Payday Loans by Direct Lenders

Overnight payday loans are gaining more and more field among those who need money to solve immediate problems. This happens because the whole process is very fast, the eligibility conditions are very easy to fulfill and the money is yours the following day after you have applied.

Everything a lender is interested in is your repayment capacity. Once you can prove that you have a steady income and that you can give the money back in due time (usually when you receive the following salary), you are most likely to receive the money you need. There are many lenders who check the credit score of the borrower, but the actual tendency is to skip this kind of check, on grounds that if you have faced problems one, it doesn't mean that you will necessarily repeat the story. This fastens the process a lot and simplifies the eligibility criteria even more.

If you still choose to work with a company that does credit check and you have a bad credit history, you can get a guarantor who must have a good credit score.

The processing of the application form is done in one hour and if your request is approved, then the money will be yours the following day. However, all these advantages imply high risks for the lenders and they need to assure their profit. Because of that, the interest rates are quite high and if you fail to repay the loan on its due date, then the total cost of the loan increases even more. On an average, you can end up paying 30% more than the amount you have borrowed.

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