Instant Payday Loan

Instant Payday Loan - Not So Instant

In all my years out on this payday loan prairie, I've yet to run across a truly instant payday loan. Sure some payday advance opportunities are fast - once saw an online lender offering advances in a s little as a single hour - but and instant payday loan is pretty much impossible, and would be down right dangerous if they were truly instant.

Why instant isn't the best term for instant payday loan

Put the reigns on your cash-hungry horse of yours, buck-o. You need money, but the world will still be here tomorrow. Yet that world might not include your financial security if you borrow too much money too fast. See, even instant payday loans have some form or other of a verification process - either they will call your place of employment and verify your income or they will contact your bank and verify your assets - and while these processes can take as little as a few minutes, nothing is instant. Nor should it be:

• if an instant payday loan were truly instant, we'd have a pretty big problem on our hands. HNo verification means anyone with computer access could apply and get a cash advance loans. Children, the unemployed -= the very people who should not have access to financial loans period.
• as it is, an instant cash loan by today's standards is plenty fast enough. Up to $500 in an hour? Holy cow! And you didn't even have to provide any solid source of identification! Just your personal information, your account information, and the information regarding your place of business. Well paint me red and call me "Eliza' if that ain't the sweetest deal I ain't ever heard!

Alright I'm red already, and this instant payday loan sure does leave a bitter aftertaste.

After that instant...

While an instant payday loan sure is fast, what happens afterward is slow to materialize. You will have at least a few days to repay that fast payday loan, and most people enjoy their financial freedom until then, when they get their paychecks, realize they still need their money, and simply pay the extension fees. 80% of all payday advances go into some form of extended payment period, and this is exactly where lenders make so much dang money. For every pay period you delay repayment, you will be charged that same "fee." As this quick payday loan fee accumulates your debt only grows bigger, and although you keep up with the additional payments you are not chipping into your original loan amount. Theres the rub right there, people believe they are paying off their debt one small payment at a time, when in reality they are simply keeping their debt open and are still responsible with repaying the entire amount. Our advice? Don't use payday advances. But if you must, pay it off IN FULL at the very first opportunity.