Finding a Cash Loan

If you have a financial emergency but still need to take care of it, you can apply for payday loans, which are readily available through Internet. A payday loan is a short term cash advance based on the borrower’s next pay cheque held for deposit or on direct electronic transfer to the borrowers’ bank account. Borrowers just write a check for the money borrowed plus the lending service fee and get cash from their bank account within 24 hours. Sometimes, borrowers also sign over electronic funds transfer to their bank account to get and repay payday loans instantly. The payday loan interest rate is usually high, due to high risk of non-repayment, and penalties levied if payments are late. However, a payday loan is a good short term solution to a temporary cash shortage. Payday loans Charlotte NC will score you a quick loan.

Payday Loans

A payday loan is usually unsecured short-term cash loans, with no collateral such as an auto or home equity loan. The lending service charges a one time application fee, and a 25% service fee for processing. Payday lenders require borrowers to have a valid bank account, a checking account preferably with a guaranteed account opening, and a social security number to ensure proper identification. A social security number is essential as proof of identity. Payday lending services require the borrowers to sign a document attesting that they are individuals who are in need of immediate cash and not family or friends. The document attestation also verifies that the individual signs a written contract with the payday lender to repay the payday loans on future date, called a “promise to pay.”

Lending Companies

There are many online lending services including online payday loans, title loans, vehicle title loans and instant cash title loans. Some lending services are members of state or local lending institutions. To make sure you choose the best lender for your needs, it is important to check all lending services fees and terms.