Millions of Americans rely on legitimate short-term lenders for instant approval payday loans. The process is really quite simple, a person with a job, a checking account and acceptable identification can apply for a short term loan, usually the amount is anywhere between 100 and 500 dollars. The loan becomes due on the borrowers next payday, the borrower can either write the lender a post dated check for the loan amount plus interest and fees or give the lender authorization to initiate a funds transfer back to their account on the due date. The entire process rarely takes more than 15 minutes. Rarely would a bank be interested in offering instant approval payday loans, the approval process is far too cumbersome and costly.
There are hundreds of thousands, perhaps millions of Americans that make it through from one payday to the next, in many cases they just make it with nothing to spare. These are good people, doing their best to see to it that they meet their obligations on time. However, when an emergency situation arises they are often left with no alternative but to turn to instant approval short term loans for the financial help they need at the moment.
As with everything, there are critics of payday loans due to the high interest rates. Yes, the interest rate is high when expressed in terms of APR percentage but it must be emphasized that loans of this nature are only taken out for a couple of week. It must also be noted that 15 dollars which might be the cost of the loan over a two week period pales by comparison to the amount lost if you are out of work for a couple of weeks because your car broke down.
The best firms that offer instant approval payday loans have no qualms in disclosing the conditions attached to borrowing from them, when you arrange a short term loan you will know in advance what the annual percentage rate is and what fees are being charged. The best firms are not cowboys; they work under regulations that have been set by the state. The same regulations that apply to banks apply to payday loan firms.
There will always be those that are against using instant approval payday loans but many millions of Americans have a positive experience with the product these companies offer.
If you run up against an emergency and you find yourself short of cash then you are welcome to apply for instant approval payday loans. Get started now by visiting the web site of Short Term Loans.