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Instant Payday Advance

Same Day Loans from 1BankofAmerica

Instant payday loan from direct lender is a payday loan that is done directly through a lending company. The money borrowed can be received in an instant. Instant payday loans from direct lenders have certain advantages compared to borrowing from bank and other credit companies. Bank loans are tedious and take several days before approval.

The borrower also needs to have a good credit score for loan approval. The interest also depends on the credit rating. In availing bank loans, the higher the score of the borrower, the lower the interest given to the customer. Banks also ask for security and collateral such as properties or vehicles. In certain bank loans, guarantors are required as well. This is where the instant payday loan from direct lender comes in handy.

First, instant payday loans from direct lenders is not a secured loan, which means no collateral is needed. No guarantor is needed when applying for a loan. The application is faster and may be approved in a matter of minutes and the money may be received for 1 to 2 hours, ideal for emergency cases.

The loan does not need any credit score, so it can be availed by borrowers with bad credit rating. Credit history is not required, so previously defaulted credits may not affect the approval of loans. The loan is done directly from the lending companies, thus no additional broker's fee is required.

Direct payday lenders have websites where applications may be done. There are also websites that compares direct lenders so borrowers may compare and choose the best offer. There are companies that serve as broker to several lending companies. A customer should be able to differentiate websites that compares direct lenders to those that act as brokers, as availing their services may incur additional fees.

Direct payday lenders, such as Loans Now, have websites which features representative sample calculation of borrowing money. The customer needs to put the amount that they wish to borrow, and the payment term that they wish to avail. The lending company, in turn, gives the amount to be paid every due date, the total amount to be paid after paying back all the loans and the total interest paid (which the customer can compare to the original amount borrowed). The annual percentage rate is also given.

This feature gives the customer option to choose the best lending offer in the market. The application may be done through their website as well. They require documents such as proof of employment, identification document that would prove that the borrower's age is above 18 and others.
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