Fast payday loans are very short term loans lasting for 1-2 weeks only. After you get your paycheck, the loan is to be repaid. These types of loans are usually taken to meet some emergency or meet some urgent requirement such as pending medical bills, phone bills, and electric bills, house rent or some other utility bills.

The interest rate for same day payday loan is on the higher side but since the tenure is very small the actual interest figure does not amount to much. In case of non-payment of fast payday loan together with lender's charges, borrowers have the option of rolling over the repayment after paying the extra fee. Interest for the roll over period will also be included in the repayment.

Why payday loan

Instant payday loans come handy when you are faced with a sudden need of cash and payday is still some days away. In case you have a bad credit history behind you, payday loans become all the more important since loans from any other source are hard to come by. Borrowing money from friends and family is embarrassing and personal loans and bank overdrafts are expensive or take a long time to materialize. Besides, banks usually would not approve loans for very small amounts such as a few hundred pounds. Here are some of the top advantages of payday loan:

?Fast and hassle free processing ? approval within minutes and money in the account in 24-48 hours.

?Easy to apply ? no need to run to the bankers, just fill up an online form from the comforts of home or office and you are on.

?Nil paperwork ? For no fax payday loans there is no need to furnish any document proving your identity etc.

?No credit check done ? all you need is to possess a steady job and a valid checking account and since no check is done on past credit history, people with bad credit history can get the loan.

?Easy repay ? you just need to furnish a post dated cheque or arrange for auto-debit from the bank account to repay the whole amount with interest thus there is no need to keep the bank account ready each month for the next installment.

?Easy terms ? no need to furnish any sort of security and if you feel unable to repay on time just ask for an extension which is easily provided against a fee.

Requirements for qualification to get same day payday loan

?You are over 18 years old

?You are employed full time

?You hold a bank account with a valid debit card

3 quick tips to know the fraud Payday Loan Company

1)First of all check out their privacy policy. Since you would be giving your personal information like bank a/c no., salary details etc., it pays to know that the fast payday loan company is serious about keeping your personal information private. Privacy policy is the statement of such intentions and also is good indicator of the company's seriousness and commitment. If you have any doubts in this regard, take your business elsewhere.

2)The construction of web site is also an indicator towards company's credentials. It is not difficult to judge whether a web site is made using some sort of online page builder or has a professional touch to it. If it has been constructed using some online page builder, chances are high that the people behind it don't have good intentions and are out there just to collect valuable personal information for some nefarious use later on.

3)Get in touch with the people who have used successfully payday loan services earlier and go for the instant payday loan company they have used. Also go in depth of the references provide by the web site and check out their genuineness or otherwise. Past is a good indicator of what future would hold.