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Instant Payday Loans No Credit Check

For people who don't know what are instant payday loans, these are cash advance loans against your next pay check, and you generally get them within 24 - 48 hours of applying. They are one of the best resources of getting your hands on some cash in a short period of time. The loan amount can vary from $100 to $1,500, it depends upon the amount of your paycheck.

Instant payday loans are for a short duration, the duration of the loan is in-sync with the date of your next paycheck. Most loans are for a period of 2-3 weeks, which works well for financial institutions who lend money. The duration of the loan is what prompts financial institutions to give these loans.

There are many institutions which allow you to apply for instant payday loans, even if you have a bad credit rating. All you have to do is fill an application form and fax it with all the necessary documents to the lending organization. It is one of the most popular methods of short-term financing in America.

The documentation required is also minimum, with the applicant required to give paycheck stubs, address proof and the checking account number. To be eligible you should be working at your current employment for the last six months at least . You should be operating the checking account which you are submitting for the loan, for a minimum of 90 days.

Nowadays you can even get no fax payday loans instant approval, irrespective of your credit score, you do not even have to leave the comfort of your house or office for applying for these loans. You can apply for the loan over the net, by filling out an application form. The form will require you to fill in the details of your employment, checking account number and a verifiable phone line number.

One of the reasons people take payday loans is to pay their current installments to maintain their credit score. Although the rate of interest on a payday loan can be considerably higher than other types of secured loans. Financial institutions can charge high interest rates for instant payday loans, for example, if you borrow $200, you could end up repaying $250 within 2-3 weeks time. Some states have put a limitation on the rate of interest that can be levied on payday loans while others haven't.

Instant payday loans are hassle free, and that is the main reasons why more and more people opt for them. They are one of the best options for getting cash, in cases of emergency, although it is advisable to keep them as a last option because of the high interest rates.