Payday loans are short term loans that cover expenses until your next payday. Interest rates also known as APR or annual percentage rates are higher than other loans. There are many players in the Payday Loan business and it is possible to shop for the lender who charges the lowest fees and lowest interest. In 2006 a law was passed to protect Military Personnel and a cap of 36% APR was put on payday loan interest rates.  Policy groups are .

asking for similar caps for all payday loans not restricted to military personnel.  You can take a loan ranging between $100 and $500..

Payday loans are friends in need for those small but emergency expenses that often arrive before pay day. .

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Payday loans are short term loans that cover expenses until your next payday. Interest rates also known as APR or annual percentage rates are higher than other loans. There are many players in the Payday Loan business and it is possible to shop for the lender who charges the lowest fees and lowest interest.

In 2006 a law was passed to protect Military Personnel and a cap of 36% APR was put on payday loan interest rates.  Policy groups are .asking for similar caps for all payday loans not restricted to military personnel.  You can take a loan ranging between $100 and $500.

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Companies advance payday loans asking for few securities on a short term basis. You can get the loans in offices of these companies or use the popular method of going online.

Advancing payday loans is not only helpful to the borrower but profitable to the lender because of the higher interest involved..

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Urgent family or individual expenses call for urgent payment. If you have not budgeted for a rainy day or find yourself in stormy weather after weathering a rainy day, cash advance payday loans come to your short term rescue.

Different cash advancing payday loan companies require different securities. Some companies delve into your credit history to secure their advances and raise the interest if necessary. The basic norms of advancing payday loans are the same. You should be at least 18 years of age, you should be a citizen of the USA, you require an income of $1000 and you should be able to show proof of employment.

You should have a checking account open for at least 90 days. .

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.The advantages of payday loans are that they are easy to get. The processing is hassle free and can be done in private at the click of a mouse.

You can even shop for low interest easy payday loans and compare rates. The application forms available online are simple and when your application is approved the money is deposited in your checking account in a matter of minutes. No added expenses of loan fees and other incidental fees are charged. .

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These fast payday loans can tide over the expenses until payday. Many companies have scheduled repayment policies. Loan extensions are provided and the borrower can either pay in portions or pay in full. The speed involved in obtaining a fast cash payday loan is the most attractive part. The application gets a fast decision and a faster electronic deposit.

Fast cash payday loans give the borrower almost instant cash without asking for too many details or reasons. Some companies arrange to get the repayment from the checking account on schedule. .

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Earlier, many payday loan companies required hard copy evidence of security. Fax payday loans were the rule. Borrowers were asked to send details of documents of security through fax. Verification of banking and employment details was done based on facsimile copies.

Finding a fax and putting the documents   together to send through fax slowed down the process of getting payday loans. Today, payday loan companies are increasingly lending payday loans with no faxing. An online application form is made available to the borrower and the details are electronically verified through the bank and the employer is contacted through the telephone. Paperwork of all kinds is totally eliminated and the only paper the borrower sees in the transaction is the money. .

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Fast cash advance payday loans are not uniform. Companies that advance payday loans are numerous and the rules vary from state to state and company to company. Some fast companies operate only in specific states. The online application form also has different requirement based on the law and the lending company. Most companies ask for a checking account number to deposit the money, a driving license number and the all important social security number.

The collaterals are the borrower’s job and income to make sure that the loan will be paid or at least a portion will be paid on payday. Some companies will extend repayment time and expect repayment of only finance fees. Companies want the borrower to repay in full, others agree to repayment in portions. Some companies require a post dated check with the interest added. All companies offer free loan processing to make the process speedy. Interest charged is $15-$30 per $1000 borrowed.

Some companies require proof of possession of a credit card.    .

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The competitiveness and demand for short term payday loans have made companies offer simple to basic application processes. Many companies today offer no credit check payday loans. Unlike banks and insurance companies, these quick fix lenders ask for relevant details required under law ad process the loan in the space of 30 minutes.

The interest rates are high but the advances are made only for short term needs and the interest charged is consequently higher. .

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Payday loans are of great value to a borrower who for some unforeseen reason has reached a financial mayday before payday.   .

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The competitiveness and demand for short term payday loans have made companies offer simple to basic application processes. Many companies today offer no credit check payday loans.

Unlike banks and insurance companies, these quick fix lenders ask for relevant details required under law ad process the loan in the space of 30 minutes. The interest rates are high but the advances are made only for short term needs and the interest charged is consequently higher. Payday loans are of great value to a borrower who for some unforeseen reason has reached a financial mayday before payday.   .

Jay Beech has been involved in helping people lean about Pay Day Loans