Cheap Payday Advance
In general, most short-term or payday loans will be given out to individuals with a charge $10-30 for every one hundred dollars that the individual is able to borrow. There are some special promotions that are offered to first-time borrowers that are even less than this low amount. A popular first-time offer that has been designed by short-term lending institutions is that they will only be charging $10 for every one hundred dollars that an individual borrows. It is important for many people to remember that this special deal is often offered only to first-time borrowers, not individuals who have already enlisted the financial assistance of the payday lending establishment.
The basic requirement that is attached to such loans is that the applicant needs to pay back the entirety of their loan by their next paycheck. For many people, this is a period of one to two weeks. If an individual is not able to pay the loan back by the due date, they may be able to apply for a loan extension. However, with this extension, there may be penalty fees and fines, and the individual may no longer be allowed to receive the low rates that they were eligible to receive at the time of their loan application. Many establishments that are available to individuals will supply approved applicants with up to one thousand dollars. Many people enjoy cheap payday advance loans because they are very easy to receive and the turnaround time is very quick.
The process for a cheap payday advance loan is often very simple. The lender will review the paperwork of the applicant, and the individual will provide the lender with a post-dated check. The check will be in the amount of the loan plus any interest fees. Illustrated, the process would appear as such: the individual may borrow $100. Since this is the first time they are borrowing money in the form of a payday loan, they are only being charged $10 for the loan. The check will be written in the amount of $110, and the lending establishment will cash the check on the due date, or receive an electronic funds transfer to get the money owed to them on the due date. The popularity of such loans has established competitive fees and rates. Since these loans are meant to help people for the short term, they should not be taken out by individuals who need a great deal of money for a long time.