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A payday loan is short term loan that is borrowed in between paychecks with the intention of being paid back in part or in total during the next paycheck.

Reasons and benefits of payday loans

The reason why most people prefer a payday loan over any other types of loan is as follows: A payday loan is the easiest type of loan to get: If you have friends and family to borrow from, then great. But aside from that, payday loan is the easiest type of loan to get. With Pay1Day.com, we do not require faxing in documents or traditional credit checks. Because of the simple payday loan application and credit and income criteria, this makes getting a payday loan very easy. Payday loans are fast to get:

A payday loan from Pay1Day only takes about 3 minutes to apply for and you can apply online from the convenience of your own home computer. The automation technology will then give you an instant approval. You will know right away whether you have been approved or not. Once approved it just takes one business day to have the money wired into your bank account. Compare that to a traditional bank loan which can take about an hour or more to apply for and you have to drive to the bank to fill it out. After that, it can take days or weeks to get a loan approval, depending on the banking staff’s workload and organization.

More Privacy with Payday Loans Online

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Because of the convenience of applying online from any computer with an internet connection, you can do it from the privacy of your own home computer. Instead of having to drive to a payday advance store, waiting in line in front of all these people, you can really apply alone at any time and any place.

Quirks of Payday Loans

Although there are some advantages of getting a payday loan, you must also be aware of 2 quirks. Payday loans have higher interest rates than usual bank loans, usually between 15%-30% and you have to repay it back faster, usually within 7 – 31 days.

The good thing about getting a payday cash advance with Pay1Day.com is that we work with you if you can’t repay everything during your first pay date. Although we do advise you to pay back as soon as you can, you can rollover your loan amount an unlimited number of times and you can schedule your payments online at any time.

If you need some quick cash right away and are prepared to pay a higher premium and repay quickly, then a payday loan online may be right for you.