www.OneBetterLoan.com

www.OneBetterLoan.com

The term overnight loan is usually used to refer to a payday loan. Payday loans are loans that don't use traditional collateral but are instead guaranteed by your next paycheck. You can typically borrow up to $2,000 (depending on your income) and have to pay the loan off in full on your next payday. You will turn over to the lender your bank account information and they will automatically debit your checking account for the loan amount plus fees on your next payday. Because they can be obtained very quickly, payday loans are often referred to as overnight loans. You can apply for a payday loan today and in most cases you can have the money in your checking account the next day.

Qualifying for an Overnight Loan
Are payday loans hard to get? The simple answer to that question is no, they are not hard to get. If you have a job with verifiable income and a checking account you can get a payday loan as long as your income meets the lender's requirements. Because payday loans are secured by your next paycheck they do not require the lender to look at your credit report. This can be beneficial for a consumer that has bad credit and needs to get emergency cash immediately.

Payday loans are easy to get but they are an expensive way to borrow money. Payday lenders do not usually attach an APR to their loans as is the case with traditional loans like auto loans and mortgage loans. Instead, they collect a flat fee based on the amount you borrow - a typical example would be a fee of $15 for every $100 borrowed. Payday loans usually go up to a maximum amount borrowed of $2,000. In the case of a $2,000 loan you would pay the lender approximately $300 in fees. When you consider the fact that this loan has to be paid off on your next payday (2-4 weeks from now) you can see that this is a very expensive way to borrow money for a very short period of time.