Angela’s car broke down five days before she was to get her next paycheck. If she was going to get back and forth to work she would need her car. She called several friends to borrow the money with no luck. Her friend Paul recommended and instant payday loan.
Angela told Paul that she did not have the credit to get a loan. Paul informed her that credit was not an issue with an instant payday loan. An instant payday loan is a low rate short term loan. This means that the amount borrowed can be anywhere from $100 to $1000. It is short term because it is usually only held until the borrower’s next payday.
Angela went online and found several instant payday loan sites. She found the company who offered the lowest rate and went to the question and answer section of the site so that she could understand all there was to about an instant payday loan.
Angela learned that in order to qualify for the loan she would need to meet a couple simple requirements. The first requirement was that Angela have an income. Many types of income were accepted. Income such as wages from a job, unemployment, temporary disability, Social Security, or workers compensation. Angela also learned that there are a few types of income which are not accepted. Social Security in another person’s name and state welfare are two examples.
Angela read on and learned that it was also necessary that the borrower have an active bank account. This is because the loan money is given to the borrower by direct deposit through their bank account. When the loan becomes due the lender will withdraw the money directly from the borrower’s account.
Angela knew that the loan was not given for free so she read on to find out about the interest rates. She discovered that the interest rate depended on the amount of the loan. The more the loan amount, the more the interest payment would be. Angela was curious if there would be penalties if she did not have the full amount of the loan in the bank. The website stated that the full amount had to be there. They would not accept partial payments. If the full amount of the loan including the interest payment was not in the borrower’s account, the lender would automatically give the borrower an extension. An extension is usually held for a week and there is a penalty fee. The borrower is charged and an extra interest fee for each week that the full due is not in the account.
Angela read all that she could on instant payday loans and she was confident that it was the right decision for her. She began filling out the application online. She entered all of the necessary information and was told to wait twenty four hours for a decision. The final screen of the application stated that she would be notified by email.
The next morning Angela checked her email and found that she qualified for the amount that she wanted. Within a few hours Angela had the money in her bank account. She wrote a check for the mechanic and got her car back.
Five days later when Angela received her paycheck she made sure that her money to repay the loan was in the account. Later that day, Angela checked her account balance and the loan amount including interest was deducted from her account. Angela was very satisfied with her instant payday loan and she said that she would use one again if she ever found herself in a bind.
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