Same Day Payday Loans – Check Advances in Under One Hour
Posted on | January 17, 2010 | No Comments
Getting a same day payday loan can help you to get the money you need quickly. If you are looking to get a check advance in under one hour then you’ll want to do your research on a same day payday loan. Before you decide this loan type is right for you it is extremely important to understand how the process works and how much you are going to be charged in fees.
Most payday loan lenders will instantly approve you in under one hour. If you have some source of income and you are an American citizen you are going to find little difficulty getting approved for a payday loan. Once you are approved you will be allowed to borrow up to $1500 cash. This $1500 cash will be in your hand within an hour once you sign the contract.
Before you get this $1500 cash you will have to write a post dated check for the amount of money you would like to borrow plus fees. The date on the check will be the day in which you are expected to receive your next paycheck or compensation. The amount of fees will be determined by your lender and the state in which you live.
Many states regulate the amount of fees that payday lenders can charge. The maximum amount most lenders can charge is between $15 and $35 for every $100 borrowed. This may not seem like a lot of money but it can add up very quickly if you have several hundred dollars borrowed. You must also understand that these fees will reset if you cannot pay your loan in full with your post dated check.
If you cannot pay this loan back in full on the date of the check you will have to return to the payday lender and write another check for the amount of money you borrowed plus the original fees plus even more fees for missing your payment. As you can imagine these fees can add up very quickly.
Author: Jeremy North
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