Online payday loans are very convenient. In fact, they are so convenient that all that you need to apply for one from the comfort of your own office or home is a connection to the Internet and a personal computer. You will only be required to fill out a single page form online with your name, address, telephone number, SSN, and banking information.
There is no credit check, collateral, or cosigners required for an online payday loan. The eligible requirements are that you must have a steady source of income, be a citizen, have a valid form of identification such as a valid driver’s license, be of legal age, and have an active bank account. Your online payday loan will be approved in a matter of minutes and after it has been approved, the lender will transfer electronically the proceeds from your loan directly into your checking or savings account that day and sometimes within the hour. Online payday loans are consider short term, high risk loans and as such their interest rate that is higher than that of a traditional loan. However, they are still less expensive that charging your necessary expense to your credit card. While online payday loans are intended to be used for a financial emergency, such as an unexpected medical bill or car repair no one will ask you what the loan is for and you can actually use the money for anything that you want to use it for.
Usually, you can borrow anywhere from between $100 and $1,500 from an online payday loan. These loans are intended to be repaid by your next payday, but if you can’t pay the loan back on time most lenders will extend the time that you have to pay back the loan. These time extensions, however, can be somewhat expensive because the interest rate for the time extension will usually be higher than the interest rate for the original loan. Extensions aren’t recommended because they can lead to future financial difficulties for you.
Because different online payday lenders charge different interest rates, you should shop around on the Internet for a lender that charges the lowest interest rate.
Online payday loans may well be your best option when you are between paydays and have some kind of financial emergency. They are quick, easy to obtain, and very convenient. You only need access to the Internet and a personal computer to apply for one and you can have the money you need that same day.