Fast Payday Loan

Jim St. George was on his way home from another long day of work when his tire blew out sending his cars spinning off the road.  Jim was not hurt, but you couldn’t say the same about his car.  Jim called his roadside emergency service and had his car towed to the nearest garage.  He sat while the mechanic looked under his hood to make sure there was no other damage other than the tire. 

After over hour, the mechanic came out and told Jim the problem.  Jim was going to need a front end alignment and a new tire.  The mechanic told him that it would cost Jim one hundred

thirty dollar.  Jim thought to himself and realized that he had only twenty five dollars in his pocket and only ten dollars in his bank account.  He knew that the garage would be wanting all of the money before he took his truck.  It was four days before he would ne getting his paycheck.  He knew he needed his car for the next four days to get to work.  Jim called a cab and headed home.  He knew that he had to get some money somewhere.

What is a fast payday loan?

When Jim got home, he sat down at his computer.  After surfing the web for awhile, he found several  sites for fast payday loans.  After reading the information on the site he learned what a fast payday loan was.  He learned that a fast payday loan was a loan that just about anyone qualified for. 

As long as you had a job and an active bank account, you could qualify. This wasn’t like any other loan that Jim had seen before. This loan would need to be paid back by the time Jim received his paycheck.  The best part was that he could get the loan within hours. It was perfect.  He could pay the garage and get his car back, and then pay back the loan when he got his check.

What do I need to qualify for a fast payday loan?

Jim scrolled down to the FAQ section of the site.  He wanted to learn everything he could about fast payday loans.  He thought that it would be a good idea if he learned everything he could before applying.  The site stated that Jim would need his most recent pay stub from his job. 

He learned that he would have to make at least $800 a month to qualify.  There are other sources of income that fast payday loans will accept.  Social Security checks, child support checks, and unemployment checks. 

As long as you have a statement to verify the benefits, you can use it as a source of income.  Jim learned that there were other sources of income that were not allowed to be used when applying for a fast payday loan.  These incomes are Social Security if it is in your child’s or another person’s name. 

State issued welfare checks is the other income not accepted.  Jim continued to read and learned that he will also need an active bank account and the  most recent bank statement. He learned that he would also need access to a fax machine.  When Jim read the requirement, he decided that he met all of the qualifications so he would do it.

What are the risks?

Jim wanted to read on before applying for the loan.  He wanted to be sure that he wouldn’t end up regretting the loan.  He read the fine print to be sure there were no hidden fees.  With a fast payday loan, the borrower is required to pay interest on the loan.  The interest rate depends on the company that you choose.

Jim learned that there are basically no risks with the fast payday loan.  As long as the money for repayment is in the bank when the lender is ready to collect it, there are no extra charges.  If the loan company goes to collect the money from your bank account and it is not there, the loan company will take twice as much interest the next week.  They will continue to compound the interest every week the money is not there.  This did not worry Jim too much because he knew that he would be able to pay this money back.

The process

The process of applying for the fast payday loan is simple.  First, Jim filled out the application online.  He waited just a few minutes and he got a phone call from the lender.  The operator told him everything that he would need to do.  He got his most recent bank statement and his most recent pay stub.  He waited by his fax machine until a fax from the lender came through.  It was an agreement of the loan terms. He signed it and faxed it back with his pay stub and bank statement.  Jim waited and in a few hours he received an email to tell him that his funds were available in his bank account.

The Repayment

 A week later, Jim had his car back.  It was fixed and he could thank his fast payday loan for that.  He sat at his computer and checked his email.  He opened one from the fast payday loan company that he used.  The email was to inform him that they had collected his repayment along with the interest due from his account.  Jim logged onto his bank’s website and there was a withdrawal for exactly what his loan was plus interest.  The lender did not take any extra fees, just what they told Jim they were taking.  Everything worked out well for Jim.  He also felt a little relieved knowing that if he ever had any problems with money again that he could get another fast payday loan and everything would be all right.