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      May 21, 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.

Froma Harrop: Sanders, AOC fumbled attempt to disarm loan traps (Opinion)

Bernie Sanders and Rep. Alexandria Ocasio-Cortez, weren't more careful, because their clumsy approach hands ammo to foes of those reining in truly abusive forms of consumer credit, the most obscene ...

Published:  Tue, 21 May 2019 13:12:00 GMT



Police: Man Suspected 2 Robberies At Lodi Payday Loan Businesses

LODI (CBS13) - Authorities are trying to identify a man who has been robbing payday loan businesses in Lodi. The Lodi Police Department says the man is linked to at least two robberies at payday ...

Published:  Mon, 20 May 2019 09:00:00 GMT



Investors pour $19 million into payday loan alternative Wagestream

A year after trying to save faltering payday lender Wonga, Balderton Capital is investing in the other side of the model by leading a $19 million Series A funding round in Wagestream, a U.K. startup ...

Published:  Mon, 20 May 2019 10:30:00 GMT



Payday Loans Suck Life from the Poor

I lost my job at the New Orleans public library when Hurricane Katrina devastated the city, and I relocated to Seattle. The first job I could find was with a check cashing and payday loan company. But ...

Published:  Mon, 20 May 2019 10:06:00 GMT



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Published:  Tue, 21 May 2019 04:08:00 GMT



New Payday Loan Law goes into effect, what you need to know

COLUMBUS (WCMH) -- Here in Ohio, April 27 will be a momentous day for supporters of last year's effort to reform the payday lending industry. It will be nearly 270 days since HB123 was passed and ...

Published:  Fri, 26 Apr 2019 17:43:00 GMT



Fast cash with a catch: How payday loans can ruin lives

CHICAGO - For those living paycheck to paycheck - or really anyone in need of a loan to get by until that next paycheck - a short-term loan or payday loans as they are called, can seem like a ...

Published:  Thu, 25 Apr 2019 19:40:00 GMT



Ohio payday loan outfits dropping to 200 as new law takes effect

Payday lending as Ohio has known it is over, but short-term lending is not going away. A new law takes effect today with stricter limits on interest and fees, plus installment payment requirements, ...

Published:  Sat, 27 Apr 2019 03:20:00 GMT



The Texas Legislature is considering opening the door to new payday lending abuses

Craig Goldman has clarified the intent of HB 2847 If you have ever played Whac-a-Mole in an arcade, you'll understand that it's a challenge to keep the payday loan industry from exploiting consumers. ...

Published:  Wed, 24 Apr 2019 09:48:00 GMT



Cheaper payday loans? This Miami startup says its technology can make that happen.

The payday lending industry gets a bad rap, often justifiably so. But Guru Financial's founders, Arturo Garcia and Warren Krupp, believe their new startup can disrupt the $46 billion industry by ...

Published:  Mon, 29 Apr 2019 03:04:00 GMT



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