It is amazing how easy it is to get an unsecured short-term loan that you wonder if there's a catch. Even persons who are not the best debtors can apply for quick cash loans and expect to be approved and receive the cash in the same day. You don't even have to explain the reasoning behind the loan as you have complete freedom spending it.
Applying for payday loans is simple enough. You fill in an application form online or by phone with information of your loan amount, your personal details and address, your employment status, and your bank and credit/debit card details. The lender will immediately tell you of its approval/disapproval, and prepare the loan agreement for your acceptance. Within the same day, the loan amount is deposited in your bank account and you will pay it back through your credit card on your next payday. In a matter of hours, you have the funds to pay for your urgent or overdue bills or the repair of your car or the busted plumbing at home. Being an unsecured short-term loan payable on your next payday, the amount you can borrow will be limited to a few hundred or thousands, with the final amount determined based on the relevant circumstances. On due date, your payment will be collected from your credit card, the details of which you have previously furnished to your lender. Although it is not advisable, you can roll over your loan if you are unable to pay the first time, but then you will have to pay the other charges in addition to the already high interests. The interest rate of maybe 15-20% may seem reasonable, but it will translate to an annual percentage rate of 300% or more. It is thus important to ask for the lender's APR which should be one of the basis for choosing your lender.
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