Free Payday Loan When Payment is Prompt

Free payday loan! Is that possible? Well, read the terms well to make sure that a payday loan is indeed a free payday loan. It is wise to always know the repayment terms first before availing of any only payday loan promotion.

Free payday loan promos are loans given to first time borrowers. Such loans are charged no interest for the first repayment term, which is a two week period. So if the free payday loan made is $300 (the minimum available for payday loans is from $50 to $100), after 2 weeks, the loan paid will be $300. There’s no interest charged. The usual interest is 25 percent. The whole amount should have been $375. But since the promo is a free payday loan, so the interest is dropped for the first repayment term.

However, as part of the promo, the $300 can also be paid in installments. If say, at the end of the 2-week repayment term the borrower is only able to pay half the amount, he would be allowed to pay $150, and leave the other $150 to be paid in the next repayment period, which is after another 2 weeks. Convenient enough? Perhaps, but this time, the loan amount left will be charged 25 percent. Remember, only the first repayment term period is included in the free payday loan promo. Anything left to be paid in the following repay period is charged a 25 percent interest. So, in our example of a free payday loan of $300 above, paying the second half in the next repay period, the amount will be $150 plus the 25 percent interest based on the remaining $150 ($37.50). That’s $187.50 in all.

Free payday loans have the following requirements: a secure job of at least 3 months old or more, the borrower must be a US citizen, a healthy checking or bank account, good credit record, and a recent paycheck record. Free payday loans are delivered through the checking account within 24 hours after the loan approval. For the approval of a free payday loan, registering online is required, followed by an online loan application. The loan application takes some minutes to be approved. After the free payday loan is approved the amount will be transferred to the checking account within a day.

A free payday loan is a quick and convenient way of getting short-term cash. Paying the whole loaned amount on the first repayment period enables the borrower to avail of the free payday loan promo.

Tags: Borrow Money, No Fax Payday Loan, Finance, Payday Loan, Paycheck Loan