What Happens If You Don't Pay a Payday Loan Back on Time

Payday loans can be a lifesaver when you have a sudden emergency and need a cash advance fast, but there can be a serious downside to this type of borrowing if you are not careful about who you borrow money from. The danger comes from excessive penalties that are charged on late payments by some of the less scrupulous payday lenders.

Payday loans are quite different to any other type of borrowing. They are a way of accessing extra cash extremely quickly and usually without any kind of credit check. The reason credit checks are not necessary is that payday loans are always for very short periods of time and for relatively small amounts of money. Provided you can demonstrate that you have a job and a bank account, the lender can be pretty sure of getting their money back.

The cost of a payday loan is usually a fixed amount, which will vary with the size of the loan. This charge in itself is perhaps not unreasonable for the service provided, but it is only appropriate as a one-off fee over that short time period. If you were to work out what that charge represented as an annual percentage rate (APR), you would see that it then became astronomical, perhaps a hundred times higher than a typical personal loan. This is because that charge is not meant to be applied over a period of time like the interest on a personal loan would be.

If you don't pay a payday loan back on the due date, you are leaving it open for the lender to apply extra interest or penalty charges. It has to be said that this is what happens all too frequently, and this is where many payday lenders really make their money, and is what they hope for and depend on. Once this process starts, the extra charges can very quickly amount to more than the original amount you borrowed. This leads to a cycle that is impossible to break out of, because the debt is for more that you are ever going to have spare in any month.

It must be said that there are still plenty of responsible lenders that have fair and reasonable systems, so if you don't pay a payday loan back when you are meant to, you can extend the period of borrowing without ridiculous charges. The important thing is to check this kind of information before entering into a loan agreement with a company. Many people focus too much on who can give the money the fastest at the expense of who is the fairest lender who will be reasonable if you are unable to stick to your original agreement.

If you don't pay a payday loan back and you do find yourself in a situation where you have mounting debts from extra charges, there are some important things to bear in mind with regard to how you get out of that situation. First and foremost, do not take out any more payday loans. They are strictly for covering exceptional expenditure, which can be paid back the following month. They are never, ever a suitable way to deal with a debt problem or ongoing shortage of cash.

As debts mount up extremely quickly with payday loans, you need to seek help quickly. Once you know you have a problem that you cannot see a way out of, do not delay in taking action. A debt management company will be a good place to start and you can apply quickly and easily online. What happens next is that they will contact you to go through your finances and advise you on your best course of action.

You can avoid the nightmare of a payday loan debt cycle by choosing your lender carefully in the first place. You should avoid any bad situations if you stick to well established and reputable companies that have a long record of successful business, and lots of satisfied customers who have already used them. It is perfectly possible to find lenders who are both responsible and trustworthy as well as having fast and simple application processes.

The best approach is to use payday loan companies that are recommended following research and reviews, to come up with a list of a few that you know to be reputable and well established. You then have a few safe ones to apply to in case any reject your application

Read recommendations for the most reputable lenders for payday loans and a list of the best debt management companies in both the US and UK. K D Garrow has worked as a senior manager with significant financial responsibility for the last twenty years. His website offers free, unbiased advice on a range of debt related issues, including debt settlement, bad credit borrowing, bankruptcy, budgeting, etc.

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Payday Loans No Documents - Finding Payday Lenders With No Faxing of Documents

Payday loans are an increasingly easy way to get a cash advance, and with some of the best online lenders the process is now incredibly fast. When lenders will not approve payday loans until they see certain documents, this can add a lot of time onto the application process. In such situations you normally have to fax documents through and wait until someone checks it and responds. The extra time this takes is at best an inconvenience and at worst can cause long delays that are a major problem when you need money fast.

You need to narrow down your search for a lender to avoid companies that have these extra procedures as part of their standard approval process for every application. There is really no need for it, and there are enough payday lenders out there now who have very streamlined approval processes that require no documents. Even with the best companies there can occasionally be delays, but these are often to do with the information provided on the form, and some of these delays can be avoided.

There are a few things you can do yourself to ensure that you minimise the chances of doing anything to slow down the process. One of the most common causes of delays is people not filling in part of the application form properly. This can either mean entering information inaccurately, or missing something out that needs to be included. Every tiny error or omission on an application form can add time to your application process. Think about what information you are going to need to provide before you apply and make sure you have all the necessary documents to hand.

They will need a certain amount of basic information about you, including full contact details, all of which you will know anyway. But the other vital things they will also want to know are to do with your employment and your bank account, so get the necessary information or documents together before you sit down to apply. You will need to provide verifiable details to show that you are earning above a certain amount and that this goes into a bank account.

Check what the lender says on their website about the application process, what is involved and what happens after you apply. If it includes a credit check, you perhaps should not bother, as this is just putting unnecessary obstacles in the way. Credit check are not really relevant to payday loans as the lender is only giving you money for a matter of weeks at most, and it is usually going to be for an amount that is less than you earn each month. So knowing things like whether or not you have not kept up with payments on a long term loan in the past is not really going to make any difference.

When looking for lenders for payday loans, do not lose sight of the fact that some companies offering this kind of cash advance are better avoided. The speed of application is not going to mean much if you end up with a lender that adds massive penalty charges to your loan if you find you cannot pay it all back on time.

What you really need is a list of payday lenders who are not only known to need to documents and be fast, but which are also very well established and reputable. The simplest way to start is by finding recommendations for a list of companies known to safe but quick and then you can work through that list without worrying about ending up with a disreputable company.

Read recommendations for the most reputable providers of direct payday loans in the US and UK. K D Garrow has worked as a senior manager with significant financial responsibility for the last twenty years. His debt UK / US website offers free, unbiased advice on a range of debt related issues, including debt settlement, debt management plans, bankruptcy, budgeting, etc.

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Pay Day Loans With No Phone Or Faxing Required - Tips on Using Pay Day Lenders

Pay Day Loans are a great example of a service that has fully taken advantage of the power of the internet. The best pay day lenders now have great websites that allow people in need of a fast cash advance to go through a very simple application process that can have money in their bank in an amazingly short period of time.

Not all lenders have fully caught up with these developments, however, so there are still many who either insist on a credit check or need to phone you or get documents faxed through. If you go to the best direct lenders and you meet the basic criteria for a loan, there is no reason why you should not get pay day loans with no phone or faxing required.

Pay day loans are designed to be for very short periods, so it is vital that the application process is extremely fast. You are probably only having the money for a few weeks a most, so the last thing you want to do is have to wait a few days before you get it. Just having a website and an online application process is not enough in itself. Some pay day lenders have great looking websites, but if you apply on a Friday night, no-one will look at it until Monday morning. This is not a true online process, and certainly not a fast one.

Stick to direct lenders because that is likely to be quicker. Some sites are just brokers, who will pass your application on to the actual lenders, which can slow the process down and lead to extra obstacles. With a direct lender you get only one set of rules and criteria, so provided you choose one that does everything online, there should be no phone or faxing required.

There is no reason why a pay day loan company should need to carry out a credit check on you, so any lender that says that is part of the process can be ruled out straight away. All a pay day lender needs to know is that you have a steady income and a bank account. You will obviously need to be over 18 and be resident in the same country as the loan company. For most lenders, you will need to be earning at least $1,000 a month if you are in the US, or perhaps £750 in the UK.

Check what the basic criteria for the loan company are before you apply, and if you do not meet them, do not waste your time by applying, move on to another one that is more appropriate. When selecting a company one of the most important things to be aware of is that you need to stick to well established lenders with a reputation for being responsible. A lender with no track record may be happy to lend you money, but you could end up paying dearly for it if you have any problem paying it back promptly. Less ethical companies are known to apply ridiculous extra charges for any late payments or extensions, and the result can be a rapidly spiralling debt that is soon out of control.

Follow recommendations for responsible companies that are known to offer pay day loans with no phone or fax required, and which have totally streamlined online application processes.

Read recommendations for the most reputable direct payday lenders in the US and UK. K D Garrow has worked as a senior manager with significant financial responsibility for the last twenty years. His website offers free debt help, including unbiased advice on a range of debt related issues, including debt settlement, debt management plans, bankruptcy, budgeting, etc.

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Payday Loans Online With Instant Approval

The whole point of payday loans is that they are a way of getting a cash advance really quickly. Therefore speed has become one of the defining qualities people look for in payday lenders. Technological advances and sophisticated websites have helped payday loan providers to put their entire application processes online, reducing the need for human intervention to a minimum.

If you find the right lenders you can complete a straightforward application form online, send it off and expect money in your bank the same day, often within one hour. Even the best online application processes can only operate that smoothly and efficiently within certain parameters. For the application to go through quickly and easily you need to meet the basic criteria, because any online system will be set to give approval based on certain limitations. You do not have to have a good credit record, but you do have to fill in the application form properly and meet the basic requirements of the lender.

Having a bad credit record is rarely a problem when it comes to getting instant approval for online payday loans, so if you have poor credit and the lender says they will do a credit check, it is probably best not to use them. There are plenty of others that do not carry out credit checks. The things you will need, however, are a steady job and a bank account that your wages go into.

To avoid any faxing or phoning, the payday lender will usually want to be able to verify your employment online if you are to get instant approval. For this reason it is important to enter accurate details on the application form. A silly error when you fill the form in could slow down the process, or even lead to rejection.

If you meet these basic requirements, you ought to get instant approval for a loan, and the process will probably then include an email back to you with agreement documents that you need to approve. There is no need to print anything out or be sent anything through the post. Everything can be done online, and your electronic signature is just as valid as your real one. Once you send back the online documents you should have cash in your account very quickly.

There are a few different things to consider which can help you find the fastest payday loans online with instant approval. Always try direct lenders first, as these are likely to have simpler and more direct application processes. Avoid any lender that asks for a credit check, as this is an unnecessary hurdle. If you are a US citizen, check what states the lender covers before you apply, as many only cover a few states, so you could be wasting your time.

To increase your chances of instant approval, you should get all your employment information and bank account details ready beside you when you complete the online form. This will enable you to enter the details quickly and accurately. Do not guess at details if you do not know them, check up first.

The other important consideration when selecting a payday loan provider is that you need to be careful to avoid the large number of disreputable companies that are operating in this area of lending. A significant number of companies that provide cash advances are intent on exploiting the fact that people are in urgent need of money. The usual situation is that they will apply extremely heavy penalty charges for any late payments. There are many instances of people finding it impossible to get out of payday debt because their extra charges are much more than the original amount they borrowed.

The best way to avoid getting into this situation is to follow recommendations for reputable lenders and work your way through a list of companies that you know to be safe and reliable.

Read recommendations for the most reputable lenders for payday loans and a list of the best debt management companies in both the US and UK. K D Garrow has worked as a senior manager with significant financial responsibility for the last twenty years. His website offers free, unbiased advice on a range of debt related issues, including debt settlement, bad credit borrowing, bankruptcy, budgeting, etc.

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Where Can I Get a Loan Quick With Bad Credit?

Having bad credit will certainly prevent you from obtaining a personal loan from a bank or other such institution, but it does not need to stop you getting money from one of the many private bad credit lenders available. There are many different types of loans aimed at people with bad credit, but they will all be slightly different from the high street lenders that will turn you down. Private bad credit lenders will either apply higher charges to compensate them for their increased risk, or they will offer different types of loans that do not depend on a credit rating to offer security.

If you want to get a loan quick there is no faster type of bad credit lender than a payday loan provider. Payday loans are specifically designed to provide really fast cash advances and the best lenders can get money to you within an hour or so of applying. They do not normally depend on credit checks at all, because they are always for a very limited time and never for large amounts. Unlike a normal personal loan provider, the payday loan lender does not need to know that you can keep up with regular payments for years on end. All the payday loan lender is interested in is that you have a job where your monthly pay is more than the amount you have borrowed.

By keeping payday loans to fairly modest amounts of money which have to be paid back quickly, this type of private bad credit lender is able to keep the information they require fairly simple and therefore have a very quick process. All the best payday lenders have totally online systems now where you just complete a simple form to find out if you can get a loan. You will normally get a response almost immediately and can then finish the process online by simply agreeing to the terms offered. One of the big attractions of this type of payday lending is that the good lenders offer a full service 24 hours a day, seven days a week.

No advice on payday loans would be complete without a word of warning about how to use such loans. They are the ideal way to get a loan quick when you are in a tight spot due to a sudden unexpected expense, but they can cause a lot of problems if they are used in the wrong circumstances. If you use one of these cash advance loans to fill a gap in your finances that is more than just a one-off, you could be creating problems for yourself. They are not a solution to debt problems and if you have a longer term problem you should look to something like debt management instead.

The other thing worth saying is that the charges for such loans are designed on the basis that the loan will be paid back within a short time frame. The charges are far from reasonable if you extend them over a longer period of time, so it is very important to pay them back promptly. This is a key reason for making sure you find a reputable lender in the first place, because it is when you fail to repay a loan on time that the more ruthless lenders move in for the kill with serious penalty charges.

If you need to borrow more than a payday loan lender would allow, there are several other options available for people with bad credit. As mentioned earlier, some specialist private bad credit lenders will lend you money but charge a higher interest rate because of your credit rating, whereas other will offer loans with alternative types of security. The commonest example is a secured loan also known as a home equity loan.

This is where your house is used as security against the money you borrow, so they are obviously only available for people who own their own homes. This type of private bad credit lender is happy to lend you a considerable amount of money, safe in the knowledge that if you fail to keep up with payments, your house can be sold to repay the debt. You will never get a secured loan processed as quick as a payday one, but the process with some lenders is still pretty good.

Read recommendations for the most reputable lenders for payday loans and a list of the best debt management companies in both the US and UK. K D Garrow has worked as a senior manager with significant financial responsibility for the last twenty years. His website offers free, unbiased advice on a range of debt related issues, including debt settlement, bad credit borrowing, bankruptcy, budgeting, etc.

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Easy Fast Pay Day Loan Lender Advice - How to Find the Best Pay Day Lender

An easy fast pay day loan lender is not as hard to find as it used to be. The development of online applications and processes which are wholly web based has allowed the best lenders to provide fast and easy solutions to the need for a quick cash advance.

The trick, of course, is to understand how to spot the best pay day loan lenders without having to try every one you come across. There are a huge number of payday loan providers operating today, not least because of the recent increase in demand caused by more consumers suffering financial hardship. The following advice should help you get straight to the easy fast pay day loan providers and understand what you should be looking for in a lender.

Any part of the payday loan application process which puts a barrier between you and instant cash is a problem. You need to look for a lender that has as few obstacles in the application process as possible. One of the most common and unnecessary barriers thrown up by pay day loan lenders is asking for a credit check. This is entirely pointless as your track record of how you have previously dealt with longer term borrowing is not relevant to a payday loan.

Pay day loan lenders naturally want some sort of assurance that they will get their money back from whoever they lend it to, but a credit check will not do that for them. All pay day loans are for a very short period of time, and are almost always to be paid back in one go. For this reason, all a lender needs to know is that you have a steady job and that what you earn each month is more than the value of the loan. You also need to prove that you have a suitable bank account, just so that the lender has an easy and fast way to get their money back on the due date. So you can avoid lenders that insist on a credit check.

Other possible hurdles are when a pay day loan lender asks you to fax through documents or phone up to go through further details. Occasionally this may be necessary with even the best lenders, but only if there is something quite unusual about your application. Provided you have a job and bank account and are resident in the appropriate country or state, there are plenty of cash advance lenders who do not require any faxing or phoning.

Using the above criteria will enable you to assess which pay day loan lender is likely to have an easy fast process, but there is one other very important factor to consider. Payday loan lending has a bit of a bad name for applying high charges that can lead to problems for people who already have financial difficulties. The important point to make here is that only some lenders apply ridiculous charges, which is why it is important to select a reputable lender.

Standard charges for payday loans are reasonable for what you get, because they are a one-off fee. In the US they are usually set by state laws. The thing to watch out for is that they become very unreasonable if you apply the same rates to a loan over a longer period than a few weeks. This is why the problem with charges only really becomes an issue when you miss the repayment date.

If you end up with a disreputable lender and you fail to make your payment on time, that is what they are waiting for and they will take the opportunity to apply severe penalty charges. The more reputable pay day loan lenders will be up front about the consequences of late payment and have more reasonable arrangements for dealing with that situation. By far the best approach with payday loans, however, is to be very sure that you pay it back on time.

As well as finding a pay day loan lender that is easy and fast, you must also ensure that they are well established, reputable and ethical. They do exist! The best approach is to follow researched recommendations for lenders known to be reputable and reliable, and work from that list.

Read recommendations for the most reputable direct payday loan lenders and a list of the best debt management companies in both the US and UK. K D Garrow has worked as a senior manager with significant financial responsibility for the last twenty years. His website offers free, unbiased advice on a range of debt related issues, including debt settlement, bad credit borrowing, bankruptcy, budgeting, etc.

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Best Pay Day Loans - Advice on Finding Cash Advance Lenders

Best Pay Day Loans - Advice on Finding Cash Advance Lenders For Pay Day Loans

By K D Garrow

Thousands of people each day make use of pay day loans and there are a great many lenders to choose from. Which you consider to be the best pay day loans will depend very much on what it is that you value most, but I would say that the most important issues for the majority of people in need of a cash advance are speed and ease of application. The other thing that most of us expect automatically, but do not always get, is that the lender will be honest and reliable.

The reason this latter point is so important is that it is those less reputable pay day lenders who set out to exploit the people who use their services, which then leads to complaints that pay day loans are an inherently bad thing. They are only a bad thing when used incorrectly and especially bad in the hands of unethical lenders. This article will help you understand how to avoid this type of pay day lender and explain what other things you need to look for to ensure you get the very best pay day loans.

The best pay day loans are undoubtedly the ones that put money in our bank accounts an hour or so after we apply for them. Most of us apply for this type of loan when we need cash urgently, so speed is a key thing to look for. You can narrow down your search by ruling out those lenders that have processes or policies which will slow down the application and approval process. Stick to direct lenders and you are likely to benefit from a faster process, as a broker will need to pass your information on to a series of lenders and wait for their response. This does not always make much difference, but it can do.

You should also avoid any lender that asks for documents to be faxed through as a standard part of the application. This can be a real time wasting pain and there are plenty of pay day loan companies now that do not require this. Similarly, you can avoid any that want to carry out a credit check on you as this should not be necessary and the best pay day loan providers do not ask for this.

Even the best pay day loans are not guaranteed to be problem free if you do not use them in an appropriate way. They are a great way to deal with a sudden unexpected expense, provided you can afford to pay it back as soon as you are paid. What they are not designed for is to plug a gap between what you earn and what you spend. This kind of gap will still be there next month and the month after, and if you try to tackle it with a pay day loan you are likely to get deeper into debt.

This is because the charges on even the best pay day loans begin to look pretty awful if you apply them over a few months or more. The charges are only appropriate when you look at them as an one-off fee for a service. If you work out what the annual percentage rate is on a payday loan (the equivalent interest rate if you had the loan over a whole year) it would probably give you a heart attack! This is because they are single fees for a fixed service and should not be applied in the way that you would for a loan designed to be paid back over three years.

This is where the disreputable companies come into their own, making it easy for people to not repay their loans on time, then applying huge extra charges for late payment. You can avoid this type of company by following recommendations for providers of the best pay day loans, who are known to be very well established and trustworthy.

Read recommendations for the most reputable direct payday lenders in the US and UK. K D Garrow has worked as a senior manager with significant financial responsibility for the last twenty years. His website offers debt UK -US help, including unbiased advice on a range of debt related issues, including debt settlement, debt management plans, bankruptcy, budgeting, etc.

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