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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.

Richard Cordray's departure should end the campaign against payday loans

by Patrice Onwuka | Nov 20, 2017, 4:39 PM Share on Twitter Share on Facebook Email this article Share on LinkedIn Print this article In many cases, these loans, even with high interest rates, are cheaper than incurring daily fees for overdrawing their ...

Published:  Tue, 21 Nov 2017 11:22:00 GMT



The Perfect Coda for Cordray's Tenure: Nullifying the Payday Lending Rule

Some people don't like payday loans, but there's a huge difference between viewing something unfavorably and using the power of the federal government - through an independent agency whose structure has been ruled unconstitutional - to effectively ...

Published:  Wed, 22 Nov 2017 09:32:00 GMT



Number of hard-up Brits applying for payday loans to help cover rent or mortgage has more than doubled in two years

The number of hard-up Brits applying for payday loans to help cover their rent or mortgage has more than doubled in just two years, shocking new figures reveal. The stats reveal that the number of total applicants looking for emergency financial help has ...

Published:  Wed, 22 Nov 2017 09:58:00 GMT



Insight: Who Uses Payday Loans

The world economy has become more and more complex and volatile in recent decades. Income inequality continues to rise. Meanwhile, companies find new ways to make money. Financial "˜products' abound, including those targeted at people who can't get ...

Published:  Fri, 17 Nov 2017 10:16:00 GMT



Trapped in payday loan debt Here's how you can escape.

That's how the 12 million Americans who take out payday loans each year usually feel. That's understandable, considering they pay out around nine billion dollars in loan fees. But there is hope - you don't have to be stuck in the payday loan debt ...

Published:  Sun, 12 Nov 2017 04:38:00 GMT



This Democrat Is About To Give Payday Lenders A Big Boost

The legislation would allow payday lenders to ignore state interest rate caps on consumer loans as long as they partnered with a national bank. Although it has been generally overlooked amid the GOP's stumbling attempt to repeal Obamacare and its ...

Published:  Tue, 14 Nov 2017 04:00:00 GMT



350 Percent Interest Rate Senators Bankrolled By Payday Lenders Can Live With That

In addition to traditional payday lenders, newer financial technology companies want to become bigger players in the high-interest loan business, the Huffington Post reported Tuesday. Warner is an outspoken proponent of fintech, and should his bill become ...

Published:  Fri, 17 Nov 2017 09:54:00 GMT



Trying to Get a Low APR Payday Loan Consider These 4 Tips

When you take out fast cash loans, it means that it can help you get out of a financial jam pretty quickly. However, you are then faced with finding a way to pay the loan back with huge APR charges. Believe it or not, the solution to this problem may be ...

Published:  Wed, 22 Nov 2017 07:34:00 GMT



Federal jury convicts operator of payday lenders sued by CFPB and FTC

The companies sued by the CFPB and FTC included entities that were directly involved in making payday loans to consumers and entities that provided loan servicing and processing for such loans. The CFPB alleged that the defendants had engaged in ...

Published:  Mon, 20 Nov 2017 00:00:00 GMT



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