subject: Online Payday Loans Can Help Repair Financial Struggles [print this page] Payday loan companies came into prominence during the 1990s and have flourished into a massive $40 billion industry. Over time, new laws and regulations have reduced the number of payday loan companies that are around today.
Online payday loans are short-term loans that give people access to quick cash when they've run into unexpected situations that require obtaining money immediately. People use advance payday loans for bills, house repairs or other emergency situations. It is usually paid off with the next paycheck. A payday advance loan can range in amounts from $100 to about $1,500. The amount borrowed is based on monthly income. Funds are usually electronically deposited into the client's checking account within one business day.
Obtaining a bank loan is a hard process and sometimes people can't qualify for a regular loan. To be eligible for an advance payday loan, an applicant must meet a certain set of criteria. They must be at least 18 years old. They must be employed or in some cases they can qualify if they receive a monthly check, such as a disability or social security check. They must have their check from their job directly deposited into their checking account. Some online payday loan businesses allow their applicants to have a checking account and don't require them to have direct deposit. Payday loans are in high demand today because they are a quick fix and have helped people living from paycheck to paycheck survive in these hard economic times.
Online cash advances and payday loans do not require an applicant to have good credit and they don't perform a credit check when someone applies. They offer small rates which vary at different institutions and they also offer easy payment extensions. To get an extension a borrower would simply contact the payday loan company before the current due date of their loan. For a small charge, the lender will make arrangements to help extend the payment until the following pay period. Excessive amounts of extensions will turn the initial short-term financial loan into a long-term loan.
Sometimes, to receive a cash loan, a payday loan customer may not have an unpaid balance and cannot have a current bankruptcy on record. Others do not do a credit check, but must provide proof of employment. With some cash advance loans, customers are allowed only one open loan at a time, while others allow it to roll over, as long as the amount of expected income is not exceeded.
by: Christine Harrell
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