Following the incessant complaints emanating from victims of fraudulent lending organizations, one is tempted to ask if real payday loan lenders still exist in the payday loan industry. These fraudulent lenders have acquired a status that can at best be described as notorious because of the crooked antics
they use in their dealing with their clients. They astronomically increase their interest rate, thus making it very difficult for the unwary consumers to manage it effectively to get out of debt.
They are usually new comers to the industry, whose main interest is to make quick gain at the expense of their clients. These unfortunate tout in the payday loan industry notwithstanding there
exist a good number of reputable lending companies that can be called real payday loan lenders. These companies understand the plight and the needs of the borrowers, and provide them with the
best possible service that is required to ease their burden.
These real payday loan lenders do not require any form of collateral from their clients; neither do they bother about credit report as a pre-condition for the approval of the loan. Not only do they waive collateral and credit check, they also ensure that the money is made available to the borrower at the shortest possible time. Applying for payday loan from these lenders is the easiest and most expedient means of getting quick cash to fix an emergency financial crises arising before the payday. With the real payday lenders various terms are available, nowadays it is possible to find one that will allow you payback at two or three instalments. Another vital feature of these real payday lenders has to do with the process of the application of the loan. As a result of the differences in the various State regulations, it is not possible to find a single lender who will be able to suit the need of all borrowers.
A lender who offers great rate and loan terms to one borrower may reject another borrower for a peculiar reason. Some borrowers get instant approval without any supporting credentials while others may be required to send payment counterfoil through fax for employment verification by the same lender, so it is always advisable to apply to more than one lender at a time so that if you are rejected by one you may be accepted by the other which may turn out to the one that best suits your peculiar situation. A good majority of the online payday loan lenders adopt the twenty-four (24hr) hour cash method which guarantees you receiving the loan in the next business day provided the application was submitted before 4.00p. m., EST. the funds are usually wired through direct deposit to the borrowers bank account if it is a current account.