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An Online Payday Loan To The Rescue

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An online payday loan is a short term loan that is advanced to the borrower who is in need of funds between pay days. The interest rates typically range between 15-30 percent. The term of the loan is usually two weeks in most cases, though it could be extended upon request.

Some unscrupulous lenders that charge seemingly unreasonable interest rates from cash strapped people who are in need of money between one payday and the other has invoked severe responses from governments and such loans have been banned in various jurisdictions. Some consider these short term loans to be exploitative of the ordinary man.

These loans are usually expected to be duly repaid on the next payday (although some companies have longer loan periods). These loans are sometimes also referred to as cash advances as they are in essence an advance on the salary (or pay) that a borrower is due to receive.

These online pay day loans are preferred profit making sources for some money lenders as they get decent returns on small investments that carry a high risk. The high returns are made over short periods of time and hence the cumulative effect can be lucrative. In order to make sure that he gets repaid, the lender usually asks the borrower for proof of income in the form of last month's salary stubs or bank statements.

The lender will then cash the check on the day of loan maturity if the borrower has not yet repaid the loan amount with whatever interest and fees that have accrued. Borrowers who lack sufficient funds in their bank account at that time run the risk of bouncing their loan repayment check and incurring insufficient funds fees. Usually the due date for the loan amount can be extended with the same terms so that the borrower as an alternative if they find themselves in this situation.

With the current economy, many people are in search of short term financial solutions. There are an unlimited number of unforeseen financial emergencies that can push a person into a corner somewhere in the middle of the month when they are the most cash strapped. These people can seek out an online payday lender and quickly apply for a loan.

The online payday loan application process is not complicated at all, in fact, it's rather simple by comparison. To secure a traditional, long term loan one has to go through the cumbersome process of getting their bank statements verified or notarized and getting copies of their salary slips for the benefit of the usual long-term loan lender. This is usually preceded by long waits before your application can finally be processed. Even then there is no guarantee that you will end up with a loan. Most often there is little time on the hands of the borrower and they are often in a hurry to procure the funds they need.

A quick search on Google will fetch you several different online payday loan lenders. You can just choose the one you prefer the most and fill out an online application form. Submitting any verified documents via fax or email is usually kept to a bare minimum these days, so you can have your loan approved the same day you apply. In most cases, if approved, the funds will find their way into your checking account by the very next morning.
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