Payday Loan - An Overview

           Payday loan can be used as the immediate option to meet your emergency cash requirement. Payday loan is the easily available short term loan, which is popular in various other names such as cash advance and check loans. The immediate availability of payday loan will be a boon at many times. The payday loans were easy to avail from the earlier times and it was considered as one of its most remarkable feature. However, with the introduction of online payday loan companies, the process has become a very easy task and an eligible borrower can get their money within no time. The loan processing time and approval time are significantly lowered with the help of developments in the information technology. Payday loan overview narrates about the possibilities of gaining a payday loan. Payday loan is available from many lenders. The conditions for applying for the payday loan seem to be very lenient and most of the criteria are affordable for any working person. The payday loan is structured to be a very short pattern, maximum up to the next payday. When the loan is approved, the amount will be credited into your checking account and you do not have to involve any tensions about the loan amount. The collateral security of the payday loan is a postdated check, which has to be cleared on the payday. The check must carry the tenure amount and the particular finance charges and the lender will directly send the check for clearance. The easy clearance is an added advantage, which avoids the hassles in the repayment and debt clearance. Payday loan is appreciated by many people since it does not involve any intensive credit checking. The bad credit people can also be able to avail payday loan, irrespective of their credit. For the approval of the payday loan, the borrower must be of 18 years age and must be employed for the last 6 months, with a minimum income of $1000. Some of the payday loan lenders are lenient about the regulations and provide relaxation for employment to 3 months and monthly salary of $800. The payday loan seems to be the shortest loan period and it varies depending on 14 days to 30 days, according to the payday duration. In most cases, if you are dealing with the same lender, they may gradually provide more credit. The borrower must also posses a valid credit checking account to make the transaction easier. Getting into payday loan must not be a recommended practice as the interest rates of the payday loan is very high. The APR rate of the payday loan is projected to be around 390 to 780% of the traditional loan. The payday loan has to be closed within a month, on the payday rate. However, most of the payday loan lenders provide roll over for the payday loan as the borrower will not be able to the repay the amount in time. In roll over the interest rate of the payday loan will be accumulated into the loan amount and it can be repaid in monthly repayments. However, the interest rate of the roll over payday loan will not be affordable for every person. Payday loan can be reviewed as an emergency loan, but availing the payday loan has to be done carefully.

Learn about Advance Payday Loans

           By the end of this article, you should have gained enough new knowledge on the information concerning advance payday loans you should be able to make a good decision and also explain these payday loans to help another person. Advances on payday Loans stretch to the next payday. The loans are apt to have strict fees attached. If you are behind in payments of utility invoices, you might want to ask for an extension and then work with your service providers to pay off the arrears. Payday loans are planned to tender relief in crisis situations. For example, car repairs, shut-offs, overdue bills, overdrafts, and health costs is an incentive to take out a payday loan. Payday cash advance loans are usually extended two weeks more regularly than not, but few lengthen the loans up to 18 days. When the fixed time of the period to reimburse comes around and you do not have the means to pay back the credit you will pay the finance fee and roll the payday advance over to the next paycheck. The cycle can become disparaging. Once the payday advance loan is approved, the lenders will deposit the money into your checking account if you have direct deposit capabilities. At the time the advance loan is allowed you will take the transfer of overnight deposits according to a few payday lenders. Most lenders transfer the currency into your checking account in two business days unless you request for a loan from the land base lenders. The lenders who assert the payday advances are fast and straightforward with the approvals because most payday loan companies will not check your credit. Scores of payday sites online allege that their sites are confidential and secure. This is important, because if their site is not secured and certain, you could be the next victim of identity theft. You should now have gained a little knowledge about advance payday loans. The following material should make it a little more understandable. Payday advances are short-term unsecured loans that tie you over to the next paycheck arrival. At the time clientele are beleaguered sandwiched between paychecks, the advances are on hand to give a hand. The payday cash loans are one of the undemanding advances to apply. Many payday lenders nowadays are making it simpler to get a payday loan. Lenders assert no faxing is essential at few payday sites, nevertheless once the borrower is accepted, faxing may be essential despite the lenders claims that faxing is not obligatory. The helpful aspect of payday advances is the loans are flexible and the borrower can relax because the transaction is discrete. Most advances are issued to borrowers to assist them in keeping everyday expenditure on utilities, such as deferred bills or reconnection fees. Many borrowers employ the advances to deal with recoiling checks and the bounce fees, which are regularly unreasonably greater than fees on a payday advances. The World Wide Web has an assortment of payday loans. If you can find a loan on land base in your area it might be a better choice, because many payday lenders are confined to loaning cash, only in their area. Right now, there is controversy over payday loans and few State Reps are making an effort to shutdown the sources. Officials and a number of other people judge that payday lenders are gluttonous, greedy, merciless people looking to take advantage of the less fortunate. While this appears true if you believe the particulars of the loans, but payday loaners are no different from fiscal institutions, governments, IRS, and other sources that take and seldom give. The truth is payday loans are cheaper than bank overdrafts. Bank overdrafts can cost a lot. If you take out a payday loan to help your checks you might pay a fee, but not as high as the fees, you will pay if the overdrafts continue. If you have disconnection charges you most likely will pay less than the total of a payday loan, still, disconnections is not a good thing, so payday loans may be to your advantage. Car repairs can charge you a fortune. If you should want your car to get to work, thus payday loans may be of use. You might pay a fee for the loan, however if you are not working it will charge you more. Payday loans is a fund of relief, never take the loans for granted, because it could lead to debt problems.

The Cost of Payday Loans

           You need a cash advance immediately, but are too shy to ask relatives or friends, and are scared of the paperwork involved in a bank loan. Shed all your worries, for help is a mouse click away in the form of payday loans. Payday loans are one of the most convenient ways of getting a cash advance today with practically no paperwork or other hassles. Defining Payday loans Payday loans are a short-term cash advance, when it is needed the most...usually between paydays! Payday loans are a great way to get some cash to tide you over to your next paycheck. The goal of payday loans is to assist you with finances to meet that unforseen requirement. The money is given as a cash advance and is directly deposited into your personal checking account, after which the cash advance funds, plus a fee, are taken out of your account at the end of the loan which usually is your next payday. However, a payday loan is no substitute for long-term financial planning. This cash advance should only be taken to meet urgent financial needs until your next payday. It is only in emergencies that payday loans come in handy. Payday loans also bail you out of situations of bounced checks and late payment penalties by making the appropriate cash advance available. Understanding The Cost Of Payday Loans Forewarned is forearmed! So it is with payday loans. If you know what this kind of cash advance will cost you, you will be in a better position to weigh the pros and cons of opting for it. This way you will also know exactly what amount you need to pay back to the payday loan companies. Your first step should be to find out the best rate of payday loan on offer. Whichever payday loan company you may choose you must know what will be the fixed amount that you will owe upon completing your payday loan. Usually most payday loan companies charge around $20 to $30 per $100 of cash advance. To ensure that there are no ambiguities, insist that your final payday loan amount is spelled out in dollars and cents. This will help you know what you need to pay, when your payday loan is due. To judge the best deal, go for the payday loans company that is offering a lower APR. Usually, most payday loan companies provide a cost-breakdown per 100-dollar increments that coincide with the rate. Furthermore, most payday loan fees are based on the duration of the cash advance. The standard APR for most companies falls into the 400 percent range. As an example, suppose you were to borrow $100 at a fee of $20 for a 2 week period and if you did not pay if for a year, your service charge would be $520 for a 520% APR. To which you need to remember to add the original $100 that you borrowed. There may be a situation where you are unable to repay the full amount of the cash advance to the payday loans company. In such a situation, the payday loans company generally charges the payday loans finance fee and defers the principal payment over a longer period of time, usually another 14 days. The Other Hidden Costs There are several hidden costs in a payday loan! Remember, if you are unable to pay this cash advance and you happen to lose your job, the clock does not stop. If you default on the cash advance, which includes the principal plus interest, the payday loan company will reclaim the entire amount plus all the interest accrued on this loan. A payday loan company may exercise a number of options to collect this cash advance: ·Sue you for the funds. ·Use a collection agency. ·Enter your details into a bad credit database which may limit your capacity to cash/write a check for commercial purposes. ·File a legal complaint for bounced-check charges that may leave derogatory information on your credit file.

Understanding Best Payday Loans to Make Them a Rule Rather than an Exception

          Any loan resulting in a release of cash during times of immediate financial crises would be termed as best payday loan. It is only after the purpose for which the loan was taken gets satisfied that we start thinking critically of the loan. It will be wrong to term this tendency as selfishness. Payday loans are actually made dearer by loan providers. Many borrowers actually decide to take loans at any terms stated by the lenders because of the urgency involved in the situation. Lenders will not miss to profit of this opportunity. Thus, we find best payday loans costing dearly to its borrowers. High rates of interest and large fees are often appended to the payday loan, thus increasing the cost of the payday loan. However, this was not what you had expected of the best payday loan. High interest rates were expected, but not of the extent that adorns your payday loan now. Neither had you expected that the lender would charge as high a fees. It is when the payday loan comes over for repayment that the expensiveness of the loan comes into view. Though it may be too late to think of this now, this serves as a lesson for the next time that you plan to take a payday loan again. Proper planning ensures that the payday loan can be conveniently termed as a best payday loan. Firstly, borrowers need to understand that payday loans differ from the other regular loans in terms of the purpose to which they are employed. The needs to which the payday loan is employed are characterised with urgency. These are generally routine monthly expenses, requiring only a small amount towards their disbursal. Thus, regular loans, where large amounts are exchanged, may not be appropriate. Moreover, regular loans that take several weeks to be approved and sanctioned may not be appropriate for these expenses because of the urgency involved. Individuals, who may have ended their monthly paycheque before the next paycheque becomes due, find themselves hapless in making any extra payments.Best payday loans provide access to funds at a very short notice. Through payday loans, borrowers can draw funds in the range of £80 to £400. Depending on the needs of the borrowers and the lending policy adhered to by the lender, the borrowable amount may further go upwards. These funds will be used by borrowers to expend with ease. Payday loans are short-term loans. The amount has to be returned with the interest within a month; sometimes within weeks. Lenders may employ different methods to get back the money. The most popular of these is the post-dated cheque system. The cheque is dated for presentation on the desired date. On the specific date, the amount is automatically cut from the borrowers account. For this purpose, some loan providers would require the borrower to have a checking account. The post-dated cheque may also serve as collateral. In this sense,Borrowers, who desire to have best payday loans without the clause of collateral, will have to further search the UK financial market. The concept of unsecured payday loans is fast catching up with lenders in the UK, and it may not be much difficult to have best payday loans without collateral. There are certain essentials that the borrower needs to have in order to become eligible for best payday loans. The borrower needs to be employed with a regular income that is transferred directly into his bank account. The borrower must have a chequebook and a checking account as mentioned before. An important advantage of best payday loans is that credit history will not be checked. Borrowers with bad credit history will specially find the clause beneficial. Many loan providers may not even require borrowers to present their social security number. Online application and online processing suit best payday loans. Best payday loans need to be approved fast in order to meet the immediate needs. Online applications transfer personal and loan details quickly to the loan providers. Thus, online application contributes towards a faster approval of best payday loans. Though best payday loans present a convenient method of drawing cash during emergencies, they must not be misused. Expert advice ensures that borrowers have enough knowledge to make a proper use of payday loans.

Payday Loans: An Overview

          Payday loans are very short term loans of usually one or two weeks, which are to be repaid when you get your paycheck. The objective of taking payday loans is to tide over unexpected financial exigencies or medical emergencies. Payday loans are also called a cash advance, check loan, payday advance loan or paycheck loan. If you are not able to pay off the payday loan on the stipulated date, you have the option to roll it over. However, you have to pay extra fees for the extension of the payday loan. Why are payday loans needed? Payday loans or a cash advance may be required at the end of the month for meeting urgent expenses like medical bills, electricity bills, phone bills, house rent, other utility bills or any other unexpected expenditure. Such situations usually arise when a person lives beyond his means or fails to maintain a household budget. In these circumstances, payday loans or a cash advance is usually the only way out of a difficult financial situation. Is it wise to get a payday loan? There are times when it may be wise to obtain payday loans to get out of a tight financial situation. You must be sure that you have the capacity to pay back the Payday loans or cash advance as planned. Some of the situations in which it may be wise to obtain a payday loan are: ·You can take a payday loan to ensure that your checks do not bounce. The costs of a bounced check may add up to more than the cost of taking a payday loan. ·Take payday loans if not paying for your immediate need entails serious long-term consequences. However, you have to ensure that it should be more serious than the 20% to 30% fee for the payday loan. ·In case the late fee for not making a payment will be more than the cost of the payday loan. ·When not making the payment will reflect on your credit rating. Late payments may show up on your credit records and make it difficult for you to get a loan years later. Your credit rating is something you can not leave behind you and you may need to take payday loans to protect your credit rating. You have to be sure that you are taking a payday loan or cash advance for the right reasons.If the $30 or $40 fee of payday loans can get you out of a situation involving a major expense or long-term consequences, it may be wise to take a payday loan. The only major consequence of a payday loan or cash advance is the fee involved, which may appear to be a small amount but could add up to a huge sum if you took it with a long term perspective. It is not advisable to take payday loans to make an impulse purchase or to get some spending money or when it is not crucial to get one. The charges for payday loans of a few weeks are very low but if you are not able to pay off the loan on time, you will have to pay very steep fees, which may be very difficult to bear. You must be sure that the payday loans or cash advance is being taken for something that is necessary and that sufficient money will be coming in to pay off the loan. Surveys have shown that the number of people taking payday loans or a cash advance and the number of companies offering payday loans are growing.

Get the Facts Before You Borrow: Payday Loan 101

           In the current economic climate, alternative means of obtaining money to make ends meet are becoming increasingly necessary. Some alternatives include borrowing money from friends/relatives; cash advances from employers; pawning personal effects and payday loans. Also known as a check/cash advance loan or deferred deposit check loan, the payday loan is the most popular among these. As payday loans grown in popularity, more and more people want to know just what a payday loan is, and if it is the right solution for their situation. SO, WHAT IS A PAYDAY LOAN? A payday loan is an unsecured, short-term loan of anywhere from a few hundred dollars to as much as fifteen hundred dollars in some instances. A borrower generally secures the loan by post-dating a personal check for a specific amount of money to be posted against their account on their next pay period. Payday loans are designed to help out in situations when you need quick cash to cover an unexpected bill or an emergency situation until your cash comes through or is made available. A payday loan is NOT a revolving line of credit. It is short-term and that is a key factor in this type of loan. The idea is to take out the loan to cover a small bump in the road or to smooth out any rough financial edges until your next payday. If you are thinking of the payday loan as way to repair a much bigger financial problem, the advice is to STOP! A payday loan can create bigger problems down the road when used as part of an overall troubled cash flow situation. SO, WHAT IS A PAYDAY LOAN? The most important thing to remember about payday loans is that they must be repaid on time in order to avoid paying insane fees that could potentially equal or surpass the amount of the loan itself! It is the renewing of the loan and failing to repay it on time that can create a major financial dilemma for the borrower. Most loans have a repayment period of four to eighteen days depending upon the terms negotiated with the lender. The repayment schedule and the method of repayment is arranged at the time the loan is disbursed. More often than not, the borrower will agree to pay the loan in full with cash on or before the due date. Additionally, some lenders may opt to collect on the loan by depositing the borrower's post-dated check against his/her bank account on a mutually agreed upon date. With payday loans, there is a fixed rate fee calculated into repayment on each loan disbursed. The average rate is $15.00 to $20.00 dollars per $100.00 dollars borrowed. Due to the nature of the quick turn-around time of payday loans, the annual percentage rate or (APR) is generally very high. It is not uncommon for the (APR) to be 100%, 200% or even as high as 400% in some cases. If a borrower is unable to repay a loan at the scheduled time, the lending institution may agree to rollover the loan allowing more time for repayment. The drawback to rolling a loan over is that additional fees are added to your account. For example, if the fee to borrow $100.00 is $15.00 and the borrower rolled over the loan three times, then the new fee would be $60.00. That is the original $15.00 fee plus three times that fee itself added to each $100.00 borrowed. WHAT ARE THE REQUIREMENTS FOR A PAYDAY LOAN? Generally, the only major requirement for a payday loan is that you have a job. Your job is your assurance that you will be able to repay the loan. It is expected that you will be receiving a paycheck, and therefore, the money to cover the loan. Good credit isn't necessary or even required for the payday loan to be approved. The lending institution only wants to see that you are employed and have a steady income. In essence, your job is your collateral Getting a payday loan is actually a simple procedure. You apply, and if approved, sign paperwork that indicates your promise to repay the loan on the lender's terms. Be sure to take the time to carefully read the terms of the loan and do not be afraid to ask questions about what those terms mean. Often, these kinds of contracts are written in a legalized, financial jargon that is not easily understood by the average consumer. BORROWER BEWARE! If you feel the lender's representative is not able to fully answer your questions, please say so! If the terms of the loan are not clear to you, do not take the loan until you fully understand them. Teachers always say that the only stupid question is the one you don't ask. This is true! Again, if you do not understand all the terms of the loan, do not sign paperwork until those terms have been fully explained to you. Otherwise, you are legally bound by those terms that could prove disastrous for you if you fail to act in accordance with the terms of the loan. We would like to think that everyone is above board, but not all lenders are. Unfortunately, there are unscrupulous lenders out there who intend to make a profit at your expense. It has been noted by the NAACP and the Department of Defense that payday loan offices have strategically opened offices near military bases and in socio-economically disenfranchised areas where the demographic is largely African American and Hispanic. Many reputable financial institutions, consumer groups, and civil organizations are doing all they can to shut down payday loan offices, but their efforts to date have been largely unsuccessful. BORROW IF YOU NEED TO, BUT BE SMART ABOUT IT! With the often strict guidelines used by reputable lenders, many people are getting caught up in the cycle of payday loans because of their immediate benefits. When emergencies occur and cash is needed, payday loan companies offer fast, hassle free cash. More often than not, most have no minimum credit requirements and do not perform background checks. In most cases, all that is needed to secure a payday loan is a recent pay stub and proof of a checking account. In these regards, payday loans and cash advances do offer consumers financial options in emergencies. On the other hand, more and more people are getting caught up in this vicious cycle of borrowing which can lead to financial ruin. This is not good, especially considering that the loan was probably taken out to avert a financial disaster in the first place. With pros and cons like these, it would seem that the best advice would be to borrow if you absolutely must, but do so with extreme caution. Being proactive is probably the best strategy or, as conventional wisdom holds, "an ounce of prevention is better than a pound of cure". Take an honest look at your family finances and come up with creative ways to not have to borrow. Consider trimming the fat out of your budget, pledging to save a little money from each paycheck, and reducing credit card and revolving debt.

Payday loan: A Complete overview

           different surveys, it is seen that the number of customers taking payday loan as well as payday lending companies are increasing frequently. If you are a person taking the payday loan for the first time or want to gather information regarding payday loan, then this article will be of great help to you. Definition of payday loan:- Payday loan is a very short term loan. Usually the term is 1-2 weeks. There are other names of payday loan like - "Cash Advance", "Paycheck loan", "Check loans", and "Payroll advance loans". After you get your paycheck, the loan is to be repaid. If you can not repay the loan amount plus lender's charges for payday loan on your payday, you can rollover the loan amount by paying extra fees to the lender plus you have to pay the interest along with for the rollover period. So, payday loan can be termed a "Loan Sharking". Necessity of payday loan:- By the end of the month, you may face some problems in maintaining some urgent family expenses like paying off your Medical Bills, Phone Bills, and Electric Bills, House Rent or some other utility bills. These things usually happen when you fail to maintain a proper budget at the time of getting your paychecks or not keeping your expenses up to your income limit. Hence in order to meet such urgent expenses you need a payday loan. Payday loan companies:- There are so many companies who are promoting check cashing facilities online. Besides some banks and other financial institutions also provides you with a payday loan. You can apply online for a payday loan or you can visit physically to an institution to avail a payday loan. Conditions to be satisfied to get an instant payday loan:- The criterions of different payday loan companies are- 1. You must have a job or there should be a regular source of income. 2. You should have a Checking A/c in a bank. 3. You should be an US citizen. 4. You should be at least 18 years of age. 5. Your monthly income should be at least $1000 Per Month. Best application time of payday loan:- If you apply for the loan from Monday to Thursday, you will get the loan on the next working day, i.e. Tuesday to Friday. If you apply for the loan on Friday, then you will get the loan on the next Monday, and if you apply on Saturday or Sunday, you will get the loan on Tuesday. So the best time to apply for the loan is Monday to Thursday. When will you get the money? As the process is very simple to get the loan amount, in general you will get your loan amount within 24 hours of application. Company will check your documents and verify your data with an automated system named as VPN Based software, and then approve your loan. The entire process of verification of your identity and depositing the money to your Checking A/c takes 24 hours of time. There are some companies who will deposit the loan amount in less than 24 hours. Costs of payday loan:- Usually a payday loan company charges 15 to 30 USD per $100 borrowed. So, if you borrow $100, you will have to pay 115 to 130 USD on the very next payday. The APR of payday loan cash advance interest boosts up to 391%. Maximum limit of payday loan:- If you are taking a payday loan for the first time, you may get up to $500 for the first time. After you repay back your first loan amount in time, you can avail more than $500 when you revisit the company for another payday loan. Think before taking a payday loan:- 1. You should keep in mind the APR factor of the loan before taking it. You should find the company which is charging a lower APR than its competitors. 2. You should take care about the privacy of your document and information. So, if the tendency of the company is to process applicant's information in an encrypted page, you should think that your information will not be licked out, and then you can proceed on. 3. You should read the company policy and legal matters complied with before submitting an application form to them. Repayment of payday loan:- The lender company will take the money off from your checking A/c on the date of your payday. You should be ready and aware about your payday and the amount to be repaid. If you fail to repay the loan on the scheduled date then you may have to ask the lender to rollover your loan amount. Alternatives to payday loan:- 1. In order to avoid taking such high interest loan like payday loan cash advance, you should make an appropriate budget which is according to your income. 2. You may also save certain amount of money from your paycheck every time you get it. 3. Before taking a payday loan cash advance, you should be looking for a loan from a friend or relative as they will not take any interest for lending the money to you. Another thing is also involved here that if you not be able to repay the money in future, you may not have to run away from your creditors.

Fast Cash Payday Loans Information

          In today's world of a decreased job market, high interest rates, and bankruptcy around every corner, it is easy to get wrapped up in statements such as, fast cash, no fees upfront, and no credit checks. These words make it seem like all of our financial struggles suddenly have a quick fix. Payday loans and cash advance loans use these very words to entice people and give them a quick and easy solution to their money woes. Although these programs do hold true to their words and they indeed do give you fast cash, they are by no means a permanent solution to a hopefully temporary situation. In essence, a payday loan is a way for a borrower to receive their paycheck in advance in order to pay their expenses. The borrower can either go to a payday lending store to receive the loan or they can apply online through an internet lending company and receive sometimes up to $1500. In most cases the borrower must present a copy of a check, employer information, bank information, and their Social Security number. If processed online, the loan will get direct deposited in their account. A couple weeks will then pass and it will be time for the borrower to repay the loan. However, such a situation does not pan out penny for penny. On top of the loan amount, the borrower will also have to pay a large interest rate of 15 to 30 percent for that two week loan period. That comes out to 390 percent to 780 percent of an annual percentage rate. They will also have to pay a loan fee which is normally around $15 for every $100 borrowed. In the present internet driven world, the majority of payday loans are most likely applied for and processed online. Many companies such as Personal Cash Advance, Cash Net USA, and Personal Money Store make it fast, easy, and accessible to cover your expenses when money is tight. Not only do they promise to get you the money you need but they vow to do it in only a couple of minutes. Many people today are attracted to the idea that everything they need is available to them at the click of a mouse. Therefore, companies that operate completely on the internet and with fast results will really appeal to such borrowers. Personal Cash Advance is one of the online companies that offer instant cash to those who need to now. While many people might know that by getting into such an offer they will be facing high interest rates, such companies still try and sell their service by stating that "customers choose payday advances to cover small, unexpected expenses while avoiding costly bounced check fees and late payment penalties." At you can, "get your cash direct deposited overnight, apply and process your loan completely online, have flexible payment options, and the whole experience will be fast, easy, confidential, and secure." Although all their words hold true in such luring advertisements, does the end really justify the means? For some it might. When those unexpected expenses come up payday loans can absolutely help you get through those couple weeks until you can get back on track. But for others this short term quick fix could make a long term problem if it is time to pay the loan back and the borrower still does not have the money. Just like any other expense owed, the company that loaned the money will attempt to get their payment and if the borrower does not have sufficient funds it could result in more fees and more problems. offers a wide variety of services such as auto loans, cash advances, personal loans, and credit reports. However, aside from such services, they offer tons of information and tips about such loans and financial situations. Through their own services and many archives of articles, this online company can help provide you with both service and knowledge which is crucial when dealing with financial hardships. In their article stated, 'Payday loans can further you into debt' provides consumers with the information they need when considering a payday loan or cash advance. While they state that in the case of an emergency such loans can work just fine, they also persuade borrowers to pay attention and read all the fine print so that they know exactly what they are getting into. The article states that, "Once the money gets deposited in the borrower's salary account the next month, the check that the lender has with him is cashed. The check amount includes the fees, interest rates and other costs associated with the payday loans. The administrative fee on the loans is high and a borrower, at times, unknowingly pays more than what is asked for. This creates a dent in the financial life of the borrower." Therefore, while such loans can be a savior in a small and unexpected emergency, for those borrowers who will not be able to supply the funds by the next pay check, plus some, such loans can just further your financial dilemma. The article further goes on to state some tips when thinking about and applying fro a payday loan. These tips include, researching interest rates and trying to find the lowest rates, read all the terms and conditions so that you know all of the rates and fees attached to the loan, make sure that you are only getting a payday loan when absolutely necessary and you will be able to pay it off in full at the end of the month, and never get such loans more than one month in a row otherwise you will be facing even higher fees and interest rates than before. Aside from receiving their paycheck in advance through a payday loan, a cash advance is another quick cash alternative for unexpected expenses or when you suddenly find yourself without a positive balance in your bank account. The main difference between a cash advance and a payday loan is a cash advance is a loan that is taken out against a person's credit card or their line of credit. When a person takes out a cash advance the interest rate that is applied to the cash advance is normally higher than the interest rate applied to their monthly charges. The Payday loans and Cash Advance Consumer Guide is a great resource for learning about such loans, their pros and cons, and helping consumers decide what is really best for them and their financial situation. With everything from definitions to tips to state laws, this guide is crucial for those considering a payday or cash advance loan. While this website does give the positive sides of such loans, they do not shy away from the consequences of getting into such a loan. They state their pros of such loans as, "such advances are easy to obtain, a credit check is not necessary, a payday loan or cash advance can be approved and processed quickly and funds can be received the next business day, they require no collateral, such loans and advances require less paperwork than traditional loans, payday loans and cash advance companies are easy to come by both in store and online, and such loans and advances provide that quick cash one needs when something unexpected happens." As stated before, this company states the consequences of such loans and advances as "having very high fees and interest rates, if the loan or advance is not repaid the borrower can quickly go into very high amounts of debt, some payday loan and cash advance companies utilize unscrupulous, unethical and, sometimes, illegal means to collect on defaulted loans, such loans do not solve long-term financial problems but only help in the short term, they are illegal in some states, many payday loans and cash advance companies make borrowers sign contracts stipulating terms that are highly favorable to the lender and not the borrower, and some payday loan companies have been known to resort to unscrupulous and unethical means in order to collect on a loan." The consumer guide also offers a wide variety of information regarding state laws by stating that, "Federal laws governing small loans were first developed in the early part of the twentieth century. These laws arose in response to the problem of loan sharking. Today, payday loans are regulated under state laws. Whether or not a payday or cash advance is legal where you live, depends on the laws and regulations of your state." Currently there are 23 states that have laws legalizing and regulating payday loans and cash advances. In such states, licenses and registration of the loans and advances are required for the companies to have in order to carry out such processes legally. Included in licensing and registration, many states also have regulations and restrictions, "prohibiting payday loan rollovers, a maximum number of payday loans that any consumer may have at any given time, and prohibiting payday loan companies from filing criminal charges against consumers who fail to pay their debts." Therefore, with proper placement of such rules and regulations, borrowers can apply for and receive loans and such loans are monitored in a legal and organized way. The states with these additional restrictions include, "Arkansas, California, Colorado, the District of Columbia, Florida, Hawaii, Iowa, Kansas, Kentucky, Louisiana, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Utah, Washington, and Wyoming." The Payday Loan and Cash Advance Consumer Guide also offers a great set of 10 tips for borrowers to remember before applying for a payday loan or cash advance: 1. Always try and repay your payday loan or cash advance in full when it is due without extending it. 2. Make sure you read the fine print of any payday loan or cash advance contract before you sign it. If you do not understand anything or have doubts, do not sign. 3. Before obtaining a payday loan or cash advance, check with the Better Business Bureau to see how reputable the company is and if it has any complaints. 4. Always consider alternative loan sources before you decide on a payday loan or cash advance. Consider family, friends, your credit union, a local bank, even a credit card. 5. If you intend to obtain a payday loan or cash advance, make sure you have access to your recent employment pay-stubs as well as your bank account information. 6. Be sure to know exactly when your payday loan or cash advance is due and take the necessary steps to repay that loan on time. 7. Start saving an emergency cash fund of, say, $500. That way, you can avoid payday loans in the future. 8. Unless you use payday loans and cash advance loans very sparingly, we strongly suggest going for credit counseling in order to learn how to successfully budget and save. 9. Beware of bounced checks when you have insufficient funds to repay a payday loan or cash advance company. These fees can add up quick and can sometimes be quite high. In addition, your bank might also charge you fees. 10. File a complaint with your state agency if you feel you have been treated unfairly or illegally by any payday loan or cash advance company. Everyone has financial worries, problems, and dilemmas at some point in their life. And in today's society when financial woes seem like a trend that will never go out of style, there is no reason to feel alone when money gets tight. However do not get caught up in the bright advertisements for fast cash and overnight direct deposit. Know exactly what you are getting yourself into and before you get into it make sure that in the short term you will also be able to get yourself out of it.

Everything You Ever Needed to Know About Payday Loans But Were Afraid to Ask

        A payday loan is a small short term loan you can use to cover expenditure until your next payday. You can apply online and the decision to loan you the money is made almost straight away. In most cases the whole application can be completed online and the money loaned can be credited into your bank account on the same day as you make your application. A payday loan is an unsecured loan, so it is not dependent on collateral, such as you owning a house or car etc. Generally when you make your first application you can borrow any amount up to £300, depending on your take home pay. You are more likely to be approved the less you want to borrow, so it is advisable to borrow only what you need. Once you have successfully repaid loans with one particular company they may then offer to lend you anything up to about £750 in subsequent loans. Payday loans can provide a useful solution for short term cash flow problems. Who can apply for a Payday loan? In order to be eligible for a payday loan you must be over 18 years old and in employment with a take home wage of at least £750 per month. You must also have a bank account with a valid debit card. Even if you have bad credit history you should still be able to obtain a payday loan as long as you fulfil the above criteria. How do you get a Payday loan? The majority of payday loans are available online, so there is no delay with faxing or posting of documents. The application process is quick and easy to complete. You will be asked for your name, address, details about your monthly income and employment, when your next payday is, along with the amount you wish to borrow and your bank account details. Once you have submitted your application you should hear back from the payday loan provider within minutes. They will email you with their decision to the email address you have registered with your application. Payday loan providers partly make their decision as whether to lend you money dependent on the amount you want to borrow compared to the amount you earn. Only borrow what you need, the less you borrow the more likely that your application will be accepted and the smaller the amount of interest you will accrue. If your application is successful you will be sent, by email, your loan agreement showing the amount that will be lent to you, the repayment date and the amount of interest you will pay on the repayment date. Along with the loan agreement you should also be sent loan conditions. These loan conditions should outline your rights under the Consumer Credit Act 1974 along with details about repaying the loan, cancelling the loan and the use the personal information you supply when applying for the payday loan. If you are happy to proceed you sign online by providing details of your name and answering a security question such as your mothers' maiden name. Then, email this back to the loan provider and the money will be deposited into the bank account you registered at the application process. The money can be deposited in your bank account on the same day you make the application, so this is a very fast and efficient way of borrowing money short term. How do I repay the loan? You will need to repay the loan amount and the interest accrued on the repayment date as specified in the loan agreement. The repayment date is usually your payday, hence the name payday loan. The repayment will be collected by the loan provider by debiting the bank account you registered at the application process, which is the bank account into which you get your wages paid. Repayment over a longer period Payday loans may be extended if you find yourself in a position to be unable to satisfy all or part of the amount due on the repayment date. If this happens it is recommended that you contact your payday loan provider as soon as possible and explain your circumstances to them. They will then be able to explain your options and how to go about extending your loan. Even if you are not able to fully settle the repayment amount, it is advisable to pay off as much as possible on the repayment date. This will help to keep the amount of interest you owe to a minimum. Some companies may charge you additional fees for extending your loan, you should check if this is the case before you sign your loan agreement. Regulation of Payday Loan Companies Properly regulated payday loan companies must adhere to strict laws governing the finance industry. As with any financial product you apply for it is always advisable to check that the company offering the loan is properly regulated. The payday loan company you are applying to should show its Consumer Credit Licence number within its loan conditions and it should also be authorised by the Office of Fair Trading. If you are in any doubt as to whether the payday loan company you are considering applying to is fully regulated then you are within your rights to contact either of these bodies for further information. As long as the payday loan company you are applying to is properly regulated, there will be a recognised body to make any complaints you may have to and you can be assured that you will not be subject to any unfair practices. What are the benefits of a Payday loan? Fast One of the main benefits of a payday loan is the speed at which the cash can be credited to you. The money you need can be available to you in your bank account on the same day that you make the application. This can provide valuable assistance if you have a short term cash flow problem and need money in an emergency. Simple The application process is very simple, it takes just minutes to apply for a payday loan and you do not have waste time posting or faxing documents to the payday loan provider, as you would with other more traditional high street loans. Poor Credit History Payday loans are available to people with a poor credit history. This is because payday loan companies do not solely make their decision to lend based on a persons credit history. As long as you fulfil the application criteria you have a good chance of obtaining a payday loan. For many people a payday loan may be the only way they are able to obtain credit, especially in the current financial climate where the majority of lenders are unwilling to provide loans altogether, never mind to a person with a poor credit history. Use of the Loan Money You do not have to tell the payday loan provider what you need the payday loan for. You can use the money for whatever you want. You may need money in an emergency which can not wait until payday for instance; emergency medical or dental treatment, to settle a bill quickly, extra spending money on holiday or even for a romantic weekend away. The choice is yours as long as you make the repayment due on the repayment date. No Upfront Costs There are no upfront costs associated with a payday loan. You do not pay anything back until the repayment date you have agreed to in the loan agreement. Why does the APR appear high on payday loans? The APR applied to payday loans appears at first glance to be high. This is very misleading, but there is a simple reason why this figure looks so high. APR is an Annual Percentage Rate, and as such is calculated over a whole year (365 days). However, a payday loan is taken usually only over a number of days or weeks. The APR calculation was not designed to apply to very short term loans such as payday loans. It was designed to apply to long term loans in existence for a year or more. It is really a theoretical figure than enables people to compare similar longer term loan products, like mortgages or ongoing credit balances. Rather than relying on the APR rate it is more advisable to look directly at the loan agreement to see exactly how much interest you will be charged for the period of your payday loan. Some companies have a standard interest charge for the amount you wish to borrow regardless of the duration of the loan. It is then up to you to decide whether you will be able to repay both the cash advance you receive initially and the interest amount on the repayment date. To Conclude Many people do not have savings or access to credit cards or more traditional loans and so the convenience of a regulated payday loan provides piece of mind should the occasion arise that they need some money quickly.

Payday Loans: No Credit Check No Fuss Loans

    Payday loans are the fastest and most convenient option for getting a cash advance for emergencies before your next payday. However getting payday loans and their repayments involve certain important aspects. Herein we are attempting to answer all your general queries related to Payday loans and we hope it will serve as a tool to open up any mystery surrounding payday loans or cash advance. What Is A Payday Loan Or Cash Advance Loan? We daily come across many loan types like housing loan, personal loan, and education loan. However, the payday loans are a new buzz in the market, and it is very popular. This loan is known by many names like "Cash Advance", "Paycheck loan", "Check loans", and "Payday advance loans". Let us understand what is a payday loan or cash advance loan and how and when it should be used for your maximum advantage. Payday loans are unsecured loans, which can be used for meeting your emergency financial needs and is paid back out of your next paycheck on your payday. Thus, payday loans are the shortest tenure loans among the other loans available in the market. Are there any limitations on payday loan or cash advance loan usage? Many a times we face a situation when we need money badly but feel like our hands are tied as our payday is still several days away. In such a scenario, we either have to shelve or defer our plan of purchasing something or go for a heavy interest credit card loan to meet the obligation. The requirement could be to pay up unexpected medical bills, your kid's school fee, to avoid bouncing of your issued checks or any other financial obligation. In such trying times, payday loans or a cash advance comes in handy. Thus, you can use this cash advance for whatever purpose. There is no restriction on the usage of payday loans. Am I eligible to receive a payday loan or cash advance loan? The best thing about payday loans is that they can be had even if your credit rating is not very good. The second best thing about payday loans is that taking a cash advance does not affect your credit rating. All you need to be eligible to receive the payday loans is to have a running checking account and a regular job. How should I apply for a payday loan? To apply for the payday loans, we would say it is easier to do than to say. You can apply for payday loans online using Internet. You may be required to supply some basic information such as your Name, Address, and your employer details. Some companies offering payday loans may ask for your Bank Statement or pay stub over fax. The documents required by these companies for payday loans are minimum in comparison to other types of loans. What is the fee charged for payday loans? Before applying for payday loans, we suggest that you scan 5-6 companies for the fees they are charging. Some companies offer payday loans without any fee for the first week. How much cash can I get with a payday loan? The amount of payday loans ranges from $100 to $1000 depending upon the repaying capacity of the borrower. What is the length of payday loans? Normally a cash advance is supposed to be paid back on or before your coming payday. Therefore, the maximum length of payday loan could be up to 30 days. However, some companies are flexible with respect to the loan duration as well. Payday loans can be extended until the next payday. This extension of payday loans however comes at a price. How long does it take to get a payday loan? Payday loans are much easier to get and in less time than other loans. After applying for a payday loan online, you will get a telephone call from the payday lender. After completing the small formalities, the cash advance will be credited to your checking account the next business day. Does this mean I can enjoy my pay without waiting for my payday? Before you jump for a payday loan, please note that the rate of interest charged for these loans are higher than other loans. Extending the duration of payment will only increase the fees charged. The payday loans or cash advance loan should be used very prudently and only for meeting financial exigencies that cannot be avoided. Please remember that getting a payday loan or cash advance loan too frequently could upset your monthly budget and you may find it difficult to get out.