An easy fast pay day loan lender is not as hard to find as it used to be. The development of online applications and processes which are wholly web based has allowed the best lenders to provide fast and easy solutions to the need for a quick cash advance.
The trick, of course, is to understand how to spot the best pay day loan lenders without having to try every one you come across. There are a huge number of payday loan providers operating today, not least because of the recent increase in demand caused by more consumers suffering financial hardship. The following advice should help you get straight to the easy fast pay day loan providers and understand what you should be looking for in a lender.
Any part of the payday loan application process which puts a barrier between you and instant cash is a problem. You need to look for a lender that has as few obstacles in the application process as possible. One of the most common and unnecessary barriers thrown up by pay day loan lenders is asking for a credit check. This is entirely pointless as your track record of how you have previously dealt with longer term borrowing is not relevant to a payday loan.
Pay day loan lenders naturally want some sort of assurance that they will get their money back from whoever they lend it to, but a credit check will not do that for them. All pay day loans are for a very short period of time, and are almost always to be paid back in one go. For this reason, all a lender needs to know is that you have a steady job and that what you earn each month is more than the value of the loan. You also need to prove that you have a suitable bank account, just so that the lender has an easy and fast way to get their money back on the due date. So you can avoid lenders that insist on a credit check.
Other possible hurdles are when a pay day loan lender asks you to fax through documents or phone up to go through further details. Occasionally this may be necessary with even the best lenders, but only if there is something quite unusual about your application. Provided you have a job and bank account and are resident in the appropriate country or state, there are plenty of cash advance lenders who do not require any faxing or phoning.
Using the above criteria will enable you to assess which pay day loan lender is likely to have an easy fast process, but there is one other very important factor to consider. Payday loan lending has a bit of a bad name for applying high charges that can lead to problems for people who already have financial difficulties. The important point to make here is that only some lenders apply ridiculous charges, which is why it is important to select a reputable lender.
Standard charges for payday loans are reasonable for what you get, because they are a one-off fee. In the US they are usually set by state laws. The thing to watch out for is that they become very unreasonable if you apply the same rates to a loan over a longer period than a few weeks. This is why the problem with charges only really becomes an issue when you miss the repayment date.
If you end up with a disreputable lender and you fail to make your payment on time, that is what they are waiting for and they will take the opportunity to apply severe penalty charges. The more reputable pay day loan lenders will be up front about the consequences of late payment and have more reasonable arrangements for dealing with that situation. By far the best approach with payday loans, however, is to be very sure that you pay it back on time.
As well as finding a pay day loan lender that is easy and fast, you must also ensure that they are well established, reputable and ethical. They do exist! The best approach is to follow researched recommendations for lenders known to be reputable and reliable, and work from that list.