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A payday loan is a short-term loan, the amount of which ranges from $100 to $2500. These loans are considered unsecured as their lenders do not require collateral against the money. This means that the borrowers do not have to bring a pledge to take the money. Payday loans are due for a month or until the borrower’s next paycheck, thus the term “payday loan.” Interest rates are supposed to be high for payday loans, as their terms are not extended. Lenders usually charge from $15 to $20 per $100 borrowed. The annual percentage rate (APR) ranges from 391% to 521% for payday loans.
Express Payday Loans May Be Lifesavers
Though interest rates are high for payday loans, these sums are sometimes like lifebuoys that can save us from unplanned expenses and emergencies. From time to time, we can find ourselves in a situation where we need extra money as a helping hand. Here, express payday loans rush to help. The internet is filled with numerous online lenders who offer swift loan services that won’t break your budget at all. The only recommendation is to search carefully to find the best opportunity with the lowest interest rates and loan conditions.
How to Obtain an Express Payday Loan
Once you find the best online lender matching your needs, you should fill out an application form suggested by the website you are going to work with. The online application forms usually require specific information to be shared:
- Date of birth: borrowers should have a legal age of 18.
- Home address: the requester should be a legal resident of the United States of America.
- Email address: the lenders send notifications via email.
- Phone number: to get more detailed info about loan processes.
- Social security number and government-issued ID are provided as proof of being a legal citizen in the country.
- Income source is a must for the lenders to be sure of the borrower’s ability to pay the debt back.
- An active checking account is necessary to have money directly deposited into it.
After completing the information required, the requester should submit the application and wait for the lender’s decision. As the borrower applies for an express payday loan, the denial or the approval is made within minutes. As long as the case is approved, money is directly transferred into the client’s checking account in less than an hour.
What to Use an Express Payday Loan for
Express payday loans are helpful when you have an urgent need to cover. This can include
- Urgent medical bills
- Unexpected expenses
- Debt consolidation
- Necessary purchase.
No-credit Check Express Payday Loans
Have you ever tried to take a loan from traditional financial institutions with poor credit scores? Yes, it’s hardly possible. The most vivid advantage of express payday loans is that the lenders do not usually run a hard pull. This means that bad credit holders are always welcome for express payday loans and are still eligible for them.