The payday loan industry is big business. The increase in the number of people taking out these short term cash loans and the ease through which companies can set up and maintain an online payday lending business, has seen a dramatic rise in the number of payday loan lenders entering the market. This is a great advantage to the consumer, as now they not only have a larger number of lenders to choose from, but this surge in competition means that borrowers now have the benefit of more competitive rates from these lending companies.
Payday loan lenders are among the most widely searched businesses on the Internet today. As the task of juggling household budgets has become increasingly more difficult, more and more people are looking into ways in which they can receive short term monetary relief. Usually this need arises from an unforeseen expense or financial outlay and many people are finding themselves in a position where they need to seek out the services of payday loan lenders.
These short term lenders are companies that specialize in lending small cash loans in order to alleviate an individual's short term money problems. People will generally require these loans in order to meet an urgent expense that can't wait until their next paycheck. While there are many loan and cash advance lenders that operate from storefronts, the majority can now be found online and because the process of finding payday loan lenders and applying for such loans is done easily over the Internet, online quick cash loans are perhaps the most popular way of obtaining much needed cash.
Payday loan lenders can offer borrowers cash loans ranging from $100 up to $1500. These loans are only short term loans and settlement is generally required from your next paycheck, although some companies may allow repayments to be made in installments. Payday loan lenders do charge a fee for these loans and the amount charged will depend upon the amount you need to borrow. Many states have now set restrictions upon the amount payday lenders are able to charge for these loans, but the rates will still vary somewhat between lenders. On average companies will charge between $10 and $30 for every $100 borrowed through a short term loan.
There are very few requirements needed to take out a short term loan and the criteria you will be required to meet is determined by the country and state in which you are applying for your cash advance loan. Under most jurisdictions, however, all that is required is that you are over eighteen, have a full time and secure income and an active bank account. Because these loans are unsecured they require no credit checks, so therefore, no additional financial documentation is usually required in order to gain approval. Once the lenders have confirmed your details and established that you do meet the minimum borrowing criteria your loan is quickly approved and the money is directly transferred into your bank account ready for you to access.
The speed at which you can obtain a cash advance loan will vary between payday loan lenders, but due to the nature of these loans most payday loans will be secured within 24 hours making them the fastest and most convenient way to get your hands on cash when you need it most.