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      November 22, 2017

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Payday Loans Offer Fast Cash When You Need It

Fast Cash Payday Loans vs Traditional Loans

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Fast Cash Payday Loans vs. Traditional Loans

Although payday loans are somewhat like traditional loans in certain respects, there are many differences than similarities between the two. Like conventional loans, payday loans must be repaid according to the agreed upon terms but, seemingly, this is where the likeness ends.

When you think about a conventional loan, you probably think about a lengthy and detailed application, along with a complete review of your financial status and credit history. Following that, a lender will review the application and decide whether or not to approve the loan within several days. Payday loans, on the other hand, offer applications that typically take less than 5 minutes of your time, offer fast results and equally fast cash. In addition, the majority of payday lenders do not review your credit file, which means that an absent, limited or poor credit history will not likely hinder your ability to qualify for payday loans. In most cases, the funds from payday loans are transferred into your bank account within 24 hours.

When it comes to fees, the costs associated with payday loans are often more expensive than conventional loans. Payday loans often include the actual loan amount plus a fee based on the same. Most lenders charge anywhere from $10.00 to $30.00 per $100.00 loaned. In most cases, payday loans are available in amounts up to and including $1,500.00. Conventional loans, on the other hand, are issued with a preset interest rate and no additional fees. Without a maximum loan amount, conventional loans often provide for larger funding.

If you are trying to choose between a conventional loan and payday loans, your first consideration should be the amount of money that you need to borrow. If you need $1,500.00 or less and need this amount on a temporary basis and you have the ability to repay it quickly, payday loans may be the answer you need. If you need fast cash, payday lenders specialize in these types of loan requests.

When applying for payday loans, you will need a checking account, a regular job with steady income and you must be at least 18 years of age. When you apply for a conventional loan, you will still need a job with regular income and be at least 18 years of age, but you may also need collateral for the loan. Depending on the amount requested, you may be asked to provide tax returns, proof of assets and a host of information relating to your current net worth. When it comes to payday loans, your paycheck is your credit and no other collateral is needed to secure the loan.

The type of loan that you ultimately request will depend on a number of factors, including the desired loan amount, current income, ability to repay and the desire to repay it quickly or in payments. Most borrowers request payday loans for emergency purposes, including car and home repairs, doctor visits or simply when they need additional cash to carry them over until the next paycheck.

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



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