All 24 hour payday loans are offered by companies that receive and approve applications around the clock every day of the year. They realize that urgent financial situations don’t arise just during business hours. An illness in the family or days off work because of an accident can easily upset the budgets of the most responsible employees.
When you find your last paycheck just won’t stretch until the next one, emergency payday loans can bail you out. If your checking account has sufficient funds to repay small cash loans, you may qualify for funds up to $350 for first-time borrowers, or $500 for those with a good history with the loan company. A positive cash balance in your account assures the company that you can repay the loan, but it also keeps you from having non-sufficient funds (NSF) problems.
Repayment of 24 Hour Payday Loans
If you have insufficient funds in your account when the electronic debit tries to collect on 24 hour payday loans, there is a $25 NSF charge. This, of course, just adds to the total amount of your loan, plus the regular fee, plus the annual percentage rate of interest. When you sign the application/loan agreement, there is a schedule of repayment dates agreed upon that coincide with your paydays.
With this schedule, you know exactly when the debit will hit your account for repayment of 24 hour payday loans. If, for instance, you select the option to pay off your loan on a Monday, the loan principal, plus any interest and fees due, will be processed that day, but debited from your checking account on the next day, Tuesday. This way, all interest and fees stop accruing on Monday, even though the money is not actually debited until Tuesday.