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      March 23, 2019

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Top Consumer Reviews Articles

TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

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.

Popular cash advance app Earnin operating in payday loan "˜gray area,' critics claim

AJ Smith knows all about folks owing money. After all, he's a debt collector in Las Vegas, the gambling capital of the world. So last March, when Smith downloaded Earnin, an app that fronts ...

Published:  Thu, 21 Mar 2019 08:05:00 GMT



Charlene Crowell: Prayers and Petitions Call for Payday Loan Rule Enactment

*Every year the payday lending industry convenes in an effort to further expand and preserve the combined $8 billion-dollars in fees generated each year by consumers caught in that and car-title ...

Published:  Thu, 21 Mar 2019 08:39:00 GMT



Texas Federal Court Continues Stay of Trade Groups' Lawsuit Challenging CFPB Payday Loan Rule and Stay of Compliance Date

The Texas federal district court hearing the lawsuit filed by two trade groups challenging the CFPB's final payday/auto title/high-rate installment loan rule (Payday Rule) entered an order yesterday ...

Published:  Wed, 20 Mar 2019 12:34:00 GMT



State AGs threaten action against CFPB for delaying compliance date for payday loan rule

A group of 24 Democratic state attorneys general and the D.C. attorney general have submitted a comment letter to the CFPB setting forth their opposition to the CFPB's proposal to delay the compliance ...

Published:  Fri, 22 Mar 2019 11:14:00 GMT



New US ambassador warns of China's "˜payday loan diplomacy'

CANBERRA, Australia (AP) - The new U.S. ambassador to Australia says he's concerned about the way China lends money to developing Pacific nations in what he describes as "payday loan diplomacy." ...

Published:  Thu, 21 Mar 2019 02:55:00 GMT



Move To Pull Consumer Protection Rule Heightens Debate Over Payday Lending

This loan would help cover a family trip to New York, said Angela, who asked NPR not to use her last name for privacy reasons. She says she prefers payday loans because she doesn't trust herself with ...

Published:  Thu, 07 Mar 2019 14:17:00 GMT



Donald Trump's CFPB Is Rescuing the Payday Loan Industry

The Consumer Financial Protection Bureau (CFPB) wanted to end the payday loan industry, then it became its savior. In 2017, the CFPB approved rules that would have effectively killed off payday loans ...

Published:  Thu, 28 Feb 2019 09:32:00 GMT



Banning payday loans sends desperate borrowers running to pawn shops

Until 2008, a cash-strapped customer in Ohio seeking a quick, two-week loan from a payday lender might find themselves paying a hefty fee. These unsecured short-term loans-often secured with a ...

Published:  Fri, 01 Mar 2019 09:31:00 GMT



Fundamental Aspects You Should Understand About Payday Loans

A payday loan-also known as "check loan" or "cash advance" is a short term loan usually capped at $1000 that is normally payable on your next payday. These loans are mostly preferred by individuals ...

Published:  Fri, 01 Mar 2019 06:24:00 GMT



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