Use And Benefits Of Direct Lender Payday Loans
An individual who is experiencing short term, unexpected financial problems can benefit greatly from direct lender payday loans
. In an ideal world, everyone would save lots of money, but getting by paycheck to paycheck is the reality for many people. Combining a rocky financial time with a surprise bill from medical expenses or a car accident is a recipe for disaster. If you are searching for a method to handle those emergency expenses and need cash now, direct lender payday loans are a good choice.
Payday loans, which are sometimes called cash advances, are designed to get you money quickly and easily; deposits to your account come just hours after being approved. Lenders operate local offices where cash advances are given and allow you to apply online if you prefer.
To get a cash advance, all you have to provide the lender is some personal information, including your name, address, proof of employment (like a paystub), and some details regarding your bank account. Obtaining a loan is dependent on your having a job with a regular paycheck. In most cases, credit checks are not used by cash advance centers.
Payday loans tend to be charged higher fees and interest rates than more traditional loans. In return, the lender will process your application quickly and deposit your funds the same day you apply. Lenders can only offer you up to $500 or $1000, depending on state law in your area. Most loan offices charge a fee of somewhere around $15 and $25 for each $100 that you borrow. That would mean fees for a $500 loan could easily total $125.
Direct lender payday loans must be paid back soon, usually within 14 days of being issued. If not, you will be responsible for exorbitant fees and interest rates. In an effort to reduce late payment, some loan offices require you to leave a postdated check for the total of the loan and related fees on the day you secure it.
If you are in need of cash and need to pay bills right away, a direct lender payday loan is the way to go. These loans don't depend on your credit, just on the fact that you earn a steady paycheck.
by: Belinda H. Quinones
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