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Payday Loans Offer Fast Cash When You Need It

Fast Cash Payday Loans vs Traditional Loans

Payday Loans FAQ

The Benefits of Payday Loans

Applying for Payday Loans Online

How to Find Lenders Specializing in Payday Loans

Reasons Why You May Need a Payday Loan

Payday Loans and Your Credit

Tips for Getting and Repaying a Payday Loan

 

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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.

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



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