Payday Loan Basics
Payday loans are attractive to high-risk consumers who cannot obtain traditional credit from a bank or credit union. They are a good tool for quickly and easily borrowing cash during an emergency if you don’t have other financial options.
Payday loans, also known as cash advance loans, and other things, have now been around for a few years. They are recognized by many names; some refer to them as cash advance, check advance loan, or a deferred deposit check loan.
Payday loans are meant to be used in situations where you have to get cash on the spot because of a pressing need. Payday loans are available nationwide and you can get the money directly deposited into your bank account very quickly.
A payday loan is a good solution for anyone who needs a fast, easy and confidential way of getting emergency cash.
Payday loans are single payment loans, but many lenders will permit borrowers to just pay the finance charge to renew the loan for another pay period.
Payday loans are 10 to 13 times more expensive than small consumer loans.
Payday loan cash advances up to $1,500 deposited overnight in your bank account No credit check loans Good credit/no credit/bad credit OK No faxing
Payday loans are available if you have a steady source of income of at least $900 per month and a valid checking or savings account.
Payday loan companies have to charge something for all the money they’re lending out, otherwise there is nothing in it for them. Payday loan collections practices are pretty similar to other unsecured creditors.
Payday loan lenders make most of their money through the interest they charge on the loans, which is much higher than a typical loan since the money is borrowed for a much shorter amount of time. Payday loans are convenient to use and you can use them on anything you desire.
Payday companies do not run checks against your credit history Your cash advance decision is made immediately after you submit your application No waiting for answers, just rapid loan results.