Fast payday loans online
Payday loans, also called: short term loans, cash advances, pay check advances and quick cash among other names are fast, unsecured and hassle free loans that are given to borrowers on short notice and usually delivered on the same day.
Loan interest and repayment
The loans, as mentioned earlier, are short term- ranging from a few days of repayment to a few weeks or months. They are said to charge relatively high interest rates as lenders insist that is because of the short duration the loans are repaid.
Payday loans and welfare
These loans are said to improve people’s welfare as they are easily accessible; which enable people to meet their urgent needs regardless of their financial position at the time of their financial emergencies. Opponents of these loans, however, insist that they are exploitative as they take people’s need for fast cash to charge them very high interest rates.
Collateral for the loans
Payday loans are usually given to borrowers without any need for collateral. This means that people who have their assets tied up anywhere or do not even have any assets with which they could secure the loans with, can afford them. Collateral for other loans are usually meant to be held by the lenders so that they can repossess those collateral if the borrower defaults in loan repayment. Required loan collateral ought to be of the same or more monetary value than that of the loan so that they can fully repay the loan if the borrower defaults. Some regular lenders may also require the borrower to have trusted guarantor; to proof their loan worthiness. Payday lenders do not require any of the above collateral.
Loan security and safety
Payday lenders ensure the security of the loan by installing security software into their online system; to protect the information that submitted to the lender online. Staffs also make the use of the details, which the borrower submits, to process and approve their loans.
Application for the loan
Payday loans are applied for through filling the short online form with a few personal and financial details and thus the name online payday loans. Those details include: the name of the borrower, their bank account number, the amount they want to be loaned and their address.
Processing the loan
Pay day loan processing takes a short time because there are very few details than need to be confirmed by the money lender about the borrower. Approval is thus instant because the loans do not require any faxing checks, checks on personal, financial or employment details in order to give the borrower the loan. The loans are, in this regard, referred to as hassle free or stress free loans due to the absence of the many time consuming checks.
Disbursement of funds
Unlike other lenders who write cheques to borrowers for their approved loans, https://paydayrelay.com payday loans online payday loans are, in an attempt to bridge the time and oust factor, sent directly into the borrower’s accounts. This is because cheques have to be mailed (costing the borrower or lender extra mailing costs) or collected by the borrower (taking the extra time and traveling costs). Cheques also have to be deposited into the borrower’s bank account from where they take a couple of days to mature before the money is finally released into the borrower’s hands; for their use.