A payday loan is the easiest and quickest way to make up for a shortfall in cash between paychecks. It will give you a short-term way to deal with money problems like sudden plumbing repairs, higher utility bills, or a child's expensive school project.
A person can look at a long list of payday loan sites on the Internet to find the one that best fits his needs. He will also see things like "instant pay day loans," "same-day payday loans," "fax-less payday loans," "paperless payday loans," "cash advance loans," and "free payday loans." The last one, "free payday loans," is really just a payday loan where the fees are not charged.
People shouldn't think that free payday loans are free loans that the borrower doesn't have to pay back on time. After all, these are still loans. That is, the person who took out the "free payday loan" must pay back the full amount plus the agreed-upon interest. It's only called "free" because the lender doesn't charge for the service. There is also an important condition that must be met so that the borrower doesn't have to pay the service fee: the loaned amount must be paid back in full on the due date. If you don't pay the fees, the lender will.
To get a payday loan with no fees, a possible borrower will have to go through the same steps as when getting a regular payday loan. He will fill out the online form that can be found on the lender's website. He will give accurate information, especially about his job, his bank account, and how to reach him. One of the lender's employees will check the information given, and if there are no discrepancies, this person will call or email the borrower or client.
Then, if the loan is approved, the lender will usually put the money into the client's checking account overnight. So, the client can use the money he needs as soon as the next morning. The client, in turn, will write a check with a future date for the full amount of the loan plus the interest. Even though there are no service fees, the lender will not check your credit or ask for collateral. This means that a person with bad credit can still get a payday loan without having to pay any fees.
Since the fees are only waived when the full amount of the loan is paid back, lenders tell their clients to choose loan amounts that they can likely pay back on their next payday.
