Everybody has had an unexpected emergency and no cash on hand at some time in their life. That's where a payday loan can come in handy. The fact the car broke down and needs a new starter or alternator doesn't mean you have to wait until you get paid in two weeks to have your car repaired. You can get a free payday loan and have the money in as little as 24 hours, in some cases.
There are no worries when you can get a free payday loan - a loan where there are no fees for the first time borrower. Since the fees for this loan can be high, a fee free loan can be a lifesaver when you need money fast. Most of the loan services offer it as an introductory experience. Of course, your first cash advance may only be between $200 and $600, but after you pay back the first loan, you can often get an increase in the credit available to you.
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Like any kind of credit, payday loans have their purpose and should be used responsibly. Most people use them for unforeseen emergencies, and since many people have paid off their credit cards and closed those lines of credit, they decide to take advantage of a cash advance loan.
Usually, these are approved quickly with the online services, where you begin the application process and digitally sign the application. Once your payday loan is approved, the money is quickly processed and direct deposited into your bank account the following business day, normally.
There are a few cases where you might not get approved. If you are unemployed, have filed bankruptcy in the last year or have multiple bankruptcies, have outstanding loan balances or returned checks, have a new checking account or NSF and overdraft fees on your account, you may not qualify. If your income is below $1000 per month, you may not qualify and if they have to be able to verify your personal information and bank account.
Usually a free payday loan is only good for the initial term that you borrow the money, which is normally 14 days. If you can't pay it back in that timeframe, then you will have to re-write the loan and start paying the interest fees. It is only free if you pay it back during the initial term, even on a free payday loan through an introductory offer.
If you don't pay the loan back when due, you will forfeit your right to get the fees waived and the entire amount of the loan and fees will be debited from your checking account. A free payday loan can be a lifesaver when something happens between paydays, just be sure you fully understand the terms of the agreement. Most of the arrangements are similar, and they reward the customers that pay the loans back as agreed.
Free payday loans are a great way to get cash in emergencies, even if you have bad credit. They can be expensive, as is a high interest credit card, so careful planning is the key to managing a this loan, once it has gone past the fee free loan term.
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