are wages from a job, Social Security, child support, disability and unemployment checks. Unacceptable sources of income are Social Security that is in your child’s name or Social Security that is in another person’s name.  State welfare checks are also not an acceptable form of income.  Whatever source of income I have, it has to be direct deposited into my bank account.  When I apply for the loan, I will be required to fax a copy of my most current bank statement and a voided check.  I am only required to fax information the first time.  If I ever get another instant payday loan again and my banking information has not changed, I will not be required to fax again.

	With an instant payday loan, as long as you meet the requirements, you are eligible for the loan regardless of your credit score

When will I get my Money?

Once I have filled out my loan application and it is processed and approved, I should receive the money the next day.  I will only have it overnight if I fill out my application and have it processed before 4:00pm pacific time or 7:00pm eastern time. If I do not have everything sent in by the cut off time, I will not get the money until the day after.

What are the Terms of an Instant Payday Loan?

After reading through the terms of the instant payday loan, I understood things a little bit better.  The loan is a short loan which is only meant be out for a 7 to 14 day period, or for a 15 to 21 day period.  When my loan period was up, I would be required to pay my loan back in full, plus the amount of the loan fee.  The loan fee is determined by the amount of money that you borrow. 

If you borrow $100, your loan fee would be $18.62.  You can borrow up to $1000, with a loan rate of $186.20.  If, after the loan period is up, the money is not in my account, I can get an extension.  With this extension I would be required to pay the loan fee for each week that the money is not in the account.  After three extensions, the loan fee will go up.  If I take out a loan of less than $599, I would be required to pay a $50 fee along with my loan fee.  If my loan is $600 or more, there will be an additional $100 fee.  This will continue every week until I repay the loan.  If I let this go, I could end up owing hundreds, maybe even thousands of dollars.  As long as I pay this loan when it is due, the loan works out well.  The loan rates are very reasonable.

What is the Process of an Instant Payday Loan?

The first thing that I did was fill out the application online.  I gave all of my inf0rmatiom, name, address, phone, etc.  After I filled out all of my personal information, I had to decide how much money I needed to borrow.  I entered the amount that I needed to borrow and I answered some question about my source fo income, my salary, and banking information.  When I was done, I read the instructions about faxing my banking paper work. I faxed them my most recent bank statement and a voided check.

How do I Repay my Instant Payday Loan?

When it is time for my loan to be paid, I don’t have to do much.  All I need to do is make sure the money is in the bank.  The payday loan company will electronically