Express Help At Low Cost
Getting help these days sometimes cost a considerable amount. While there are charitable organisations which offer a lending hand to those in need, their services are not always available to everyone. This is especially true when it comes to loan services. More often than not, financial assistance comes at a price.
The good news is that not all loan services have to come at such a high price. There are products in the market that deliver the money right at your doorstep, at a reasonable cost. One such loan product is a payday loan.
Payday loan providers operate all over the USA, and most of them do so over the Internet. It does not need much thinking to realise that this fact gives payday loan providers a distinct advantage over the more traditional lenders. Operating over the Internet implies several things.
One, the transactions are much faster. This is due to the fact that the transactions are done electronically. This means that the wait that you are used to with traditional loan providers is not an issue anymore. So just how fast is fast?
If you apply for a payday loan right now, you can have the money in your bank account within the day, or tomorrow at the latest. Naturally, this period can vary depending on the specific payday loan lender that you deal with and your circumstances as well. Still, a wait lasting for a day or two is nothing compared to the weeks, or even months, that you would have to wait if you borrowed money from a conventional lender. Just to break down the process for your information: you’ll need a couple of minutes to fill out the application form and send it in. Then you’ll need minutes or an hour or so to get the confirmation or approval notice. From the moment you get that approval notice to the moment that the money gets deposited into your bank account, you’ll have to wait another 24 hours – more or less.
Another implication of the fact that payday loan lenders operate over the Internet is the cost – which is lower than conventional loans, taking everything into consideration. Operating over the Internet means that the payday loan providers have lower operating and overhead costs. This is in turn translated into the fees that they charge their customers.
You also have to know that payday loan providers do not charge interest in the same way that traditional lenders do. In fact, they do not charge interest based on the prevailing rates. What they do is to charge a fixed amount for every certain sum borrowed. Again, the amounts may change depending on the payday loan provider that you borrow money from. The usual amounts involved are ?10, ?20, and ?30 for every ?100 taken out. This means that if you double or triple the amount that you borrow, the fee will be multiplied as well. So, if you borrow ?500, you have to pay ?50 to ?150. Considering the ease and the speed of the loan, the cost is still quite low!