When looking for loans money borrowers should be aware of loan sharks. Loan sharks are a bunch of unscrupulous money lenders who are constantly on the look out for vulnerable borrowers who are desperately looking for some source of money to help them out in their time of financial crisis. They are illegal, unlicensed money lenders who offer unsecured loans at very high interest rates to individuals who are is urgent need of money. Such loan sharks often operate closely with organized crime networks that assist them in extortion using either coercion or force.

The reason why the borrowers approach the loan shark is because their poor credit history, which is a major reasons of not getting the loan sanctioned from a legitimate sources. A poor credit history means no loan approval from banks and credit unions, in which case, the borrower approaches a loan shark to borrow money at an unreasonably high interest rate. Any bank or certified lender would consider a borrower’s credit history as a reflection of his capability for repayment of a loan. These loan sharks take advantage of the borrower’s vulnerable situation and many times even resort to unscrupulous practice of deceiving the unsuspecting borrowers with undisclosed costly additions along with the loan which makes it difficult for the borrower to keep up the repayments. As a result, the borrower is forced to take a second loan from the same loan shark in order to clear off the first loan and this keeps continuing.

Payday loans are offered to people who have bad credit histories, with several savings bank and credit unions offering small loans at affordable interest rates, such as the payday loans. There are also many registered and legitimate money lenders who offer loans to borrowers with bad credit history. Such a lending practice is referred to as sub-prime lending which is usually done through cash transactions. The difference is that these lenders offer loans at a fixed interest rate and operate within the prescribed guidelines.

As a result, today there are many laws functioning, which regulate the interest rates on loans and any lender who violates these laws is heavily penalized. Although loan sharking was highly practiced during the19th century, but after the regularization of loan approval system, the U.S government has been able to successfully curb this menace.

If you are a salaried individual, you would know the meaning and significance of payday very well. It is that happy day when you receive your monthly pay cheque. But the days in between the consecutive pay days are not so happy ones. Most salaried people manage to pull off their lives from one pay day to another. That is until crisis strikes. Say, you need to pay the college or school fees of your children immediately and it is the end of the month, meaning you are almost out of money. Or suppose there is a sudden unexpected illness in the family and you need fast cash for treatment. These are not totally hypothetical situations but troublesome nevertheless. Where do you go to for some cash advance? Who do you ask for help? The easy and simple solution is payday loans.

You must be wondering what payday loans are. To give a very brief introduction, payday loans are short term cash advance loan of very small amounts ranging from about $80 to about $1200 given by financial institutions to help you with fast cash overcome small day-to-day financial crisis. The three main features here are short term, cash advance and fast cash. Usually, if you take a payday loan, you would have to return it within a period of 1 to 30 days i.e. you can easily return the money once you get your monthly pay cheque. You get your required amount of cash in advance at a flat one time interest and within 24 hours of applying.

There are numerous financial institutions offering payday loans. You can apply for a loan directly by visiting one of their offices, if you know one. Or you can submit an online application through the Internet. Unlike other long term loans, applications for payday loans are much simpler. You do not need to fill numerous different forms. There is a small application form that you need to fill online and you will get your cash within 24 hours in your bank account.

Everyone can apply for payday loans on satisfying certain basic criteria as follows:

• You need to be a salaried employee of a reputed company.
• You need to be working in that company for at least 6 months.
• You would need a valid bank account.
• And lastly, you need to be above 18 years of age.

If you fit the above mentioned requirements, you are eligible to get cash advance through payday loans, even if you have a poor credit rating. Credit rating is not an issue for getting these short term loans. Hence you do not need to get stressed thinking about where to get fast cash, anymore.

Before applying for payday loans from any financial institution, it is advised to do a little research on the amount of interest charged by them. Take the help of the Internet to find an authentic institution offering  online payday loans at a reasonable interest rate, apply for the loan and wait for the money to arrive at your doorstep.

Most salaried people live from payday to payday. They calculate their finances based on that lead their lives according to a strict financial plan. If you are one of them, you would know how difficult it becomes to manage your finances towards the end of a month before getting next month’s pay cheque. And moreover, everyone knows that life is unpredictable. There are certain unforeseen cases where you need fast cash but you know you are in no condition to afford that. The feeling is of helplessness, where do you get cash advance to solve the sudden financial crisis? Who do you ask for help? Do not worry, financial institutions offering payday loans are your friends in need to help you solve your crisis.

Cash advance are small amount loans given for a very short period of time for a flat rate of interest. The period of time usually ranges from 1 to 30 days enabling you to return the loan after you get your salary cheque for the next month, although this time period may vary for different financial institutions. Payday loans are very useful in covering small day-to-day financial crunches that appear suddenly but nevertheless leave you stressed. There are some situations in everybody’s life where only a small amount of money is needed, maybe for giving you children’s school fees or for repairing your room heater or for paying for the power bill. The amount required in these cases is very small but during the end of the month when you are out of cash they seem to pose huge problems. This is where payday loans help you out by letting you have fast cash.

If you need immediate cash advance loans but are worried about your credit rating, than it is time to stop worrying. You do not need to have a good credit rating to be eligible for getting fast cash. Of course there are certain criteria that need to be fulfilled to be eligible for payday loans, they are: firstly, your age should be more than 18 years. Secondly, you should be a salaried individual working for the same reputed company for at least 6 months continuously. Lastly and most importantly, you need to have a valid and active bank account through which the loan transaction with the lending financial institution will take place.

Applying for payday loans are extremely easy and much less complicated than applying for other bank loans such as home loans or car loans. You do not need to submit a variety of documents neither do you need to fill numerous forms. You just need to fill a simple online application giving certain requisite personal details and within 24 hours time you will get your cash advance deposited in to your bank account. If you do not want to apply for payday loans online you can also physically visit the offices of such lending institutions, if you know any. But people usually prefer online transaction since they take less time and it also gives you the advantage of researching a bit before applying to a particular institution. There cannot be a more hassle free way of getting your hands on fast loan.

No fax payday loan is called the hassle free quick loan. The main feature of this kind of payday loan is that there is no need of faxing any kind of documents to obtain it. By clicking of the mouse few times you can obtain this loan. By filing up the online form and submitted you can get the loan easily. The condition is that you have to pay back the loan amount with interest on the next payday.

The only important criterion is that the person who is applying for no fax payday loans must be employed. The other good thing is that you can still obtain this loan in spite of having a bad credit history. Generally the loan is approved on the application date. Few things that required for the approval of the loan are personal and employment details along with bank statement and past 2 months salary certificate, an email address which will be used to remind your due payment date and checking account. The loan amount will be in your bank within 24 hours of time as long as the documents get verified.

The interest rate may be a bit high in this kind of loan but as it is for shorter period of time so it doesn’t matter much for the customers. No fax pay day loan is suited for most of the salaried persons. When you are in need of quick money with no time in hand then it is really tough to fax all necessary documents for the loan. But here the advantage of no fax payday loan is that you don’t have to bother about the documentation and faxing them. This is one of the successive points of no fax payday loan.

Regarding the payment of the loan amount, normally the payment is electronically debited from your checking account for your appliance. But you can go for alternative payment arrangements also.

What happen when you are in some financial crunch and you need some cash urgently, who do you turn to?

You can try one of your family members or friends or relatives. But many people don’t feel like sharing their personal financial problems with their close ones. This will basically leave with two options in hand: an online cash advance loan or a storefront payday loan. You will have to decide which of them is better?

If you are worried about your privacy and you don’t want anyone to see you going to a storefront payday loan, then online cash advance loans over the internet will be the best option. You don’t have to worry about anyone driving by and seeing you walk in the storefront payday loan store.

Most online payday loan companies use advanced security tools on their sites. This makes the electronic transfers to your bank account much easier and safer. Only you and the payday loan company will know the transaction and no one else. This is much safer than the brick and mortar experience.

When you are applying for online payday loans on the internet, you don’t need to send any documents by fax or mail to get the cash advance loan. Everything will be done online from the comfort and security of your own home or office, within a few seconds and with as few hassles as possible.

Online cash advance loans avoid many hassles of the traditional storefront payday loans. They provide the advanced security on their website, anonymity, and ease of use. If you don’t want to apply for a loan by going to a store and compromise your safety and integrity, online payday loans over the internet is the best way to go.

So, it is quite clear that at the time when you require fast cash, you don’t need to worry much and don’t need to go to any friends or relatives and get embarrassed. There are many companies waiting to provide you loan at the time when you need it most. Just go online and find reputed companies on the internet for your payday loan.