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Payday Loans In 15 Minutes - Quick Cash When Emergencies Strike!

February 27, 2012 | Comments: 0 | Views: 251

Payday loans in 15 minutes or fast cash loans are a quick and easy way to get the money that you need to pay for emergencies. As you know, emergencies tend to crop up all of the time. Your car or washingmachine may break down when you don't have any money in your bank account.These loans can help you out in such instances.

The following are just a few things you need to know about 15 minute payday loans.

Application Requirements for Instant Payday Loans

Applying for these loans is fairly simple. There are two different routes that you can take. Either go to your local check cashing establishment or go online and find a viable lender. Unlike with a traditional banker, the requirements for such a loan are not stringent. You have to be at least 18 years of age and have verifiable employment. Also, you must have a bank account with direct deposit and a debit card.

Bad Credit is Okay

Contrary to popular belief, you do not have to have good credit. This is why these types of loans appeal to the average person. As long as you can fulfill the described requirements, your credit history may sometimes not be checked. So, if you have unpaid credit cards, bankruptcies or foreclosures, they may not affect your ability to get a fast cash loan. Fill out an application and you will have your payday loans in 15 minutes to 24 hours in most cases.

A Small Amount of Money

With quick payday loans, you cannot borrow a large amount of money. The amount of the loan is no more than what you would make within the course of two weeks on your job. This is why it is called a payday loan. This is a small temporary loan that is basically just to tide you over until your next pay check arrives. As a result, this type of loan is usually for less than £1,500.

You probably will not be allowed to borrow the maximum amount in the very beginning. Loans will be approved for smaller amounts until you can prove to the lender that you are trustworthy and will pay back the smaller amounts. However, as time goes on, you will be allowed to borrow higher amounts.

Electronic Deposit and Withdrawal

Once your application is approved, the funds are electronically deposited into your bank account. This is a temporary loan that you will be required to pay back within two weeks. This means that the same amount of money will be electronically withdrawn from your bank account by the vendor. In addition to the amount that you borrowed, you also have to make sure that you have enough money in your bank account to cover the amount of interest that was charged for your use of the lender's money.

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Source: EzineArticles
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