What to Know About a Free Payday Loan
Are you stuck in a financial rut? Have you maxed out your monthly budget on various expenses, and now you need cash fast? Your car got totaled and your insurance doesn’t have collision coverage. Applying for a personal loan from a bank may take weeks to get approved. And hold on, you won’t get your paycheck for a while, so what are your options?
Maybe it’s about time that you apply for a payday loan. What is the payday loan anyway? How different is this kind of loan as opposed to others that you can apply for? Some sources term payday loans as cash advance loans or paycheck loans. It is different from car loans, home loans, and the like because payday loans can be approved within a few days, and you can get the loan for free, with no interest.
Here are some of the requirements for applying for a free payday loan. First, your loan amount has to be within the maximum, which is from $300 to $600, depending on the lender. Borrowers should be at least 18 years of age, with a regular monthly income with a minimum of $1,000. Also, the payday loaner should have an active checking account.
When you are approved for your loan, which can take one day to five days at most, you will write a post-dated check for your lender. The date specified will be your next payday. Your loan may be received into your account within a few days. When you get paid on your next salary day, you will deposit your paycheck into your checking account. This deposit will serve as your payment to the lender.
When is it advisable to get a free payday loan, cash advance loan, or paycheck loan? A lot of people say that this option may be applied for in emergency situations, such as medical expenses, home repairs, auto repairs, and others. Don’t apply for a payday loan if you think you won’t be able to get through the following month without receiving you paycheck. Avoid having to apply for consecutive payday loans.
If you still need to get a payday loan, be sure you have back up for the next month. Also, it is wise to monitor your expenses in the future. Save a little extra in a separate bank account, so you can tap into financial resources in times of emergency.
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"Free Payday Loan" is an oxymoron..there is nothing free about payday loans!!! If they are treating her badly for whatever reason, it could be a sign she needs to find another place to work. The stress alone is not worth it.
http://www.spotya.com/free-payday-loan.html
pretty sure your talking about this
Get a second job to generate more income, cut unnecessary expenses (cable, cell phone, etc.) and pay them off. No simple solutions here.
WOW good luck with that and PLEASE let me know if you find somewhere. I need the money!!!
Online-Payday-Loans.org lists two payday lenders who offer the first loan free:
http://www.online-payday-loans.org/category/first-loan-free/
Note: According to Online Payday Loans, neither of these lenders list a phone number. This is a red flag in terms of credibility. You should avoid these lenders.
If you do approach them (and I don't recommend it), please read the loan agreement carefully. Payday lenders are not charities and the most expensive things in life are free. Watch out for hidden charges and excessive late fees. Also, be sure to pay the loan off on time or you will likely be hit with huge penalties.
With regards to referral link, I would never refer another human being to a payday lender (they are financial quicksand) and such links are not allowed on Yahoo! Answers anyway.
As for outrageous fees, ALL payday lenders charge outrageous fees.
The two lenders mentioned above both charge $25 per $100 borrowed on your second loan. So for a $500 loan, you will pay $125 interest. On a 14 day loan, that works out to 652% APR (Annual Percentage Rate).
You can get a loan from a credit union for much, much less.
Please consider other alternatives such as a cash advance from your employer, credit union or borrowing from family and friends:
http://www.online-payday-loans.org/category/alternatives/
Good luck!
Do your homework. Yes they have terrible interest rates but they are taking a risk. This site offers more details about the payday loans as well as various sites offering the loans, many without even a credit check. Best starting point is here: .
http://loan.deal4-you.com
Good luck.