Your Basic Payday Loan Guide Book

01/09/2012 02:35

Payday loans are the most famous type of loans. Payday loan benefits are what make people crazy about these.  Benefits of payday loans  are numerous and hard to list down.


What is a payday loan?

A payday loan is an unsecured short-term loan. It does not involve any collateral. This means, borrowers do not have to give their lender something as a security as we do in mortgage loans and others. A potential buyer have to submit a loan application along with any documents. The application will be reviewed by the lender. Upon approval, borrower gets the loan. The loan amount and the fee are payable on the next paycheck of the borrower. Borrowers give a signed check to their lender or they need to instruct their bank to transfer the funds into lender's account on their next paycheck. Online no fax payday loans are the ones where borrower do not need to send any document to the lender.


Requirements of a payday loan

The basic purpose of payday loans is to help poor. And this is the reason that the requirements of a payday loan are very simple so that every one can get a loan when needed. The requirements, however, include:


  • The borrower must be 18 or above to be eligible for a payday loan
  • Borrower must have a running bank account with good history
  • Borrower must be employed or self-employed, and must have a proper source of income
  • The identity of the borrower must also be verified via any government issues card


Theses are the basic and most common requirements for a payday loan. However, these requirements vary a lot. For instance, in some countries the minimum age of the borrower must be 21 or above. So these requirements depend on the lender, country, state laws, and general regulations.


About payday loan

Here is some important information about payday loans that you might be interested in:


  • The maximum and minimum amount that you can get via a payday loan varies from country to country and lender to lender. Generally speaking, the low limit is $50 and the upper limit is $1000. However, some lenders will also give you $1500 or more as a payday loan.
  • All payday loans are due on the next paycheck of the borrower. This means, the maximum duration of a payday loan does not exceed 30 days. And the minimum duration has no limit. Again, it all depends on your lender. Some lenders will extend the due date over 30 days. While others will not give you any leverage.
  • The interest rate of a payday loan ranges from 15% to 30%. Which is very high. And this ultimately make payday loans very expensive.


How to apply for a payday loan?

You can apply for a payday loan in several different ways. You can apply online. You can apply over the phone. You can also apply for a loan by visiting the office of your lender. The easiest and most convenient method is to apply online. You have to fill out the application form. If you lender asks to fax any documents, send them in. However, most of the lenders do not need any documents. Once you will submit your application, your application will be sent for verification and review. You will be notified as soon as your application will be reviewed. You will get the funds in your bank account upon approval of your application.


How to repay payday loan?

The repayment process is very easy. You do not have to do anything. When your application gets approved, you have to give a signed check to your lender. Or else, you need to instruct your bank to send money into your lenders account on next paycheck. Or, you can authorize the lender to withdraw an agreed amount from your bank account on an agreed date.

Payday Loan Information You Have Been Looking For

01/09/2012 02:30

It is not hard to get payday loans information in today's world when every thing and every information is on your finger tips. But yes, it is really hard to get correct and authentic information. Same is true for  payday loan info. It is hard to get authentic information. No need to panic because you have landed right on the spot this time where you will get reliable, correct as well as authentic information about payday loans. So let's begin.


I assume that you know everything about payday cash loan basics. So I am not going to discuss that. Rather we will switch to a more sensitive and important piece of information.


What you need to do to get a payday loan?

So if you need to get a payday loan, or if you are planning to apply for a payday loan at your local lender, what you need to do? What things or information you must have with you  in order to get your application approved fast?


Well, you need a few things which are the basic requirements for getting a payday loan.


  1. Make sure that your age is in-accordance. If you are above 18 – no issues. If you are 18 or below – you need to read the terms and policies of your lender. Or call him for further assistance. But to make things simple for you, let me tell you that if you are 18 or below, you cannot apply for a payday loan. So wait.
  2. You must be employed or self-employed to get a payday loan. And this is not enough. You have to show income proof or some sort of employment proof. This is important because this makes your lender sure that you can repay. You have the potential to repay the loan.
  3. You have to prove your identity as well. For that, you need a government issued card or any other proof.
  4. You also need a bank account. A running bank account that has a good standing. This bank account will serve two purposes. It will be used to send and receive the payday loan amount. And it will also be used to see what is your current financial position.
  5. Any other documents that your lender need.


Can You Apply For A Payday Loan With Bad Credit?


An important question that a lot of people ask and search for. The answer is simple “yes”. Of course, most of us do know they can apply for a payday loan even if they have poor credit score. But what is the logic behind this? I mean why a lender would give his money to some one who is already in debt. Who is not paying other bills.


Payday loan lenders do not check the credit score of their borrowers. All they look for is their employment and their capacity to repay their loan plus fee on next paycheck. If a payday loan lender knows that his borrower can repay him, he will not wait a single second to approve the application. Since the amount of payday loan is very small and the duration of the loan does not exceed 30 days, so your lender is on the safe side even if you have very poor credit history. He has nothing to do with your debts and other bills.


So all those with bad credit score can apply for a payday loan and they will get the loan provided they are employed and have a bank account in good state. This is all what payday loan lenders look for.


I hope this payday loan information will help you in one way or another.


Bad Credit Payday Loans: All You Need To Know

01/09/2012 02:26

 Bad credit payday loans or fast payday loans face a lot of criticism every now and then. There is a certain group of people that is constantly using payday  loans. While there is another group, that do not like payday loans at all. Even with so much opposing views about payday loans, they are still very popular. If you need a payday loan, you will find hundreds of lenders out there. For instance, if you are in USA you can visit to get a payday loan within an hour. No one is stopping you from getting a payday loan but..........


But before assuming anything about payday loans or before getting a payday loan, you need to find out why a fairly large number of people or I must say critics oppose payday loans. There is not point in ignoring the views of thousands or millions of people without listening to them.


Let's see what all those critics say about payday loans, and why they are against payday loans.


1- Critics say that payday loan lenders are making poor more poor. This is because payday loans are mainly used by poor people. Those who do not have enough cash. Those who need money. So what happens is those who are already short of cash. Those who do not have any savings use payday loans. And in return, they pay heavy interest to the lenders. Payday loans carry a very high interest rate. Normally, a borrower has to pay $115 to $120 for a payday loan of $100. So it is said that lenders are draining money. They get money from poor and give it to rich. Rich are getting richer and poor are getting poorer.


2- It is also said that payday loans have a very high interest rate which is unfair. Critics are of the view that payday loan lenders charge way too much interest and fee to their clients as compared to their actual cost. The cost incurred by payday loan lenders is very less as compared to what they are earning.

On the other hand, lenders say that the cost associated with payday loans is very high. It is much higher than other types of normal long-term loans.

Critics oppose them and say that the cost for normal loans (home loans, car finance loans etc.) is higher than payday loans. Since for long-term loans, lenders have to conduct a complete credit scoring check of the potential buyer, whereas in case of payday loans, all they have to do is verify borrowers via their employment and bank statement. So this simply means that cost of long-term loans is higher than short-term loans (payday loans), so lenders need to charge less interest to payday loan borrowers.


3- Critics also say that payday loan lenders use normal or routine collection methods while dealing with payday loan borrowers which is absolutely unfair. The collection techniques for a payday loan must be different from a mortgage loan. The actual amount involved varies a lot. In case of payday loans, people do not get more than $2000 in any case. Whereas in case of other loan types, borrowers take millions of dollars in loan. So the collection practices must be different for the two.


This is not all, critics have a very long list with them but these were the most important and most valid points thus far. So next time, when you apply for a payday loan, do consider these views as well. These views can be of great help for you in one way or another. And I hope you will get something good from these views and criticism.

How To Improve Your Credit Score Quickly?

01/09/2012 02:24

Credit score is the one most important thing that plays a significant role in your financial life. Those having poor or low credit score face a lot of hardships throughout their life. They cannot get any type long-term loan. They cannot get credit cards. They cannot apply for home loans. Things get hard for them. On the other hand, those with good credit score are loved by lenders, banks and financial institutes.


Those with extremely poor credit score can, however, get short-term loans including payday loans. Whether it be payday loan online or a traditional offline payday loan, they can get it with ease. Since pay day loan online lenders do not look at the credit score of their clients. Having said that, payday loans are not collateral loans and are short-term loans.

If you need a payday loan urgently, you need to visit


So the thing is, if you have poor credit score, you can only get a payday loan and not any other kind of long-term loan. To get other types of loans you have to improve your credit score. And improving credit score is one of the hardest things to do. It takes years to improve your credit score. What make things worse, is that with poor credit score you will always find yourself short of cash. In such a situation, when you do not have cash and you still want to improve your credit score (and credit history), you will find yourself in the middle of sea without any boat.


But there is a solution. Yes you can improve your credit score quite easily but you have to follow the rules. To start with, decide that you will pay all your bills whether it be short-term loans/bills or long-term loans, you will clear them before due date at every cost. Even if you have to pay twice the principal amount, you must pay the bills before due date.


As said, you can get a payday loan even if you have poor credit score. The idea is to clear your bills before due date. Have no money. No problem. Get a payday loan, and pay off your bill before due date. You need to use payday loans, cash advances and other short-term loans to pay your long-term bills (that affect your credit score) before due dates.


Short-term loans like payday, cash advance etc. do not affect your credit score. So even if you pay these short-term loans after due date, these will not going to harm your credit score. But you have to pay heavy fees to your lender as a penalty. So try to clear all your bills (short-term as well as long-term) before due dates. If, however, you cannot clear all the bills within their due dates, pay long-term bills first. Your priority must be to pay those bills that harm your credit score. Since we are concerned about credit score improvement. Prioritize long-term bill payments.


When you will constantly keep on using payday loans to pay your bills on time, you will see a good change in your credit score. But, do not expect a change right away. A small deviation in a credit score needs months. And when we are talking about shifting credit score from bad to good, this means you have to wait for years. You have to follow the rule for years. You have to be consistent. You have to patient. You have stay on the line. Do not lose hope. Do not expect results too early. This will take a lot of time. And you need to keep on doing all the hard work for years.


When your credit score finally moves to a healthy spot, you need to keep doing all the good stuff. It does not mean that you are now free. You have to be very cautious. You still need to keep paying all your bills in time. This is a lifelong rule that you must not forget.

How To Choose A Payday Loan Lender

01/09/2012 02:17

Choosing a payday loan lender seems to be a simple task, but actually it is not. Most of the people (borrowers) do not bother to search and find the best payday loan lender. This is primarily due to the fact that more than 90 percent of the borrowers need payday loan on urgent basis, and they do not have the time to look for alternates. They simply go to the lender whichever comes first on the list. Consequently, they end up paying huge fees with minimal services. Do not let this happen to you. You need to choose one of the best  payday loan lenders like And how you will do that. Here are a few tips that will help you in choosing pay day loan lenders.


  1. The first thing that you need to do is do not to choose a payday lender in hurry. Do not make any decision quickly. Think. Think again. Relax. Compare. Find alternates. Choose smartly. Decisions made without proper calculations and logic reasoning usually create problems for you at the end. 
  2. You must choose a lender that is a registered one and is licensed lender. Almost all the lenders, that are licensed lenders have their license number on their websites. So it is not hard to locate a few licensed and registered payday lenders in your area.
  3. Always deal with a lender having a proper and valid physical business address. Although you do not have nothing to do with the physical address if you are applying online. But there are many fake lenders out there who will take away your personal information and will never send you the money. So it is better to deal with a lender having valid physical office address.
  4. If you need money quickly, choose a lender having quick simple application process. Almost every lender promises to process applications quickly. Every payday lender have all the detail over their website about the time they need to review the application and transfer the funds into the bank. The idea is to choose the lender having minimum application review time and who transfer the funds immediately into your bank account up on approval.
  5. How can you forget about the fees and other charges? This is most important factor that need special attention. Payday loans usually have very high fees, late payment dues and other charges. Even if you repay the loan within the due date, you will still have to pay on average 20 percent of the principal. So fees are very important and you must choose a lender with minimum fee and charges. Most of the lenders do not mention their fees on their website, but you must call them to get things clear before submitting your application. Because if you will apply right away without knowing the fee and other stuff, your application might get accepted and once accepted, you will get the funds. Then there is no turning back. Do not forward your application until and unless you do not know about the fee that you will have to pay to the lender.
  6. Always read the terms and privacy policy of the lender before applying. If you do not find “terms” or “privacy policy” over the website, you need to stay away from such a lender.
  7. Last but not the least, make sure that your lender promises to keep your personal information secure and safe. This is important for several reasons.


The best practice is to choose top five pay day loan lenders and then compare them on your criterion. Give weight-age to each criterion (like; ease of use, approval time, fee, licensed lender etc.), and then choose the one having maximum weight-age among all.