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Payday Loans No Faxing : How Does the Payday Loan Work?

Today with the recession many people are finding themselves a little short of funds and may need a payday loan. A payday loan is a short-term loan and is generally for two weeks to a month. A person in need of a payday loan merely needs to fill out an application online. The payday loan company then either approves, or denies the loan application. When the application is approved the applicant generally receives the proceeds of the loan within one hour.

The applicant needs not to go to a brick and mortar loan place anymore. Today nearly all payday loan centres have a website that applicants can go to. When the applicant is at the website they merely fill out their details. After filling out the application the applicant will enter in their checking account information.

The applicant does not need to go to the place of business to repay the loan. When the loan is due the bank who issued the loan withdrawals the money right from the person's checking account. The payments are divided into the amount of interest, so what that means is that the bank withdrawals the amount of interest. If the applicant does not specify to the bank that the applicant wants the bank to withdrawal more funds than just the interest rate charged to the customer the bank will only withdrawal the interest rate.

When the bank withdrawals the interest rate, and only the interest rate, the bank is renewing the loan for the customer. So if the customer pays just the interest rate every two weeks, the customer will not have paid anything on the principle of the loan. If the customer wants to pay the principle of the payday loan, or make small payments toward the principle of the loan, then the customer needs to notify the bank to withdrawal more funds from the customer's checking account.

When the customer pays down the principle of the loan a little at a time then the interest rate for the next renewal will decrease as well. When the customer has completed the necessary

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