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What is a Payday Loan?

Technology has given a new meaning to our life. Gone are the days when we had to rush to the bank or find a loan broker in order to get a loan to buy a new car. The entire world has come under our fingertips. The fast loan or payday loan is a procedure to get loans in a quick and hassle-free procedure. An online form requires to be filled out. It takes a very short period of time to get your loan accepted; you get the acceptance in the mail or a call from the company. It takes about a working day to get the money transferred to your account.

Fast loan works best for short term requirements like you need to pay a hefty bill and have run out of money. Payday loan saves a lot of time by making transactions quicker. This loan can be applied by a person who is at least 18 years of age and has an active bank account and is fully employed. Most companies allow you to take a loan of only $600 in the first go.

Though the approval of the fast loan happens quickly, there are a few things that the loan company considers while providing you with the loan amount. If you have any records of bankruptcy which you had filed in the previous year, employed or monthly income is below the $1000 mark or have not yet paid the previously applied loan amount or have an existing payday loan account, etc. your application will not get accepted.

The amount must be paid back in a period of 12-14 days. But this period of fast loan is quite flexible with the option of paying the amount in full or contract payment is available just 2 days before the amount due date. The borrower can make a payment request where he can decide how much he wants to pay on the due date. Contract payment is liable when you have decided to pay only a part of the total amount; as you enter the new contract, your fee shall be levied on new principal henceforth. But if the company is not informed about your decision via phone, email or payment request, the entire amount shall be deducted from your account. The amount that you need to return back is usually $25 per $100 borrowed by you.

If you like the benefits of payday loan, you can use it again 5 to 6 working days after the borrowed amount is fully repaid. After the first loan is repaid, you can increase the borrowing amount on a second loan.

Extending the pay back period can be done as many times as the borrower desires but in the long run it sums up to a hefty amount. Payday loan or fast loan is only for emergency financial crisis. Using it for long term uses is not an intelligent decision. Apply for such a loan only if you have the intention of paying it back in the least possible time.

David Scott has published 62 articles. Article submitted on Monday 18th January 2010. Word count: 506

Loan officer wants to charge for services rendered fee?
I worked with this loan officer for 1 month before I officially got a sale contract. He promised me many things that the loan will be approved, no problem however any time I asked about the updated status of the loan, he did not give any clue besides two words "go well". It has been 1 month since I got the sale contract, and he still didn't give me a final answer about the loan approval, closing date is 16 days away and he stills didn't give me any response, not a single clue about the loan. I sent him an email wanting to cancel the loan because he is really lying to me and wasting my time. He then asked me to pay services rendered fee? What is this fee anyway? I don't think I need to pay for any fee at closing. What should I respond to him? A tip to others: please don't deal with loan broker that you don't know, they are lying to you and will waste your time. Go to a credit union, they will get your things done. I got my final approval from a credit union in my state and is ready to close soon. I understand not all loan officer/loan broker are bad. Just this loan officer I was dealing with, he was strange and lying to me the whole process. We are 12 days from closing now and he still said nothing. I had this feeling so I contacted my local credit union, I got my approval right away and ready to sign at escrow any day I choose before closing date. He kept asking me for the services rendered fee, should I ignore him? Appraisal has not been done, I felt he was just lying around with the sale contract I gave him and dint do any work at all. If I didn't contact my local credit union, I could run to risk unable to close the loan at all because of him

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