Payday Loans

For the average American living hand to mouth and running low on cash, financial emergencies appear out of the blue and are as haunting as the Ghost of Christmas Present. Confronted by unforeseen, urgent expenses and struggling to make ends meet, many individuals wonder where to turn, particularly if plagued by bad credit and disqualified from conventional loans or credit cards. Fortunately, an instant short-term loan known as the payday loan is spelling relief to an increasing number of borrowers by filling the financial gap. Payday cash advances cover a wide range of expenditures such as:

  • Airline tickets
  • Auto repair bills
  • Bounced check fees
  • avoidance of insufficient funds fees
  • Utility bills
  • Grocery bills
  • Monthly rent
  • Credit card bills
  • Loan repayment
  • Home repairs 

Also referred to as payday advances, cash advance loans, check advance loans and deferred deposit, payday loans are unsecured, short-term consumer loans. They are repayable in full out of the borrower's next paycheck on his or her next payday. A payday advance loan is typically for an amount ranging from $100 to $1500 and for a two-week period. Finance fees on cash loans for $100 run from $15 to $30. In annual percentage rate (APR) terms, these rates equate to 390 to 780 percent, respectively. Borrowers who find themselves unable to repay their pay day advances by the due date, can usually request a roll-over or extension of their loan.

Borrowers can complete the loan application process in as little as five minutes. Compared to other financing alternatives, a small amount of paperwork is involved. Because the borrower's paycheck serves as collateral against the loan, no additional security need be pledged. Payday advance creditors typically require borrowers to satisfy minimal criteria, namely the following: 

  1. Must be at least 18 years old
  2. Have held their current job for at least 3 consecutive months
  3. Have a steady income and earn at least $1000 in monthly income after taxes
  4. Have an active checking account for a minimum of 3 months
  5. Have a current work and home phone number

Upon completion of the application, borrowers must submit to the payday advance provider faxed copies of

  1. Identification such as a driver's license
  2. Letter from an employer or recent paycheck stubs
  3. A bank statement from the last 30 days

Payday advance loans are issued without any regard to consumers' credit history. Once the loan application has been approved, the funds are electronically deposited overnight into the borrower's checking or savings account. Consumers who opt for online payday loans will have their application processed in a matter of seconds. The online payday loan process is private, safe and secure. Applicants' confidential information is protected by a state-of-the-art, 128-bit SSL encryption technology. An increasing number of Americans are choosing online payday loans over borrowing alternatives, finding the former to be much more desirable. This is due to the fact that payday cash advances are less costly than paying late bill penalties, overdraft fees or credit card late fees or bouncing a check. They also avoid the hassle and discomfort involved in asking relatives or friends for money or offering their personal property as security. Generally, customers pay $15 per $100 borrowed. By contrast, credit card late fees amount to $32.61, fees for checks returned by merchants are $26.64, and bounced check fees are $27.04

When shopping for a fast cash company, consumers should consider such features as repayment options, late fees, loan terms, and loan fees, among others. They should also consider the lender's reputation and experience.

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