What is a Payday loan?
Payday loans, cash advance loans, faxless cash advance, no fax payday loans, or payroll advance loans are short-term personal loans which provide consumers fast access to cash before your next paycheck.
How do Payday loans work?
Payday lenders lend you cash to meet your urgent needs in exchange for your post dated check. The payday lender deposits your post-dated check at the loan repayment date.
How long does the Payday loan application process take?
The payday loan usually takes a few minutes, only your basic information is needed to complete the loan application.
How long is a typical payday loan period?
Cash advance is due by your next pay period and on average a maximum of 30 days
Unless the loan is rolled over, the
Why are Payday loans popular among some people?
Fast cash loans give many consumers the convenience of accessing quick cash in emergencies.
What are the advantages of a Payday loans?
Unlike banks or credit unions, payday loans give you access to cash funds very quickly. Bad credit loans are also available for borrowers in need of emergency funds, but lack the credit for other funding.
What does APR mean?
Annual Percentage Rate (APR) is the true or effective interest rate of your unsecured personal loan. It is the sum cost of the loan inclusive of all fees and related charges.
What are the basic requirements for a Payday loan applicant to be approved?
Payday lenders require the borrower:
- to be at least 18 years of age
- have a checking account
- have continuous income
- provide any other information as needed
When should Payday loans be used?
Payday loans are a temporary measure to be used in emergencies, not for meeting daily expenses.
What are the disadvantages of Payday loans?
Payday cash advance loans may have high interest rates; in the rollover of loans, interest rates can be higher.
Do lenders charge additional fees on Payday loans?
Payday loan fees and charges vary by payday loan lenders.
Do lenders provide discounts on Payday loans?
Discounts are given to outstanding borrowers who pay their loan off in a timely manner, consistently.
Are there any laws that protect Payday loan borrowers?
There are different state laws but most require the payday loan lenders to disclose all fees and charges associated with the loan upfront.
What can cause an applicant to be denied approval for a Payday loan?
Payday loan applications can be denied for various reasons, here are some of them:
- no checking account
- no proof of identity
- no current income
- no history of late loan repayments
- no outstanding cash advance loans