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You are under financial stress because you need to take care of unpaid bills and unexpected expenses but your monthly salary is not there yet. Here you can obtain the stress free loan service with same day payday loans with ease and convenience. You can easily raise above all your financial problems by applying with this instant source of funding. You can also read this article if you’re considering other types of loans with lowest interest rates.

The eligibility conditions for payday loans include:

* The applicant must be 18 years old or above
* The applicant must be a citizen of the United States
* The applicant must have a job with a steady source of income
* The applicant should hold a valid savings or checking account

Payday loan lenders in the majority of the state typically charge about $15 for each $100 they loan, which makes the yearly interest rate about 400 percent for the standard two-week loan. The highest loan amount is usually about $500. In comparison car title lenders frequently charge about 300 percent interest and fees that include a membership fee and a small fee for recording the lien they put on the title. The highest loan amount usually is about $2,500.

The biggest issue with these loans is their very high interest rate. The lenders excuse for this is that you are borrowing the money for a very short time. The average rate of these loans is generally 300% APR. Because of this you will in fact end up owing more in interest than the amount you borrowed in the first place. Many consumers will end up having to ask for extension of the loan, which will cause them to fall more into debt than they were when they went to the loan company.

What should be avoided?

When applying for a payday loan, make sure that you take out much less that what you expect to receive from your next paycheck. Try to avoid rolling over your loan, if possible. Rolling over is a term used to explain loans that are not paid in full and carried over. The fees and interest rates on these loans raise and finally make it difficult to repay the balance in full – think of how the balance on a credit card can become higher as you roll balances over.

There can also be other problems connected with taking out a payday loan, as well. For example, if you happen to be unlucky to be working with a company that is not scrupulous you may find yourself owing bounced check fees as well. This can be a real risk if the lender deposits your post-dated check earlier than the agreed upon date or if you don’t have enough money in your account to cover the check on the date you agreed upon.

How to find the cheapest payday loan, if I need emergency cash?

The best method to find a cheap payday loan is to do your research. Check various payday companies by using the power of the internet. Some lenders offer “free payday loans” – be careful. As the saying goes “there is no such thing as a free lunch,” as we know, lenders are in the business to make profit. Your best choice when getting a payday loan is to work with a cash advance lender, who gives reasonable rates and a convenient repayment timeframe.

Is it necessary to fax in documents to get the loan approved?

There are occasions when it can be more suitable if you don’t have to fax in any documents to prove your income or provide bank information. At times the cash advance loan company can confirm this information by phone instead of having to confirm it by fax. Find out how the provider will need to confirm your income.

Finally, getting an emergency loan is simple because there is no credit check and if you do the process online the money will be sent to your bank account very fast. Typically, if you are applying for less than $500 you can receive your money the same day within a few hours. If you need more than $500, then it might take a little longer and you can receive your money the next day.

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