You have probably heard a lot of hype about payday loans. They have certainly become extremely popular as of late. Free payday loans have reached staggering growth on the web. A payday loan is a short term loan that is to be paid back by your next pay period. Most companies will grant the borrower from 2 weeks to 30 days to pay back the loan and interest fees. There are lenders that will offer you a free payday loan online.

What's a Free Payday Loan?

A free payday loan is a type of loan that gives the customer an interest free payday loan. Free payday loans have absolutely no interest.

How Does a Free Payday Loan Work?

As I said earlier there's no interest on the amount borrowed. There are stipulations about this though. You have to pay back the loan within the timeframe agreed upon in the terms of the loan or you will be subject to interest and borrowing fees. Only first time customers get a free payday loan. After the first loan there isn't anymore breaks in a manner of speaking.

How Can I Qualify for a Free Payday Loan?

First time customers who have a checking account. In most cases you will need to have a pay check of at least $1000 a month.

Where do I Find a Free Payday Loan?

Simply search the keywords "free payday loan" at Google or a search engine of your choice and you will come up with companies and more information about free payday loans.

How Do I obtain a Free Payday Loan?

Once you find a company that provides these loans. The company will have a short form, once you fill it out they will provide you with the steps you need to take. The process is extremely simple. Faxing a few documents is about the hardest thing that may have to be done.

What Amount Can I Borrow?

In most cases you will be able to borrow $300. Lenders do not usually provide an interest free loan of more than that.

So, lets review the facts about free payday loans. They are for first time customers only. They are only interest free if you payback on time. There are some rules for qualifying. You have to complete a form and maybe fax some documents.

Most of these companies will do larger loans after the first one. The second loan will not be interest free. As I mentioned earlier a free payday loan is for first time borrowers only.