My Instant approval payday loans story and the companies that offer them.
Not so long ago I found myself in a situation where I needed financial assistance pretty bad.
As an immigrant to the United States with no family support or long term friends to turn to for such an intimate issue as finances, it was, to put it mildly, a gut-wrenching moment that needed urgent attention.
Sleeping in a fetal position whilst sucking on my thumb was not an option. I had a wife and new baby relying on me.
There's a saying out there that, if you think your bank does not care about you, try missing a couple of payments, and you'll see how really concerned they are about you!
Sadly, that concern does not transcend into help of any sorts, but more like an urgent nudge to produce some cash or else.
What I've never really been able to understand is, Banks charge you more for having insufficient funds in your account or for having no money to pay your bills as if you've just hit the jackpot!
If you're unfortunate enough to find yourself in a similar situation as I once was, take heart, perhaps this article will assist you avoid all the minefields of searching for credible instant approval payday loan companies that will empathize, listen and work with you until you're out of your predicament.
You see, when you have no credit or have bad credit, financial institutions do not want to have anything to do with you, you're as good as dead in their eyes, so there's no love lost there.
However, you have the option of seeking out alternative sources of finances, or the parallel market, as it's called, and this is where Instant approval payday loan companies come in.
In a nutshell, Instant approval payday loan companies advance you some cash, usually up to between 1000 - 1500, on the understanding that you'll repay all of the money, or a fraction of it based on your terms and conditions, by your next pay date.
In most cases, the Instant approval payday loan company will not even check your credit history. All they require is that you're gainfully employed, that you earn between $800 - $1000 per month, and that you have a checking account.
Now, in case you're about to run out of the door because this sounds too good to be true, hold on to your falling breeches cowboy, the best is yet to come.
You see, because the payday lender is not asking for security or any collateral, they charge you a high interest rate, at times as high as $25 for every $100 you borrow!
Now, this is not to say every payday lender out there is bad and has no interest in assisting or listening to you!
On the contrary, there are countless payday lenders out there, some with a good standing with the Better bureau of business and currently assisting ordinary folk, just like you, navigate through a financial emergency you had not banked on.
Some payday lenders will even negotiate your interest rate and loan amount, plus give you the opportunity to increase the loan amount should you prove to be in good standing with them when repaying the principal plus interest.
Should you repay the loan back in full and in time, some of these payday lenders will even waive any fees.
Since time is usually of the essence when you're in this situation, you will find that some lenders will not require you to fax them any documents whatsoever, and your application is usually approved within an hour, with the most being 24 hours.
In most cases, your loan is wired overnight to your checking account, giving you the opportunity to wake up to a new day with hope and a plan.
So don't make the same mistakes I did.
Out of desperation, I made hundreds of applications online, hoping the offers would be coming in fast and furious.
I gave away my personal details without even bothering to understand to whom that information was going to and, in the process, merely dug a deeper hole for myself!
My computer even caught a few nasty viruses due to the websites I was visiting and filling in my personal information!
The trick to finding a good instant approval payday loan company, especially when you have bad credit, is communication with the lender.
You may also come across websites that act as a middleman between you and a network of instant approval payday lenders.
Again, the key is finding the right lender who has your best interest at heart and willing to work with you through your circumstance.