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 personalcashadvance.com 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.

Creditloan.com 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’ creditloan.com 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.

Interested In Obtaining A Payday Loan? Keep Reading

You should understand all of the details of a payday loan before taking it. Understanding the various terms of repayment is critical. Get a good idea of how much money you will be paying back. Keep reading in order to discover smart information about these loans to aid you in making decisions.

Certain payday lenders are rated by the Better Business Bureau. Before you sign any loan papers, contact the Better Business Bureau so you can find out if any complaints were filed against the company. When you find even a single complaint, move on to the next firm.

Be sure to calculate the exact cost of your loan before you close the deal. It is no secret that payday lenders charge extremely high rates of interest. But, payday loan companies also will expect their customers to pay other fees as well. Sometimes these fees are buried so deeply in the fine print that you will miss them if you do not exercise extreme care in reviewing the loan papers.

Some payday loan companies do not make you hand in any paperwork; be careful of these kinds of lenders. Faster processing means you’ll be paying through the nose for an already expensive loan. These companies tend to charge steep interest rates.

People interested in getting payday loans should consider this as a last option. This is because you suffer very large interest rates when applying for payday loans. You could wind up having to pay 25% or more of your loan in interest. Think of every other way to get help before going with a payday loan.

It is smart to look for other ways to borrow money before deciding on a payday loan. Your credit card may offer a cash advance and the interest rate is probably much less than what a payday loan charges. Speak with your loved ones and ask for assistance.

If that little voice in your head tells you something is wrong, don’t ignore your feelings. Many lenders scam people, and you should feel completely confident that you are making the right choice before you sign a contract. Since you are going to be responsible for your loan, know exactly what it is you’re getting yourself into.

Make sure you are aware of any automatic rollover type payment setups on your account. Some payday lenders have systems set up that extend the term of your loan in exchange for fees deducted from your checking account. This can be out of your control once you have set up your loan. This system of continuous fees can lead to increased debt that is nearly impossible to repay. Understand the terms of your loan to avoid this.

Don’t believe false information about cash advances. They are made to be attractive to desperate customers, but don’t give all the important details. Payday cash advances might seem like a dream come true, but be wary! Make sure you research and carefully select a company with the best possible terms for you.

As you investigate cash advance loans, consider the information and insights provided here. You are definitely going to make a much more informed decision as well as securing a better rate. Take the time necessary to decide, prior to signing papers, when it comes to a payday loan.

What Are PayDay Loans Anyway?

What is a cash advance?

A cash advance provides you with emergency cash when you need it most … usually between paydays! Simply complete this fast two-minute online application; there are normally no documents to fax. Just complete your application, speak to a loan agent of a participating lender and your cash could be on the way, usually the next business day! Visit our quick cash advance overview.

How It Works:

Need cash quick but you’re caught between paydays? We have the solution! By filling out this 2-minute application you may qualify for a cash advance for up to $1000 with a participating lender! Once you have filled out your online application, on the final page of the application, you will be given directions that you must follow to complete the process. Once approved, your cash is usually deposited in your bank account that evening by a participating lender. When due, your cash advance plus fees are automatically deducted from your bank account by the lender. Getting The Cash You Need Is That Easy!!

Can I qualify?

Qualifying is easy and you don’t need to worry about your credit. Most lenders qualify you if you:

o Currently have a job (or receive regular income)

o Make at least $800 per month

o Are 18 years of age or older and a U.S. citizen

o Have a checking account

o Other requirements may apply. Even bankruptcy, bounced checks, charge-offs and other credit hassles don’t prevent you from getting the cash advance you need!

How much can I qualify for?

How much you qualify for depends on a number of factors including your lender, income and employment. To see how much you can qualify for, simply complete this fast two minute online application, speak with a loan agent and your cash is on the way, usually the next business day! And don’t worry, any credit type can qualify, even bankruptcy, charge-offs and bounced checks!

What does it cost?

The cost of your cash advance loan is dependent on many factors, such as the lender and how you manage your financial obligations. Cash advance loans are designed for emergency situations when you are short of cash and need money fast! Family emergencies, unexpected car repairs, overdrafts, telephone reconnection and deposits are just some of the urgent cash needs that you may experience.

Your fees are less than the cost of not having the cash you need when you need it – overdraft fees, bounced check charges, taxes, even losing your job because you can’t get to work! Actual fees are determined based on the information you provide when you submit your loan application. Your cash can often be sent to your bank account the very next business day and you don’t repay until your next paycheck.

When do I get my money?

Once you have applied online, your application will be submitted to a lender that will attempt to contact you to verify your information and explain the terms to you. Once you have spoken with your lender, your cash can be in your bank account as early as the next business day! And don’t worry… any credit type can qualify, even bankruptcy, charge-offs and bounced checks!

When do I repay?

Your repayment is the best part. The minimum required payment will be deducted from your bank account. You get cash when you need it most and repay when you have it! Still a little short on payday? No problem! Generally online customers are automatically renewed every pay period. Just let your lender know when you are ready to pay in full, and your loan plus fees will be deducted from your bank account by the lender.

I don’t have a printer and I want to print a copy of my loan documents. Can I get my documents another way?

Yes! If you do not have a printer handy, there are several ways to get copies of your documents to you.

o Your lender can fax them to any fax number you request

o Your lender can email them to any email address you request

o Your lender can fax them to your local Kinko’s, Mail Boxes Etc. or PostNet so you can pick them up

To make these special arrangements, please contact your lender and the lender’s helpful representatives should contact you shortly thereafter.

How do I reprint my loan documents?

You are able to reprint your loan documents at anytime during the lending process. If you wish to reprint your loan documents contact your lender to have them email your documents to an email address you request for later printing or printing at another location.

I’m a little low on funds. Can I get an extension?

Lenders will generally provide extensions. Please contact your lender for details.