Cash till payday loans in Arizona are usually requested by a panicked homeowner whose mortgage is about to be debited from his bank account, but there are insufficient funds available to cover it. Getting it fast and paying it back as slowly as possible is the internal urge. Normally, payday loans are for 14 days or less. The reason for this is that pay checks are generally spaced about 14 days apart.
Payday loans are all about an advance on tomorrow’s money. They are design for the short term and that is the reason the interest is high and the financing fees are high.
60 Minute Time Frame to Acquire Cash
If the potential borrower is looking for cash till payday loans in Arizona, the time frame before the cash is in his hands could be as little as 60 minutes. The customer service representative will need to get personal information on the individual and an application will need to be filled out. At this point, the entity that is going to lend the money has to accept the application. Then, the cash exchanges hands.
When procuring a payday loan on the Internet, about the same time frame will be applicable. This process requires an online application, followed by a phone call from the customer service representative to make sure the borrower understands the terms of the loan. The conversation on the phone can be long or short, and then the money is transferred to the individual’s bank account.
14-Day Time Frame for Pay Back
Most pay checks are distributed to employees twice a month or every 14 days, which is practically the same except in the months that have five weeks. This is the reason most cash till payday loans in Arizona are for no longer and no shorter than 14 days. Something the borrower has to remember mentally is he will have no pay check for himself on payday if the payday loan is procured.
The borrower will get into trouble if he starts thinking “double” – payday loan and pay check – all that money is “purse money.” No, it is not. When the pay check lands in the borrower’s bank account, it will be going right back out again plus interest and financing fees to pay the debt. Cash till payday loans in Arizona are actually exactly what they say they are.