Fast Cash Payday Loan

The quickest way to obtain a fast cash loan...

A fast cash payday loan is one where the borrower can obtain a loan, very rapidly, often on the same day as the application is made. The quickest way to obtain a fast cash payday loan is from an online payday loan provider. This type of payday loan is sometimes called a faxless loan, because the borrower doesn't have to fax any information to the lender as part of the application process.

Online applications are the fastest way...

The loan application is made using a web-based online form; the borrower enters their personal details including name, address, employer name, bank account details and debit card number. Once the application has been submitted, the payday loan provider will quickly make a decision. If the payday loan application is successful, the loan amount is transferred, immediately, to the borrower's bank account.

Payday Loan Borrowing Limits

Lenders offer loans ranging in value from £80 to £1,000...

Most payday loan lenders offer loans ranging in value from £80 to £1,000. The amount that can be borrowed will depend on the level of the monthly wages or salary of the borrower. Typically, a lender will charge between 15 percent and 30 percent interest for a two-week loan. This works out as an Annual Percentage Rate (APR) of between 390 percent and 780 percent. As can be seen from these figures, the amount of interest owing will increase rapidly if the loan is not repaid on time.

Payday Loan Rollover

Roll all or part of your loan over...

In theory, a payday loan is a short term loan that is repaid in full within a month of the date of the original cash advance. However, because some borrowers have trouble repaying their loans within the agreed timescale, many lenders will allow borrowers to roll all or part of their loan over into the next month.

• Fast Cash
• Loan Rollover
• Higher Lending Limits

A fee may be charged for the rollover…

Having the flexibility to roll over all or part of the payday loan is not always good for the borrower. Most payday loan providers insist that all of the month's interest must be paid every month and some providers charge a fee for allowing the loan to be rolled over.

Borrowers need to reduce the balance…

Most payday lenders also insist that borrowers start to reduce the balance of the outstanding loan after the first few months. Because of the high rates of interest charged by payday loan lenders, it also makes sense, from the borrower's perspective, to repay the full amount of the loan in as short a time as is feasible.