| By :
Wendy Moyer
There are times in everyone's life when a financial emergency comes up and they need to get some cash as quickly as they can. At times like these a lot of people go online and apply for a pay day loan. The reason a lot of people make this choice is because they can often get up to $1,000 or more within 24 hours or less - no matter how good or how bad their credit is. And, since it usually takes no more than ten or fifteen minutes to fill out and submit an application they know that they will find out if they qualify for a loan literally within moments after applying If approved, the money will be wired into their bank account. Most payday loan companies transfer the money within 24 hours, although some do it as quickly as one hour. Although this all sounds good, there are a number of drawbacks. The first is that the interest that payday loan companies charge is quite a bit higher than what most banks charge. The second is that the vast majority of payday loan companies want to be repaid out of the borrower's next paycheck. So, when someone borrows money from a traditional payday loan company, they will need to pay it back within 14 days. This could present a bit of a problem to some people. There is another way. At least one company offers 100 day loans. The people that borrow from them have up to 100 days to repay the money. That's more than fourteen weeks - not fourteen days. In other words, the company is willing to lend the same amount of money, but is offering a longer time for their borrowers to pay it back. The way it works is that this company works with more than 150 other companies that provide loans. They could be pay day loan companies, financial institutions, or banks. After someone submits an application their system automatically searches through all of the loan providers in order to find the ones that will offer the biggest loan and the lowest interest rate. What's even more amazing is that this search takes only a minute and a half. Eighty percent of all the people that apply for a loan are approved. And, upon approval, the system will direct you to the lender's website and you can accept their offer. If you choose to accept it then the cash will be directly wired into your bank account.
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