Have you ever been caught short of cash when you suddenly need it, and all the options like credit cards and borrowing form friends/relatives are closed? If you have not been, good, but you should know of a way out if all of a sudden you face a situation where availability of hard cash is absolutely essential.

In such a situation, you can opt for no fax payday loans which are fast and easy and are available without any paperwork or credit check. Following are the benefits of quick online payday loans.

• No credit rating check is done, thus you can avail loan even if you have bad credit ratings.

• No need to leave the comforts of home or office - You can apply on the phone or even online.

• Fast processing – within minutes your loan is approved and you would get the cash within 24 hrs in your a/c.

• These are no fax payday loans i.e. paperwork is almost nil.

• There are no upfront costs involved.

• It’s discreet and secure because the information is not shared with anyone.

Comparison between payday loan and personal loan

Time of approval

It takes anywhere between 3 days to 10 days for the approval in case of personal loan while payday advance is approved within minutes of applying.

Ease of processing

You would need to furnish whole lot of documents such as income proof, identity proof, residence proof etc. to apply for personal loan. In case of payday loans, no documentation is necessary. You can apply on phone or online from the comforts of your home or office. Not even faxing of documents is required for no fax payday loans.

Credit history

There is no way you can get personal loan if your credit history is not up to the mark. On the other hand, credit history is no criteria for approving payday loans. Thus for people with adverse credit rating, payday loan is the only option of borrowing money.

Tenure

The tenure of personal loan is longer (from 1 year to 3 or 4 years) while payday loans are very short term loans, lasting till about your next payday.

Interest rate

Annual interest rates for payday loans are on the higher side but since loan tenure is very short, actual interest paid does not amount to much.

Amount of loan

Amount granted is higher in case of personal loans.

Repayment

Personal loans are repaid through Equated Monthly Installments (EMIs) over the tenure of the loan. Once the agreement is in place, it becomes very difficult to alter repayment schedule. While in case of payday advance, repayment can be deferred by some weeks after paying a certain fees very easily.

Tips to know the fraud Payday Loan Company

It is not hard to find a payday loan company
these days. Just type the words ‘payday loan’ in any search engine and you are bound to be flooded with hundreds of web sites offering you quick online payday loan without any hassles. But how do you know that the company you have pinned down is not a scam. Here are some tips.

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 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.

Get in touch with the people who have used successfully payday loan services earlier and go for the 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.