Quick Loans Online: Setting The Record Straight
It's certainly no secret now that you can borrow money online from the comfort of your home using your computer
. No matter what shape your credit is in, and that means even if you have bad credit, there is a lender out there who will give you a second chance on a fast cash advance. But even while most people are well aware that these options are out there, so many of the facts surrounding them are a mystery or convoluted.
The source of so much of this confusion and misinformation stems from the fact that there are no uniform federal guidelines for all payday style lending sides to follow. Rather their place is a hodgepodge of state rules and laws that vary greatly depending on what area the country you live in. That is that each state is free to enact their own set of guidelines, and in fact some states in the US don't even allow payday loan franchises.
Now one of the biggest areas of confusion today revolves around how much money you can borrow from a payday lending site online. Spend some time studying the topic online and you can come away with the impression that "all sites" will lend you the maximum of $1500. The truth here however, is that all sites are not the same in the way they operate, so what they lend greatly varies. Then again some states now also limit how much money you can borrow from a payday lender.
Then here's something that might have left you scratching your head in confusion. That is that being that they are "payday loan" sites, it's easy to assume that you must have a job qualify for a loan. After all you do need a job to have a payday. The truth however, is that you don't need a job. All you need is to have is a legitimate source of income that you can verify that's at least $250 per week. In fact most sites will lend you even if you're unemployed or on public assistance.
Then there's the constant area confusion that centers around whether or not you need a bank account, and if so what type. Now a lot of the information online can have you believing that you must have a checking account in order to secure a loan. In truth however, most sites today will lend you if you have a savings account, and in fact there are even sites now that will wire you the money if you don't have any bank account account.
Finally perhaps the scariest item of misinformation of them all. The one that has stopped more people from applying for any of the myths circulate online, is the one that you can be arrested if you fail to make payments, and default on a payday loan. This is 100% false. A payday loan is a simple contract matter, so if you should default the worst thing that can happen to you, is that a judge can order you to make payments.
Copyright (c) 2011 savvycontent.com
by: Andrew Scherer
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