Instant Online Loans

  • About payday online loans

    An online payday loan is the simplicity of the application process. No fax payday loans, as the name suggests, require no faxing, as long as you can provide proof of employment through your online banking, and there are no paper forms to fill out. Also, unlike a bank loan application you will usually know whether you have been approved in 10 minutes or so. When the loan is due the funds are debited directly from your bank account by Electronic Funds Transfer. If you are late in payment there may be additional fees, but you can usually avoid them by contacting us beforehand. In the more recent innovation of online payday loans, consumers complete the loan application online. The funds are then transferred by direct deposit to the borrower's account, and the loan repayment and/or the finance charge is electronically withdrawn on the borrower's next payday.



Pros of payday loans.

Payday loans are not a long-term financial solution. If you're looking to get a payday loan, chances are your financial situation isn't good. While getting an influx of cash may remove your problems in the short term, it cannot fix the underlying problems that led you to a situation in which you needed such a loan in the first place.

Payday loans are for relatively small amounts. Generally payday loans are issued for amounts of up to $1000. If you are looking for a larger sum, even if it is only for a short time, you will most likely have to find another source of funds.

Payday loans involve fees and interest payments. The charges associated with a payday loan are quite a bit higher than for a standard bank loan. And if you are unable to pay your loan in full by the contracted time, the fees may double.

Payday loans require the borrower to be employed full time. If you are working part time or receiving unemployment benefits or social assistance, you will probably not be eligible for this type of loan.

Payday loans also require you to have a current bank account. You may believe in dealing with cash only, but payday loan companies think differently.

Payday loans may be offered by a fraudulent source. Especially if you are applying for a payday loan online, it’s important to check out the company you plan to borrow from. Make sure that they are trustworthy