You have probably seen advertisements for a free payday loan on television, online, and received some in the mail. Information is everywhere. You may have noticed that the interest rate can vary a lot. Were you aware that you can get a free payday loan? This article will explain how you can do this.
A payday loan is among the fastest ways to get money. Some companies will let you borrow up to $1500. it does not take long to apply for a free payday loan. The application process takes about 10 minutes to complete. Some can be completed even quicker.
You will only need some basic information to complete your free payday loan application. The lender will need to know that you are 18 or above. You will have to have worked at one job for a minimum of 3 months. You also need to earn more than $1,000 monthly.
There is a cost to borrow these loans. You will need to have a working bank account to get this loan. The account must be at least 3 months old. After you have been approved, your money will be deposited into this account. This is also where the lenders will get their repayment money on the loan due date. You will have to give them a postdated check or allow them to electronically withdraw the funds from your bank account.
Free Payday Loan
Here is how you can get a free payday loan. You only need to search for the advertisements as you shop around. They are all over the place. Only your first payday loan will be free. And then, that is only if you are borrowing $400 or below. Any additional loans you will have to pay for.
Higher Interest Rates
Yes, the interest rates on payday loans are high. Generally they are 15 – 30 % on your total borrowed amount. You will need to shop around after getting your first free payday loan if you want to make sure you get the best rate. Most lenders use TeleCheck to see if you have had a payday loan before. They can also see if you owe money on any payday loans.
It will only take you around 10 minutes to complete your free payday loan application. After approval, your money can be deposited into your account as quickly as one hour. There are two primary typed of payday loans; they are fax and faxless.
Regular Fax Payday Loan
A regular payday loan will require you to fax over copies of your most recent pay stubs to the lending agency. You will also need to send them copies of recent bank statements. They use these documents to verify your employment and bank account information.
Faxless Payday Loan
A faxless payday loan will need the same information, except these lenders will not require you to fax them any documents. They verify the information themselves using electronic database. This makes the application process much faster though it can slow down how quickly you receive your money.