No Teletrack Payday Lenders
Because of the economy over the past few years various options for obtaining short term loans are becoming more and more popular
. The most popular option is known as payday loans, also called cash advances. Payday loans can be an excellent source for emergency cash like a sudden auto repairs, an unexpected bill, etc. And since payday loans are growing in popularity, there are more people just want to learn what a payday loan is, and if it is something that may be right for their situation.As the name sounds, payday loan is a short term cash advance. It can be anywhere from a couple hundred dollars to as much as fifteen hundred dollars in some instances. These are only intended as short term loan. They are set up to typically be paid back in full approximately 7 to 14 days from the date your received the advance.
Many payday loan companies do not do credit checks. The only requirements is general is that you have to prove your identity... be over 18 years of age... verify your monthly employment income by pay stubs, etc. or accepted monthly income like social security payments. You provide evidence that you have the ability to repay the loan.
There are two basic options when applying for a payday loan:
1) You can choose to go to a payday loan store or place of business and apply there. Different companies have different procedures but the basic similarities are that you complete an application and secure the loan by giving them a post dated check. The check is dated for the day the pay back amount is due. You can choose to go and pay the amount, and the check is given back to you. Or you can just allow them to process that check on that particular day.
2) Most people feel that a far more convenient choice is online payday services where you can apply right from your computer from the comfort of your home. With online cash advance services the money is deposited directly into your bank account. Then on the agreed upon date when the payment is due, that money is drafted from your account.
The significant thing to realize with cash advance or payday loan services is that they are not at all the same as regular loans from a bank, credit union, etc. Those types of loans are set up to be repaid over a longer period of time by making regular payment installments each month. By contrast, with payday loans the full amount including the finance fee is paid back completely in approximately 7 to 14 days.
The two types of loans are completely different and should not be compared. Payday loans are designed to help out in situations when you need quick cash to cover an unexpected bill or an emergency situation until your main source of cash comes through which is typically your pay day.
The majority of the criticisms that you may hear about payday loans is because people incorrectly compare them to regular installment loans. This would clearly make the payday loan fees appear at a much higher interest rate.
The important thing is to know the cost involved upfront BEFORE you agree to accept the payday loan. What is fairly common for payday loans is that the fees will be approximately $20 to $30 per $100 borrowed. Therefore if you accept a $100 payday loan... you should expect to pay back as much as $135 about 14 days later.
If you are unable to repay a loan at the scheduled time, most companies will work with you and agree to rollover the loan allowing more time for repayment. There will be an additional fee involved
Obtaining a payday loan is actually very simple. And applying for one online makes it very convenient. And with no credit check requirement, payday loans are excellent source for people with negative credit who are in need of quick cash to resolve a temporary situation.
Just make sure that you know all the terms upfront before you agree to accept the cash. Know the total payback amount that will be due. Know the exact date it will be due. And most importantly, know that you will have the ability to pay it when it is due.
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