How To Get Your Payday Loan Cheap

Its no secret that Payday Loans are expensive. Payday loan fees and interest are about 5-10 times more than that of a credit card. The benefit to using a payday or cash advance loan is that you can get the cash fast and the loan approval process is relatively quick. There is no credit check, so that's one less obstacle to overcome. But it is important to get the cheapest, lowest fees you can when you do get a payday loan.

Here are some tips to help you get a cheap payday loan:

Compare 3-6 Payday Loan Companies Before You Decide - Payday loan companies fees can vary greatly. Make sure you compare multiple lenders before you decide. Even if the company says that they have the lowest fees. Don't take their word for it.

Read The Fine Print - When comparing fees from payday lender to lender make sure to read the fine print. When they say their fees are $10 per $100 borrowed, find out how long that is for. Is that for a 14 day loan or is that per week? Make sure you know how much each company is charging per 14 day period, per $100.

Only Borrow What's Necessary - This is not the time to get a little extra cash "just in case". Payday loans will always be available. If you do end up needing more money you can borrow more from another company. Only borrow the bare minimum that you think you will need. It would be tremendously wasteful to end up borrowing more than you needed, to pay the interest on money that sat in your account and then you just turned around and gave it back to the lender.

Borrow For The Shortest Amount of Time Possible - Ask about an early payoff. Does the lender allow you to pay the loan off earlier than expected if you are able to? Make sure you can, you don't want to be paying extra interest on money you no longer need.

No Faxing Cash Advance Loans - 3 Reasons To Use A No Fax Payday Loan Company

No fax payday loan companies save you time with your application, grant instant approvals, and allow access to easy cash. Faxless applications eliminate the review by personal by relying on databases. Time delays become a thing of the past. The end result is that you get your cash quicker with less hassle.

1. Quick Application

One of the benefits to using a no fax payday loan company is that you save time during your application. You don’t have to spend time looking for bank records or paycheck stubs. You don’t have to pay to fax documents. Instead of taking over an hour to fax all the paperwork, you can complete your cash advance loan application in as little as two minutes.

A no fax application is like answering a questionnaire. You fill in your personal information, employer’s name, monthly income, and next payday. Your application is then double checked through the cash advance company’s databases.

2. Instant Approval

While paperwork is a hassle for you, it also adds time delays to the approval process. An individual has to review and check your faxed financial records and id card. By using a faxless process, lenders screen your application through their financial databases. You can get an approval in a matter of minutes rather than waiting for hours or days for a response.

Most faxless payday loan companies will quote an hour for approval, but usually their response is much quicker.

3. Easy Cash

No fax payday loan processes allow you access to easy cash at any time, any day. You can be approved for your cash advance on midnight Saturday night with money deposited into your checking account soon afterwards. You don’t have to wait for business hours for someone to review your application. You apply when it works best for you, not when the office is open.

A paperless cash advance loan is truly the fastest way to get cash for a financial emergency. Once you speed through the application process, your money will be wired directly into your checking account the next day so you can quickly access your funds.

Payday Loan And Cash Advance Lenders Online - How To Compare Them

When searching for a payday loan company online to get a cash advance through, there are a few factors you will want to compare with each lender to make sure you are getting the best loan for your situation.

Here are a list of 6 factors that will help you in comparing each payday loan lender.

1.What are the fees?

Fees online can range from $10 - $30 or more per $100 loaned. There is a lender online that has no fees for your first loan. (To see this lender, click on the link below). Find out before you sign, what the fees are per week, per $100 loaned.

2.How long will it take to get the money deposited into your account?

If you are really in a hurry, it could mean all the difference in the world if the cash is not deposited into your account on the next business day, but instead, 2 business days later. There are a few payday loan companies that will wire the money into your bank account within 1 hour from your approval time. Find these details out ahead of time.

3.Are there any hidden fees, like application fees or anything else?

Find out if there are any extra fees if you need to extend the loan. Weigh this factor when calculating the cost of getting the loan.

4.How much can you borrow?

Most payday loan companies will loan up to $500. Some will loan up to $1000. Then, there are some that will max out at $2-300. If you have already gone through the loan application process and been approved, it could be a real pain to find out that you can’t borrow as much as you need to.

5.What are the minimum income and verification requirements?

Compare the requirements for the loan on the website of the payday loan or cash advance loan company. This will save you time when applying. You will then know ahead of time whether or not you are likely to be approved

6.Is it necessary to fax in documents to be approved for the loan?

Sometimes it can be more convenient if you don’t have to fax in any documents to prove your income or bank information. Sometimes the cash advance loan company can verify this information by phone instead of having to verify it by fax. Find out how the company will need to verify your income.

Shopping For A Payday Loan

You wouldn’t consider buying a new pair of shoes, a bicycle helmet, or an extra pair of jeans without trying them on first to make certain they fit. After all, a pair of shoes that is two sizes too small will never fit and they amount to money wasted. Shopping for anything – products or services – is pretty much the same. The smart consumer does some research, tries a few on for size and makes sure that the purchase ultimately meets his or her needs in a variety of ways.

Finding the right payday loan to fit your needs is essential. You don’t want to end up paying $50 in loan fees for something you could have gotten for $20 from another lender. And, just as shoes come in all sizes, shapes and colors, there are numerous variables associated with payday loans – items like the amount of time you have to pay back the full amount, the loan fees that are involved, and whether or not the lender will allow you to roll the loan over if you can’t pay it back on time and how much that will cost.

Repayment Times - When you are searching for a payday loan, you need to examine how long the lender allows for the loan to be repaid. Time is a major factor to consider. For example, you just had a major car breakdown and it will cost $500 to fix it. You just got paid last week and don’t get paid again for another 25 days. You have already paid all of your regular bills and have just enough money left to feed your family for the rest of the month until payday rolls around again. You know that you could pay to have the car fixed on your next payday, because you have fewer standing obligations to meet with that check, but in the meantime, you have to get the car repaired immediately so you can get back and forth to work. There are dozens of payday lenders to choose from, but about half of them only loan money for 14 days maximum. That doesn’t do you much good, since your payday is 25 days away. Therefore, you need to consider only those payday lenders who can make loan arrangements extending out 30 days. That gives you time to get your paycheck and pay back the loan on or before the due date.

Loan Cost – A survey of Internet payday loan websites reveals that the average loan cost is $25 per $100 borrowed. At this rate, an individual borrowing $500 would actually pay the lender $625 (the amount loaned, plus loan costs) at the end of the loan period. There are a few sites that advertise loan costs as low as $10 per $100 borrowed, in which case the total cost for borrowing $500 would be $550. However, some lenders disguise their actual fees by quoting a rate per $100 and tacking on an additional fee as well. For example, a fee of $25 per hundred, with a $10 additional fee, actually amounts to $35 per $100 borrowed, for a total cost of $675 for a $500 loan. Borrowers should carefully examine the stated loan costs and any fine print that identifies additional fees carefully before entering into a loan agreement with a lender. Be aware that, if your bank account does not contain sufficient funds when the lender attempts to withdraw the amount you agreed to pay, the lender can also charge bounced check fees, which range from $15 to $30. The good news is that increasing numbers of lenders doing business on the web has resulted in some very competitive payday loan terms being available. But, remember to shop around and find a good fit.

Borrowed Amount – The amount that you can borrow from an individual lender is also a factor that needs to come into play in your decision regarding which loan to take. Some lenders loan up to $1,000, $1,200, or even $1,500, depending on the size of your monthly income. Others may only lend up to $500 and, in fact, the average size loan made from Internet payday lenders is $500. How much you apply for should relate directly to how much you absolutely need and how much you can afford to pay back without having to roll the loan over and incur additional loan fees.

Reputable lenders – One of the most important things to consider when shopping for a payday loan is the reputation of the lender. Investigate online and see which sites are recommended most frequently. If a lender is not licensed to make loans in the state where the business is situated, that can be a warning sign that the business is not the most reputable. Remember, if you get an online loan, you are going to be giving this entity your account numbers and you don’t want to give that kind of access to a business that doesn’t have a good track record already established.

Ultimately, payday loans can serve an excellent purpose in an emergency situation, especially for those who don’t have a good credit record or haven’t used credit before and don’t have a credit rating. However, just like everything else you shop for, make sure you get the right loan for your situation and circumstances.

What To Check Out When You Apply For A Payday Loan

Are you thinking of going in for a payday loan to meet an unexpected expense? If yes, look into these seven things before you finalize one. This checklist can help you make smarter choices. You might even end up saving some serious cash!

First thing to consider -- do you really need that cash advance? Sure, you need cash right away, but have you looked at other options? The fact is, a payday loan is an extremely expensive source of funds, with Annual Percentage Rates (APRs) ranging from 300% to 1000%. So before you take one, see if you can arrange money by taking an advance from your employer or from your credit union.

You could also consider borrowing money from friends or family. Depending on your situation, credit card funding might be an option too, because it’s usually cheaper than a payday loan. Be careful with this alternative, though.

Ask yourself how much you can really repay when the next payday rolls around. Work out an exact number you can commit to. Take a cash advance only for the amount you can repay, including all charges that apply. Obtain funds from other sources for any additional requirements you may have.

Here’s why. If you choose to roll over all or part of the payday loan, you end up paying much more -- additional charges, late fees, etc. Your APRs start climbing rapidly and you may even find yourself trapped in a vicious cycle of payday loan debt. Stay clear of this trap.

Apply only for one payday loan at a time. Your application gets reported to a consumer tracking database used by payday lenders and banks. If you apply for multiple loans, the lenders may see the multiple applications and you might end up being rejected by all of them.

Go through the lender’s approval criteria very carefully. Apply only to one where you can qualify. If you apply to a company that has stringent criteria and get rejected, that can actually hurt your chances of getting approved by another company with more relaxed criteria.

If you’re applying online, ask yourself if the lender’s website seems professional and well-organized. Do they have clear information and guidelines on the site? A comprehensive FAQ?

If you need clarifications on anything, call up and ask. In fact, it’s a good idea to ask a few questions to each loan provider you’re considering. That way you get a feel for their responsiveness and get additional information to base your decision on.

Most important -- do they have an SSL certificate on the application page? This indicates data is being transmitted securely. Secure pages have web addresses that begin with “https:” instead of “http:” and in addition, you’ll see a lock symbol displayed in your browser. If a lender is using a non-secure page to collect information about you, find another lender!

Acting on the above points will help you make better choices about payday loans. The best solution is, of course, to get your personal finances into excellent shape so that you never need to borrow in an emergency.

Search for the Perfect Payday Loan

To get the right loan you should use your resources. Naturally, you want the search experience to be pleasurable and advantageous. Do not become another unfortunate victim when researching prospective providers. Look to probable watch dog groups. Try the Better Business Bureau, once you have plugged the company’s name in at the site, you can check to see if any complaints have been registered there against them. Safeguard yourself; be sure your lender is providing you with contact information and clearly explains to you any and all the fees. Be absolutely convinced that all your questions are clearly answered.

If you feel as if things are deliberately being hidden from you, they probably are. Generally, stick to providers that charge twenty five to thirty dollars for every one hundred dollars borrowed. Some lenders have inflated there fees for up ninety dollars for every one hundred. Be sure you get the low end. Be sure to justify the loan. Ask yourself if you really need it? Is it the money worth it at such a high price? Will you be able to pay back the loan on the repayment date? When you need a payday loan you can obtain one online. There are several options to choose from. Start by assessing the need for an advance loan in cash. Often payday loans are short terms. Payday loans may not require no fax or possibly a no faxing payday loan online is not an option. But then again, maybe it is. Whatever the case may be, you need cash until payday and an advance loan can be a good choice. Check the many options to get payday loan online today.

Payday Police

The decision to take a payday loan can be a temporary solution to your financial difficulties, but if you abuse it there will be a definite affect on your credit. It is unfortunate that many people take payday loans knowing they will not have enough money to pay it back with interest. In a case such as this, you are urged to contact the lender, discuss your situation, and come up with an alternate method for repayment. Many lenders will help and offer you more time to come up with the owed money, though you will be charged a rollover fee. Under all circumstances, do not default on payment for your payday loan. A lender may take you to court.

Also, a lender reserves the right to send your information to a collections agency. You may be permanently unable to receive a payday loan if the consumer credit agencies are notified. There is a variety of affordable services that can be of assistance to you through your financial hardships. If you do not pay, a payday loan can be an overwhelming debt. If you feel that the problem is unresolved, seek information and practice debt management, budgeting and using credit wisely. You may want to contact a counselor for advice. Counselors are low cost and available at universities, military bases, and credit unions. Immediately contact the FTC (Federal Trade Commission) if you feel you have been deceived or a victim of fraudulent practices.

Payday Loan Application Form

When filling in a loan form, you may be required to give a massive amount of information about yourself. This can be quite frustrating if you are not prepared. Be sure to research all details before filling in the form. The lender probably would gather information about you like your name, address, phone numbers, date of birth, marital status, previous address, and whether you have dependents, is so what are their ages. You may also be asked to provide your occupation details about your employers, their address, how long you've worked there, and your gross annual income.

There will also be questions concerning your home if you own one. The lender will want to know its current value, what you paid for it and your purchase date. You will also need to note any outstanding mortgages .The lender may also want to know your monthly expenditure. This is used to gauge your total monthly income, after you have paid off any tax. Lastly the form will require information on your bank account. The lender will need all the standard information such as name, address, account number, sort code and how long you had the account.

Why Choose a Payday Loan Over a Bank Loan?

Easy approval, no credit check, enough money to bridge a borrower’s cash flow gabs between paydays. Why would one not choose a payday loan over a bank loan? Typically the loan is given in cash and secured by the borrower's post-dated check which includes the original loan principal and accrued interest. The borrower usually pays back the loan on his or her next payday in which the lender processes the check traditionally or through electronic withdrawal from a checking account. One might unfavorably compare payday loan providers to loan sharks due to their high interest rates.

Those who use payday loans are often perceived as being members of a lower socio-economic demographic who have few options other than such loans. Some people believe payday loan providers take advantage of the poor and those who have no understanding of the value of time and money. A defender of high interest rates would probably note that payday loan processing costs do not differ much from their higher-principal, longer-term counterparts such as home mortgages. The belief is that conventional interest rates at such low dollar amounts and shorter terms would not be profitable. They believe that interest on a payday loan amounts to less than the costs associated with bounced checks or late credit card payments. They argue that the interest cost accurately reflects increased risk of default.

Payday Loan Glossary

You will hear and see many different terms when you are dealing with payday loans. It is helpful to understand these terms before doing business. The terms are as follows:

• Cap: the maximum allowable increase used for either payment or interest rate, for a specified amount of time on an adjustable rate mortgage. See Adjustable Rate Mortgages for a complete guide.
• Payday loan: a loan made as a payday loan generally until ones next payday.
  Ceiling: maximum allowable interest on an adjustable rate mortgage over the life of the loan.
• Closing: the time and place at which all documents for your loan are signed, dated and notarized.
• Closing costs: any fees paid by the borrowers or sellers during the closing of the mortgage loan. This normally includes an origination fee, discount points, attorney's fees, title insurance, survey, and any items which must be prepaid, such as taxes and insurance escrow payments.
• Credit limit: the maximum amount that you can borrow.
• Credit Repository: An organization that gathers, records, updates, and stores financial and public records information about the payment records of individuals who are being considered for credit.
• Adjustable rate: an interest rate that changes periodically in relation to an index. Payments may increase or decrease accordingly.
• Annual percentage rate: the cost of credit on a yearly basis, expressed as a percentage. Required to be disclosed by the lender under the federal Truth in Lending Act, Regulation Z. Includes up-front costs paid to obtain the loan, and is, therefore, usually a higher amount than the interest rate stipulated in the mortgage note. It does not include title insurance, appraisal, and credit report.
• Basis point: one one-hundredth of a percentage point. The difference between 8.00 percent and 8.01 percent is one basis point.
• Debt: amount owed to another.
• Delinquency: failure to make mortgage payments when mortgage payments are due.
• Equal Credit Opportunity Act, EOCA: a federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.
• Fair Reporting Act: a consumer protection law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one's credit record.
• Fixed Rate: an interest rate fixed for the term of the loan. Payments as well are fixed at one amount.
• Gross income: the income of the borrower before taxes or expenses which are deducted and used for qualifying purposes.
• Household income: the total income of all members of a household. An important yardstick used by lenders evaluating applications for joint credit.
• Interest only loan: an advance of money in which the installments pay only the interest that accumulates on the loan balance. The loan balance does not decrease with the payments. Usually the interest-only payments last for a limited period, after which payments rise and the borrower begins paying principal in addition to interest.
• Late charge: A fee imposed on a borrower for not paying on time.
• Lender: The bank, mortgage company, or mortgage broker offering the loan.
• Line of credit: A commitment by a financial institution to lend up to a specified maximum amount to a customer during a specified period of time.
• Loan application: A document in which a prospective borrower details his or her financial situation to qualify for a loan.
• Origination fee: The fee a lender charges to process a loan. It usually includes the cost to prepare loan documents, check a borrower's credit history, inspect the property and sometimes conduct an appraisal.
• Payday Loan: A payday loan made generally until ones next payday, the amount of money borrowed, the amount of money owed, excluding interest, the client of a real-estate agent.
• Rate: The annual rate of interest on a loan, expressed as a percentage of 100.
• Truth in Lending Act: A federal law requiring a disclosure of credit terms using a standard format. This is intended to facilitate comparisons between the lending terms of different financial institutions.
• Unsecured Loan: An advance of money that is not secured by collateral.
• Verification of employment: Confirmation that a loan applicant is telling the truth about where he or she works and how much he or she makes.

Settlement Payday Loan

A settlement payday loan funding may be difficult and vital. If you are pursing litigation and are expecting successful conclusions, a settlement payday loan may be right for you. Financial assistance is usually offered to individuals whom have exhausted all other financial resources while waiting for a settlement. The case must meet the loan company’s criteria and be repaid from that settlement. The plaintiff may need money for personal expenses while waiting for his or her settlement.

A settlement payday loan can make a huge difference to those who are unable to wait for a fair settlement due to financial hardships, which may force one to settle for a lesser amount on his or her case. Most companies evaluate your loan case and decide whether they will take it or not. Some companies will not require you to pay back the advanced funds if the case is lost. Typically, claims such as auto accidents, medical malpractice, premises liability, product liability, wrongful death, dog bites and toxic tort qualifies for a settlement payday loan. The company will purchase a portion of the plaintiff’s future settlement, providing them with cash needed for essential living expenses or any other worthwhile purpose. The cost of a settlement payday loan varies with every company. Usually there will be a one time origination fee for the advance combined with a low periodic monthly rate.

Benefits and Downfalls

When dealing with a payday loan, you will likely have quick approval. Your loan payments are usually set up to be paid on your next payday, (most are fourteen days). You have several different options when applying for a loan. You can apply online, fax your application and documents, use a phone, or walk into one the thousands of payday loan stores and apply. It does not take much to be approved. Usually all you need is proof of identification, a checking account, have a job with an income of about one thousand a month, and be at least eighteen years of age.

Normally credit history does not make a difference when applying for a payday loan. You can still be approved even if you have had bankruptcies, charge offs, or and other credit problems. Studies have shown than more people would consider a payday loan to get out of financial hardship, over all other options. The biggest downfall of a payday loan would be its high interest rates. Due to these high rates, it is recommended by the FDIC to not continue a payday loan for more than three months. Payday loans are generally temporary solutions for those in tough financial situations.

Business Bank Loan vs. Business Payday Loan

A business loan through a bank requires a written loan proposal. This can be confusing and very restrictive. A bank will typically loan you the money when you do not need it. They may be reluctant to loan you the money when it is most needed. For those that do qualify for a bank loan may have an inconvenience of a monthly repayment schedule. The schedule may be set without consideration to your business revenue flow. Most bankers focus on your past to determine your loan repayment program. When it comes to a business hardship, businesses payday loan may be the direction you want go.

Sometimes a business is held back from expansion due to the availability of funds or lack of funds. A business payday loan is appropriate for those looking to purchase new equipment, expand, buy out a partner, promotion and advertisement, to purchase new equipment, or for any other unexpected expenses. You can simply apply online for a business payday loan. Normally, you will be required to be in business for a minimum of twelve months. Generally, you will need to be current on rent payments, free of any bankruptcies within the last year, and encompass at least two thousand five hundred dollars a month in Visa or MasterCard sales. The advanced money is recovered through an innovative process, automatically capturing a percentage of daily Visa and MasterCard sales. Whether credit card sale volume goes up or down, the percentage remains the same. In the end, you will have no other fixed payments, any fixed timeframe for repayment, a better cash flow, and an automated repayment.

Frequently Asked Questions

What is a payday loan? A payday loan is cash in advance which provides emergency cash between paydays. The loan is usually made on your next paycheck. Most payday loan lenders seldom require credit checks. In most cases, funds are available in less than twenty four hours. Can anybody get a payday loan? No, generally, to get approved for a payday loan you must be at least eighteen years of age, have a valid checking account, and have a current job or regular income, (usually earning at least one thousand dollars per month). Past credit history does not make a difference in most payday loans. Most likely, you will still qualify even if you have had bankruptcies, charge offs, or other credit hassles.

How much can I borrow? The amount of money you can borrow will vary, depending on your monthly income. Many payday loan lenders will loan up to five hundred dollars, sometimes even one thousand dollars until your next payday. What if I can not pay the money back by the next payday? Many payday loan services will give you extension on your loan. Generally, you will be charged for the interest fee on the day the loan has been repaid in addition to a new set of fees and interest. It is recommended to be absolutely certain you can fully repay the loan.

How much will payday loan cost? The average cost of a payday loan normally ranges between fifteen and thirty dollars for every one hundred borrowed. The loan should be paid back in full by the next payday. A payday loan is recommended for emergency situations, (like having your lights shut of or bouncing a check). In situations such as these, a payday loan would be less expensive.

How does it work? Generally, all you need is a paycheck and an identification card. You will write a postdated check to be cashed when your next paycheck comes. Many companies offer the convenience of “same day”, or “next day” cash. What if I get paid one time a month? Usually, your payment due date must not exceed 30 days. If your next payday is more than 30 days and funds will not be available you may have to submit a please submit a "Request for Extension”.

How do I repay the payday loan? Most Payday loan companies allow you to pay back your loan directly through your checking account using a wire transfer. Can I get an extension or repayment? Generally you can get extensions, however there would be an extra charge.

Can I be penalized for paying off the payday loan early? No, repaying your payday loan early has no penalties.

How do I receive my payday loan? Most companies require you to have either an active checking or savings account. In most cases the money is wired into your account.

Are there restrictions on how the payday loan is spent? No, you can spend the money in any way you like.

Gathering Interest

Each year millions of Americans are taking out small loans at rates that can reach four hundred percent a year or more. You may compare these high rates to those of loan sharks, but in America, it is absolutely legal. As a matter of fact, these loans are part of a trend called payday lending or payday loans. Payday loan stores, now a forty billion dollar industry, are among the fastest growing financial services in America. Ten years ago they did not exist, now there are more than twenty two thousand payday loan stores in America. For those strapped for cash, a payday loan can be cheaper than other alternatives, though the FDIC says a customer should not continue a payday loans more than three months a year. This means no more than six loans. If one makes more than six loans a year, they might be directing their self to severe financial hardship in the future. People take out an average of six to seven loans a year. They are quick and easy to get. You don’t need credit. Usually, all you need is a job and a checking account.

However, be aware, that it would be in one’s best interest to use payday loan services as a temporary solution to financial hardships. Using these services for long periods of time only means you are gathering interest and falling deeper into financial hardship.

Payday Loan Latest Technology

Payday loans are known by many different terms.

Depending on where you are located, you may refer to them as payday advances, pay advance, short-term loans, or payday loan. They are all the same service no matter what you call them. Payday loans are the quickest way to get emergency money when you need it most. The internet has made the loan process much easier than it was before. You no longer have to get your loan at your local payday loan store. Some online payday loan companies give you the ability to apply for a loan in as little as two minutes, where as most lenders take seventy two hours to approve a loan. An online company can approve you in as little as one hour. This is especially nice for those who would not like to wait for days. In addition to online payday loan company’s quick services, you are granted convenience and security. Most online companies give you the option of applying for up to five hundred dollars. If you are approved, most companies will wire your funds directly into your bank account.

The Easiest Payday Loan

You have an emergency and you need cash fast! The last thing you want to do is fax in your verification document. In out time of advanced technology, that would be no problem with payday loan companies. Nowadays your income and identification can be verified without having to fax in any documents. Payday loans may be good for a person who is in a situation where they are forced into new fees for not paying a bill on time, (like credit card payments or rent) exceeding the fee for a payday loan. When you are in a hurry for money, naturally, you don’t want to gather and fax in documents, which can be timely. Many fax less or no fax loan companies will verify your information and income electronically or by phone. Most payday loans start you up with a loan of up to five hundred dollars in cash. Your funds will be deposited into your bank account once you have filled out an application and have been approved. It usually takes one business day for the funds to be deposited into your account.

Normally, you have two to three weeks to fully pay back the funds. You can be granted an extension as long as you agree to pay the interest due at the time of the due date. If you would like your application to be approved faster, be sure you have completely and accurately filled out the application. Don’t forget to include necessary phone numbers so that your income can be easily verified. Other information such as bank account information can be verified electronically.

Payday Loan Rollover and APR

We are in a time where finance companies, check cashers and other businesses are making high-rate, short term loans. Commonly, a borrower will write a payable check to a lender for the amount she or he wishes to borrow in addition to the fee. The borrower then receives the mount of the check minus the fee. Usually the borrower will pay the fee for the amount borrowed or a percentage of the face value of the loan. If one decides to extend or “roll-over” the loan, say for an additional two weeks, the fee will be charged for each extension. The Truth in Lending Act states, like other types of credit, the cost of the loan must be disclosed. You must receive in writing, the finance charge in a dollar amount and the annual percentage rate, or Apr. A payday loan is expensive credit.

Say you get a payday loan secured by a personal check. You write a check for two hundred and thirty dollars to borrow two hundred dollars for up to fourteen days. The lender will then deposit your check. You have the option to redeem your check by paying two hundred and thirty dollars, or roll-over the check by paying a fee for extending the loan for an additional two weeks. Clearly, the interest on this loan will climb high with a fifteen dollar finance charge, a three hundred and ninety one percent Apr. If one were to roll-over the loan three times, the finance charge would climb to one hundred and twenty dollars for borrowing two hundred dollars.

The Best Way to Avoid a Payday Loan

There are so many different things that can quickly eat through your income. You may find yourself constantly making dept payments; credit cards, store accounts, installment payments. Maybe you are spending more that you can make. Many people believe that are taking “the simple way out” by getting a payday loan. Instead, you may want to spend a few minutes each week writing down your expenses. Categorize them and total them, then see where your money is going. Next you should record your income for the same time period. You are overspending if you are spending more than you can make. It is not uncommon to get behind occasionally. Be sure to leave room in your budget for surprise expenses that may come up. You may need to cut back on a few things, but it may be well worth it.

You don’t want to fall in a situation where you are forced to pay high interest fess, trapping you further in dept.

The Correct Way to Use a Payday Loan

Payday loans are meant to be convenient, short term loans. People use them to get their self out of tough situations. It is not recommended to be used as a long term loan. Usually, it is best to pay of the loan with your next paycheck. Misusing a payday loan can be a regretful trap. You will find that your debt may increase, destroying your credit ratings. If you already know that you will be unable to pay back a loan by the due date, the payday loan may be inappropriate for you. One could be stuck paying a huge chunk in interest fees, leading you into immense dept accumulation.

A payday loan can be helpful for those in emergency situations, such as paying the electric or phone bill to prevent it from being cut off. In situations such as these, the loan may be a practicable option, even though there is a fee to borrow the money.

Fitting Your Needs

If you run out of money before the end of the month and you need assistance to sustain until the next paycheck, then you are a good candidate for a check advance. The loan is a hassle-free, quick way of obtaining some much needed money. Generally the loan is made to be paid in a short term. Usually, a payday loan agency pays between two hundred and one thousand dollars in increments of fifty or one hundred. When paying back the loan, a fee will be charged based upon the amount loaned. Finding the right agency to fit your needs requires shopping around.

Of course you want the best deal. Not every agency’s offer is equal, so it would be wise to find out specific information about an agency. Be sure the amount of money you are borrowing will sufficiently cover your immediate financial needs. Find out which agencies can offer suitable interest rates and fees after obtaining the loan. Find out the duration of the loan approval process and how long it will take for the finances to be available to you. The majority of payday loan stores will not check your credit history before making the loan. Most companies offer instant credit approval and can provide one with instant money, since most customers require a payday loan in a hurry.

Payday Loan Online

A Payday loan come with a written agreement or contract you will receive a sum of the amount borrowed. Usually one will receive a personal check. Some companies use your bank account or credit card to deposit your payday loans. The sum of the money will amount to less than what you have agreed to pay. Initially you will pay back the amount borrowed in addition to the” fee” for the payday loan service. Assume you have borrowed three hundred dollars and the fee for your advance is twenty dollars for every one hundred dollars. You will then pay back three hundred dollars for the advance in addition to the sixty for the fee. Advance loans come in handy if it helps you avoid late fees or penalties, which can be more costly. If you are borrowing money especially for yourself, payday loans may not be in your best interest.