Tag Archives: Payday loans
Millions of people worldwide are taking payday loans regularly. This type of loan is also known as a cash advance or check loan. It must be repaid in full on the borrower’s next payday. When you apply for one, it’s recommended to borrow just enough to get through to your next payday. Most lenders offer up to $1,500 to those who apply for a cash advance. Some allow customers to choose the repayment period. Payday loans are easy to obtain and can be used for any purpose. With other types of loans, this is not the case.
- How Do Payday Loans Work?
This kind of loan is designed to be taken out over a short period of time. Its cost can range from $10 to $30 for every $100 borrowed. Cash advances are ideal for those who need to pay an urgent unexpected bill. You can also use the money for fixing your car, decorating your home, or buying something nice. Even those with bad credit can apply for payday loans. It is common for people who don’t have access to savings accounts or credit cards to use these types of loans. The average repayment term is about two weeks.
Cash advances are not intended as a form of long term borrowing. The requirements for taking out a loan are quite basic. All you need is a steady source of income, a bank account in a relatively good standing, and a government issued photo ID. Customers can apply for payday loans online or in-store. Most lenders offer cash advances through their websites. Applying for a loan takes only a few minutes. If your application is approved, you will receive your money within 24 hours.
- Benefits of Payday Loans
Payday loans have become increasingly more popular in the past few years. They are fast and convenient. Applying for a traditional loan could often end up taking weeks. A cash advance can be obtained within one day. Most lenders, including USACashServices.com, will approve your application in just a few hours. This company has been in business since 1995. In addition to payday loans, they offer title loans, installment loans, debit cards, and tax preparation services.
Almost anyone can get a cash advance. Just make sure you pay back the loan before the due date. This can help improve your credit rating. There are no penalties for borrowers who pay off their loans ahead of time. This kind of loan is a quick and easy way to get the money you need in case of an emergency.
In today’s world, many people are living between paycheck to paycheck. Because of their financial crisis, they are looking towards the one-hour payday loans as a temporary solution. If you are also thinking of borrowing money from a payday loan company, you must know these ten important things about payday loans.
- Browse on the internet and look for a website that will give you all the necessary information about the loan that you need up front. The fees and other charges should be clearly explained and it should be easy to understand for everyone. Don’t deal with a website that is hiding the fees.
- Deal with a company that has a good market reputation. There are many scammers on the internet who are making a lot of money in illegal terms out of the pocket of innocent consumers. Prefer working with a company that has been in the business for many years and has a physical address.
- Before shopping with any company, read the reviews posted by people about their experiences with different companies and those who have been rated the most. There are many review sites that will evaluate different types of products of various companies.
- A good loan company will have a robust customer support. They will have a 1-800 number and are available 24/7.
- Go through the terms and conditions carefully and read between the lines. If a website says that their fees are $15 per $100, it doesn’t sound like much. You need to do your calculations and understand that if you borrow $1000, they will charge you $150 in fees. If you take the loan for four weeks, they will charge you $150 for four weeks and you end up paying almost $600 for a $1000 loan. And it can be quite expensive for anyone who is borrowing money because of his financial bind.
- If a company says that they won’t charge you a single penny in application fees, it doesn’t mean that what you will borrow, you will pay back that amount only. What it actually means is that they won’t charge you anything in processing your application. They will make their words in a way to lull you into complacency, so don’t fall for it.
- Before applying for the loan, you must figure out how much you actually need and stick to your guns. Many websites will have a small application form to be filled and then having a company representative call you to confirm the details. The salesperson will try to convince you to borrow more money than what you actually needed. Remember, the salesperson gets an incentive from the loan company for the maximum loan amount issued to the borrower. So he will try to answer all your questions up to your satisfaction.
- Know your legal rights before borrowing money. There are many federal and state laws and every loan company has to abide by them. Educate yourself so that you don’t end up doing business with a company that is not following the laws in your state and they are out there to steal your money.
- When you take a payday loan, you are actually taking a chance with a company you don’t know. So you must check out that company with the Better Business Bureau, federal trade commission and your local attorney general’s office and know more about their business.
- After filling out the application form online, prefer going to the office of the loan company and complete rest of the formalities.
Emergency can come all of a sudden. Anything can happen anytime and we may not be prepared for it. A little bit of financial help until your next payday can solve a lot of problems. If you are not sure how you are going to make it through until your payday, there’s an easy solution to it. You can easily qualify for a payday loan advance and solve your cash requirement.
Benefits of Payday money advance :
These are also know as cash advance loans, and you don’t need a credit check to qualify for such loans. You can easily qualify for such loans on the internet. There are many companies who are doing business on the internet and many have stores in your area. Fill up the application form and go from there.
Another benefit of payday loan advance is time period within which you will get the cash in your hands. A bank or a financial institution may take several days to review your application form and then they will give their final decision whether you were approved or not. Cash advance companies will take no longer than 24 hours, once approved, and the money will be available in your bank account by midnight.
Its a great financial help when you are in the time of emergency and you have the money available in your bank account within the earliest possible time. Repayment on such loans are to be done within your next payday, although there are a few companies that will stretch the repayment term to two or three months.
In order to get approved, you must have a steady job and should be able to repay the loan on time. If you are not able to pay it within the due date, you will have to pay additional interests and fees on the loan amount.
The interest rate charged on such loans are quite high so you must make sure that you are able to repay back the loan within your next payday, otherwise you will end up paying a huge amount in penalties.
You can easily qualify for a loan from $100 to $1000 or $1500 depending on the companies policies. It is quite enough to use during emergencies.
Payday loan companies will collect your personal information, checking account information in order to transfer the money directly to your checking account. These transactions are completely safe and secure including your financial information filled up in the application process.
More info about Payday loan: http://en.wikipedia.org/wiki/Payday_loan
In the last few years, many people have fallen into financial hardship. Credit cards happen to be a temporary solution for many in such times, but they are being more expensive with rising variable interest rates. People having bad credit need immediate cash. For them, payday loans are a unique and variable alternative to traditional credit cards. If you are one feeling trapped due to financial bind, considering a payday loan would be the right solution.
You don’t have to go through a credit check while applying for a payday loan. You will be qualified for a loan based on your income and bank account information. Payday loans is a fast and easy solution solving financial problems. Money will be deposited into your bank account within 24 hours.
Payday loans serve a very specific function in the lending marketplace. The principal is of a low amount and it comes at high interest rate. So, it is offered to people for a short term. You will be required to repay back your loan within 14-30 days of receipt. That’s why, the term “payday” is often used because you are required to pay back the loan with your next paycheck.
You can be approved for an amount anywhere in between $100-$1500 without credit check. This is the perfect amount during times of emergencies like medical costs, vehicle breakdown or unexpected airline travel.
The interest rates charged by the payday loan companies is of the same amount charged by the credit card companies. However, payday loans are paid off quicker so that there is not much time for the interest to accrue.
Before taking a payday loan, make sure that you have read the terms and conditions carefully and will be able to repay it back within the term. In case, you cannot pay it within your next payday, you can pay a roll over fee and pay it in your following payday.
There are number of payday loan companies you will be able to find at the time of internet browsing. Select the best among them after verifying their reputation in the market.
Whether you’re a single young professional or responsible for a family sometimes it can be overwhelming to manage your budget to make ends meet. With so many vital household bills coming though your letterbox, food shopping bills that need paid, oh and let’s not forget all of those miscellaneous costs that often pop up such as someone’s birthday, the car needing servicing or the fridge packing up and needing replaced – sometimes your wage seems to just disappear within the first few days of getting paid.
With so much to think about, saving is often the last thing you are able to do, and managing all of your bills the right way is often a tough and stressful task. However, there is actually one very easy, and highly effective way in which you can easily breeze through the month, confident that you have each and every outgoing covered and even have the chance for the first time to start and put some money away for a rainy day, or shall we even say that well needed shopping trip you have been dreaming of!
The envelope system is one of the oldest and basic yet most effective ways to achieve this. The concept is also a piece of cake and anyone can do it, even when you have instant payday loans ready to help you out. The first thing you should day is make a note of every single thing you usually have to pay out each month. So perhaps your list will include rent, clothing and utility bills. When you make the list it will also be beneficial for you to put how much you usually spend on these areas every month. A little tip here, is to always round that figure up, so think worst case. For example if your bill last month for food shopping was £80 round it up to £100, this way your bills are always covered and you are never caught short or unable to pay a bill!
Now look at each expense and divide it up to categories, such as rent, bills, miscellaneous costs etc. You can then place each expense into a category. Add up the total of each and then you know exactly how much you need to put into that area each month from your wages.
So, to make some savings, add another category to those you already have, and yip you guessed it name it savings. Now look again at all of your outgoings, is there anything you can cut back on slightly? For instance, are you spending too much on nights out? If so even the littlest of cut backs like £5 per month can be allocated to your savings category. Do this with all expenses if possible and when you have done you should now be able to physically see how much you can save per month. The hardest part of this savings system is discipline. If you really want to save, and make sure each expense is covered you need to stick t it. Giving it a real go for even one month and actually sticking to it, will mean for the first time you have cash saved.
An ACH or Automated Clearing House system is a private secured network connecting different banks to one another by way of ACH operators or the Federal Reserve Board. There are many payday loan companies that illegally withdraw money (in form of fee) from the bank account of people without taking prior permission from them. The fee withdrawn may be more than the amount the payday loan company is entitled to take. This may be problematic and can cause a lot of harassment for the common man. This problem may be overcome to a great extent by the ACH or Automated Clearing House system.
The ach processor facilitates comprehensive reporting pertaining to ach transactions in real time. The main role of an ach network processor is to receive ach files from Originating Depository Financial Institution or ODFI, processing them and finally delivering them to RDFI or Receiving Depository Financial Institution. The processor is governed by stringent policies and is directly linked to the Federal Reserve.
However, an ACH transaction may be turned down by the RDFI and returned to ODFI due to the following reasons.
• Insufficient funds in the account.
• When the account holder notifies that the transaction is not authorized.
The ODFI may place it 2 more times for settlement, once if the ACH transaction is rejected
Ach authorization: An originator is a company or an individual and must receive permission from the receiver to carry out the ach transaction. The ach authorization may be electronic, verbal or written. An ach transaction cannot be issued without taking permission from the account holder. The account holder is referred to as the Receiver. The ach transaction may be either in form of credit or a debit.
You must be thinking that how this payday money lender can lend money at such high interest rate and get away by the law? By simply not calling it “interest”. Payday loans charge a “fee” which makes them exempt from the standard usury laws that cap interest rates. In Arizona, the legalize reads like this: “The fee charged by the licensee is not interest for purposes of any other law or rule of this state.”
Arizona (along with 19 other states and the District of Columbia) has given the green light to loan sharking.
Payday loans take advantage of clients who lack financial savvy–who never stopped to think about the “cost of money” or who, quite simply, don’t budget well enough to have $300 in the bank in the event of an unexpected expense.
There are two different types of payday loan companies: The first is the physical storefront (brick & mortars) that you see everywhere from the malls and downtown areas, to neighborhood shopping centers. The second is the newer version: online payday loans. If you are confused about which one to use, read the following benefits of each, and hopefully you will gain a better understanding of which one to do business with:
The Advantages of a Brick & Mortar Cash Advance:
1. This might not be applicable all the time however there is a huge amount of trust with the customers, because the company has the financial capacity to build a store or an office.
2. Even though many customers may use web for valuable information, however they can be very reluctant to use only web based company for their payday loan.
3. It is convenient for the customer to shop around and buy the product because they can examine the product to their satisfaction.
4. There are large number of customers who would like to examine the product before the purchase it.
The Advantages of an Online Payday Loan:
1. Your payday loan will be processed much faster because it goes through fewer hands.
2. You can secure your payday loan by going online without letting know many of the people about your business
3. Another advantage of going online is that you can process all your application in the privacy of your own home
4. Applications are accepted 24 hours a day.
5. To make your decision you would require plenty of time and you would have to do research about different companies which you can do online.
6. There are no long lines to wait for.
After hearing the benefits of both online and offline payday loans, hopefully you will realize which one is better for your personal needs. While you get to see, in person, a brick & mortar lender, it might not fulfill your needs of convenience and privacy. We hope that we were able to clear up this topic for you. Whether you currently possess bad credit, or you need a little extra cash at the moment, you now have two choices when it comes to getting the money you need to get by until your next paycheck.
Do you need extra cash till your next payday? Its very easy to apply for one online payday loan and get approved for it. If you need an extra $100 or $1000 before your next payday comes, getting an online payday loan is the easiest way to meet your financial requirements. Online payday loan companies will review your application form and approve it instantly. The money will be deposited to your checking account in a short period of time.
Sometimes the need of extra cash arises when you least expect it. You may need extra cash at times of emergencies like your home or car needs an immediate repair, medical or other emergencies. You might be running low on cash for several days to a week or more before your next pay check comes. Payday loan is an immediate solution at such times of crisis.
Applying for an online payday loan and getting approved for it has now become a lot easier due to the convenience of the internet. There are many online lenders who are offering cheap interest rates on the loan amount and the repayment period is up to 30 days. You just need to answer few simple questions, provide proof of your banking and employment information. Once you fax all the documents, you are approved for the loan and the cash deposited to your bank account within the same day.
Payday loans can solve many of your immediate financial needs. You get 30 days to repay back the loan amount and the terms of the loan contract are also easily explained in writing. Cheap rates and easy repayment terms make getting a cash advance loan an easy process. Most of the time, you can be approved for a loan till payday without having to fax any documents at all.
Browse through the internet and you will find many companies offering loans at easy terms and lower interest rates. The approval is fast and if you need to extend your loan till the next payday, it can also be possibly done. You just have to explain your situation to the lender. Cash advance loans can be the answer to your immediate needs and can be repaid in convenient installments.
People with bad credit can also apply for cash advance loans. So even if you have bad credit and you have been denied from getting a loan, you just need to look for an online cash advance loan. You can visit www.advanceloan.net if you need cash advance.
Important information before closing your bank account due to ACH withdrawals by the payday loan companies
Before you close your bank account due to payday loans eating away at your paycheck, please read this.
There are several banks with different policy regarding ach transaction so it is better to go in person and talk to the branch manager. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. Banks having policies regarding ach transaction sometimes are permitted to go ahead and force open closed accounts if any ach transaction takes place within a certain time frame after the account is closed.
Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. If your bank does have this policy, tell them your situation. Don’t be embarrassed. You can ask your bank to put your account on deposit only, by this way you will be putting hold on your ach account before they are closed and your bank can do one of this any kind of negative answer would not be entertained you should let them know.
It is very difficult to leave your bank account open because this payday loan companies have different ways to take money out from your account. As I told you it would not be safe to keep your account open as these companies can produce paper checks and run them through your account without your permission. So closing the account is the best solution to prevent charging your account from this payday loan companies.
It is always safe and suggested that it is better to consult the attorney general or department of financial institution before you close your account. To make sure you are not causing more headaches, some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud.
When looking for loans money borrowers should be aware of loan sharks. Loan sharks are a bunch of unscrupulous money lenders who are constantly on the look out for vulnerable borrowers who are desperately looking for some source of money to help them out in their time of financial crisis. They are illegal, unlicensed money lenders who offer unsecured loans at very high interest rates to individuals who are is urgent need of money. Such loan sharks often operate closely with organized crime networks that assist them in extortion using either coercion or force.
The reason why the borrowers approach the loan shark is because their poor credit history, which is a major reasons of not getting the loan sanctioned from a legitimate sources. A poor credit history means no loan approval from banks and credit unions, in which case, the borrower approaches a loan shark to borrow money at an unreasonably high interest rate. Any bank or certified lender would consider a borrower’s credit history as a reflection of his capability for repayment of a loan. These loan sharks take advantage of the borrower’s vulnerable situation and many times even resort to unscrupulous practice of deceiving the unsuspecting borrowers with undisclosed costly additions along with the loan which makes it difficult for the borrower to keep up the repayments. As a result, the borrower is forced to take a second loan from the same loan shark in order to clear off the first loan and this keeps continuing.
Payday loans are offered to people who have bad credit histories, with several savings bank and credit unions offering small loans at affordable interest rates, such as the payday loans. There are also many registered and legitimate money lenders who offer loans to borrowers with bad credit history. Such a lending practice is referred to as sub-prime lending which is usually done through cash transactions. The difference is that these lenders offer loans at a fixed interest rate and operate within the prescribed guidelines.
As a result, today there are many laws functioning, which regulate the interest rates on loans and any lender who violates these laws is heavily penalized. Although loan sharking was highly practiced during the19th century, but after the regularization of loan approval system, the U.S government has been able to successfully curb this menace.
If you are a salaried individual, you would know the meaning and significance of payday very well. It is that happy day when you receive your monthly pay cheque. But the days in between the consecutive pay days are not so happy ones. Most salaried people manage to pull off their lives from one pay day to another. That is until crisis strikes. Say, you need to pay the college or school fees of your children immediately and it is the end of the month, meaning you are almost out of money. Or suppose there is a sudden unexpected illness in the family and you need fast cash for treatment. These are not totally hypothetical situations but troublesome nevertheless. Where do you go to for some cash advance? Who do you ask for help? The easy and simple solution is payday loans.
You must be wondering what payday loans are. To give a very brief introduction, payday loans are short term cash advance loan of very small amounts ranging from about $80 to about $1200 given by financial institutions to help you with fast cash overcome small day-to-day financial crisis. The three main features here are short term, cash advance and fast cash. Usually, if you take a payday loan, you would have to return it within a period of 1 to 30 days i.e. you can easily return the money once you get your monthly pay cheque. You get your required amount of cash in advance at a flat one time interest and within 24 hours of applying.
There are numerous financial institutions offering payday loans. You can apply for a loan directly by visiting one of their offices, if you know one. Or you can submit an online application through the Internet. Unlike other long term loans, applications for payday loans are much simpler. You do not need to fill numerous different forms. There is a small application form that you need to fill online and you will get your cash within 24 hours in your bank account.
Everyone can apply for payday loans on satisfying certain basic criteria as follows:
• You need to be a salaried employee of a reputed company.
• You need to be working in that company for at least 6 months.
• You would need a valid bank account.
• And lastly, you need to be above 18 years of age.
If you fit the above mentioned requirements, you are eligible to get cash advance through payday loans, even if you have a poor credit rating. Credit rating is not an issue for getting these short term loans. Hence you do not need to get stressed thinking about where to get fast cash, anymore.
Before applying for payday loans from any financial institution, it is advised to do a little research on the amount of interest charged by them. Take the help of the Internet to find an authentic institution offering online payday loans at a reasonable interest rate, apply for the loan and wait for the money to arrive at your doorstep.