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Payday Loans Offer Fast Cash When You Need It

Often referred to as a cash advance, payday loans are designed to provide fast cash in exchange for the borrower’s promise to repay the balance upon their next payday. Whether it’s an unexpected car repair, a doctor visit or simply a time when funds are a little tight, payday loans may be a short term answer to your problem.

Because they do not typically involve a credit check, payday loans are available for those who have past credit problems. Rather than focusing on the past, payday lenders look at your current situation and your ability to repay the loan. As such, you must have a steady job and a guaranteed paycheck in order to qualify for payday loans. Generally, these types of loans are not available to those who are self-employed or otherwise have unpredictable work schedules.

Upon an approval for a payday loan, you will be given cash directly by the lender. In return, you will commonly be asked to provide a post-dated check, written for the date of your next payday, for the amount of the loan. In some cases, you will be required to consent to an automatic debit from your bank account on a specific date. Unless other arrangements are made, the lender will cash the check that you provided or debit your account on the agreed upon date. In some cases, payday loans may be extended upon approval by the lender. This means that, instead of cashing the borrower’s check, the loan would simply roll over for another specified amount of time. In exchange, the borrower would pay interest and possibly additional fees for this service.

In a world where so many families are living from one paycheck to the next, it is often life’s unexpected events that cause a financial pinch. When this occurs, it can be very difficult to wait for the next paycheck to arrive. In emergency situations like these, the ability to obtain fast cash when you need it is a blessing. Perhaps it isn’t an emergency, but maybe you have come up short on grocery money, gasoline or the electricity bill is due. Necessities, although a regular bill, often have a way of sneaking up on you.

When seeking quick cash via payday loans, you often need to provide check stubs from your current employer, along with the company’s name and address. You may also be asked to state your length of employment, which will help the lender to determine whether or not your employment is steady. Due to the fact that a credit check is not typically required, verifying your employment becomes a top priority when it comes to payday loans. If you plan to submit an application, you may also need valid photo identification and a checking account.

By their very nature, payday loans are to be used for obtaining fast cash when you need it. By that same token, you should repay the loan as quickly as possible in order to avoid additional fees and interest.

ICICI Bank plans payday-type loans in pact with e-tailers

ICICI Bank will announce partnerships with e-commerce firms, following which buyers on the site will get a 'pay later' optionMayur Shetty | TNN | September 18, 2017, 10:35 IST In a first of its kind for India, ICICI Bank will partner with e-commerce firms ...

Published:  Sun, 17 Sep 2017 22:14:00 GMT



B.C. orders insurer to stop sales of credit insurance with payday loans

B.C. regulatory agencies have sanctioned insurance firm Western Life Assurance for failing to effectively oversee two payday lenders that used high-pressure tactics to sell credit insurance to their clients. In a joint announcement Wednesday, the Financial ...

Published:  Wed, 20 Sep 2017 23:29:00 GMT



Opponents sharpen knives over impending U.S. payday loan rule

WASHINGTON (Reuters) - Lobbyists and Republican lawmakers are gearing up for battle over a new U.S. regulation that is likely to dent profits in the $6 billion short-term, high-interest "payday" loan industry. The Consumer Financial Protection Bureau (CFPB ...

Published:  Mon, 18 Sep 2017 09:18:00 GMT



Cash Advance: How to Make the Most out of a Payday Loan

Taking out a payday loan from a company like American Cash Advance and Title Loan lets you get a cash advance against your next paycheck. Many lenders actually let you take out a loan for longer too and give you one free period before you need to pay off ...

Published:  Wed, 20 Sep 2017 10:52:00 GMT



$2B Payday-Loan Hustle Hid Behind Tribes, Gov't Says

Law360, New York (September 12, 2017, 10:54 PM EDT) -- Federal prosecutors went to trial Tuesday in Manhattan federal court against a racecar driver and a lawyer who allegedly stole $2 billion from consumers in a loan-sharking operation that the two ...

Published:  Tue, 12 Sep 2017 20:04:00 GMT



Offer payday loans as an employee benefit, this start-up says

For the past year and a half, Doug Farry has met with city councils, chambers of commerce and corporate human resources managers, telling a hard truth: Many workers live paycheck to paycheck and sometimes turn to payday lenders to get by. He's not trying ...

Published:  Wed, 22 Jun 2016 03:23:26 GMT



Lenders and borrowers finding way around Colorado payday loan reforms, research finds

Colorado passed groundbreaking reforms on payday lending in 2010 that were held up as a national model. But a group that opposes abusive lending tactics says borrowers and businesses that make the high-interest loans increasingly are maneuvering around the ...

Published:  Thu, 03 Aug 2017 18:48:03 GMT



Payday Loans: Study Highlights Default Rates, Overdrafts As Groups Debate CFPB Regulations

A lender makes a loan. Then a borrower pays it back. And to make sure that transaction doesn't tank, there's "underwriting:" verifying that the borrower will indeed be able to make the payments. This last step would be a key lesson from the subprime ...

Published:  Mon, 30 Mar 2015 17:20:00 GMT



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