Are Free Payday Loans Right for You?

Shopping for a loan, especially one to help you manage emergency expenses, can be stressful and in today’s banking environment, frustrating. Free payday loans are designed to help those times when payday is days or weeks away and unforeseen expenses stretch your budget. Wading through the traditional lender’s paperwork then waiting out the review of your credit report only to have your personal loan request denied can make an all ready bad situation worse. If you are simply in need of $100, $200, or $500, a quick and easy faxless cash advance may be the better option.

What are Free Payday Loans?

Payday loans are short term loans intended to put cash in your hand when you need it most. Applications are completed online or if you prefer, over the telephone with a customer service representative. Credit score requirements are not part of the loan process so if you have a less than perfect credit score it will not impact your ability to turn your check into case. Verification of employment, citizenship, that you are over 18 years of age and that you are in good standing with your bank are all that matters.

Are They Really Free?

There is no application fee or processing fee associated with free payday loans. Repayment is a simple matter of adding a flat percentage of the loan amount to be paid on payday. Typically 25% is used as the percentage to be repaid so a loan for $100 will have a balance due of $125. There are no hidden fees or additional charges for loans paid on time. Although 25% is the most common repayment calculation used by payday loan businesses, state laws vary so be sure to check with your lender at the time of your application.

How Much Can I Borrow?

Most payday lenders will allow up to $500 to their new clients; however, some will go as high as $1,500 for first time borrowers. It is important to understand that these are short-term loans and are designed to be repaid on your next payday. If the loan is not paid in full at that time, the loan fee percentage will be applied to the remaining balance. There are some lenders that offer installment loans where the balance is paid over a series of paydays. Because of the extended repayment period, this arrangement will have higher fees.

When Will My Cash be Available?

Once you have provided the necessary information either online or over the telephone, your free payday loan can be in your hands within 24 hours, freeing you to get your car repaired, pay your rent on time or satisfy the utility company, whatever emergency has prompted your need for a quick loan.

If you find yourself in a financial bind that just can’t wait, a free payday loan may be the answer you are looking for. Before completing the application, be sure that you have verification of your income and banking information at hand. If you have any questions while filling out the brief form, call your lender’s customer service department to complete information.