How to Apply For Free Payday Loans

Saturday, February 2, 2013

If you are not familiar with a payday loan, it's time you should be. A payday loan is a form of short-term loan wherein you make use of your next paycheck as your collateral. Payday loan terms are usually 2 weeks or 30 days (in accordance with the usual schedule for salary payouts), depending on the agreement between you and the lender. Also, traditionally, the amount of money you can receive from a payday loan can be anywhere between $100 and $300. Nowadays, there are a lot of online lending companies who offer interested individuals various promotions.

One type of promotion gives the borrower the opportunity to apply for a loan amounting to as much as $1000, even more. Another is the free payday loan, wherein you will only have to pay the lender the principal amount you borrowed - no interest rates and no additional charges will be applied - provided that you pay for it in full and on time. These promos, although enticing, can be risky for the borrower. A free payday loan offered online, however, is an opportunity you should not miss if you are really in need of immediate cash, as availing of it will result to a considerable amount of savings. Before taking advantage of one, though, you should know how to go about free payday loans applications online. The following are the steps you need to follow to be able to successfully get an online free payday loan:

Determine if the company that posted the information about free payday loans is legitimate. There are a number of sites devoted to weeding out the scams in the lending industry - visit them to find out if the lending company that made the offer is legitimate. In addition to this, look for the company's contact information in the site. If there's none, it is highly likely that you have encountered a fraudulent lending company. Once you've verified that the company is legitimate and the offer is genuine, check their about page to see if there's a catch to the offer. If there's none, or if the catch will not really cause you any discomfort, proceed to the next step. Look for the requirements you need to fill before you apply for the loan so as not to waste your time. Fill out the application form. Keep in mind, though, that a legitimate lender will not take your application as already a binding agreement that obliges you to take the loan. Wait for the approval of the company. Once your application is approved and before you close the deal, make sure that information regarding the interest rate (APR) and other additional fees posted is clear to you. Lending companies are mandated by law to make known the said details to potential borrowers. Make sure too that the agreement contains a due date. See if there are options for delayed payment, and what the consequences are. If you are amenable to all the contents of the agreement, close the deal. The money you borrowed should be deposited in your banking or checking account within one business day.

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