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Quick Cash Payday Loans

A quick cash payday loan is simply a short term loan that person agrees to pay off on their next payday, hence the term payday loan. People with bad credit who have good jobs are able to get quick cash payday loans because they have a regular salary that will be used to pay off the loan.

Most people get quick cash payday loans from special shops and store fronts but there are companies that will give such loans via fax and online. The advantage to fax loans is that a person doesn’t need to go to a physical location to get the loan.

How a Quick Cash Payday Loan Works

The way a quick cash payday loan works is simple, the borrower provides verification of employment. Then the lender gives them a loan which the borrower agrees to payback on their next payday.

People can either get a payday loan from a lender that operates from a storefront or online. In an online lender a person fills out a form and sends it in electronically.  An employee at the loan company then makes a determination on the loan and sends the person the money.

How Quick Cash Payday Loans are Paid

Most quick cash payday lenders require a person to have a checking account because the money borrowed is deposited directly into a checking account electronically. This enables the borrower to get the money fast and cuts down on mailing costs.

The quick cash payday loan company will generally require a person to agree to have the money to pay off the quick cash payday loan in the bank account on a certain day. The quick cash payday loan company will then withdraw the money on that date.

It is generally impossible to get an online quick cash payday loan unless a person is willing to provide the routing and account numbers for their checking account. Those who are worried about security might consider opening a second checking account just for the fax loans.

Interest and Terms

The interest charged on quick cash payday loans is usually high because the loan company is taking a risk by making such loans. The high interest is what enables the loan company to overlook a person’s bad credit record when making these loans.

The terms of such loans are usually fairly rigid a person has until next payday to pay them off or extend them. Such loans can be extended but the lender will probably charge a fee for the extension.

Drawbacks to Quick Cash Payday Loans

Quick cash payday loans can be a quick source of money for people with bad credit but the high interest rates and strict terms can be very costly. An individual should only turn to a quick cash payday loan when all other sources of funding have been exhausted.