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      December 7, 2019

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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.

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ProPublica reported that Wasatch Constables has detained people on warrants issued because they missed a court date in payday loan debt cases, a rare thing in Utah and throughout the country.

Published:  Sat, 07 Dec 2019 08:27:00 GMT



Sophia Nelson: Getting rid of payday loans won't protect our most vulnerable. It will destroy their safety net

PAYDAY LOAN REGULATIONS ROLLBACK IS WIN FOR BUSINESS, CONSUMERS Polling and research data reveal startling statistics about America's wealth gap, financial stability, and access to capital for certain ...

Published:  Fri, 06 Dec 2019 13:14:00 GMT



They loan you money. Then they get a warrant for your arrest

Avila and Albritton, 32, said they couldn't take time off work. In Utah, payday lenders and similar companies that offer high-interest, small-dollar loans dominate small claims court. Loans for Less, ...

Published:  Fri, 06 Dec 2019 01:09:00 GMT



Bill in Congress to cap interest rates on payday loans hits home for Texans

AUSTIN (Nexstar) - Just over a year ago, Basil Perkowski and his wife took out a payday loan to cover his emergency dental work. "I had developed a severe infection from a dental problem," he said. "I ...

Published:  Fri, 29 Nov 2019 07:49:00 GMT



Payday loans target young Aussies: report

"Payday lenders have many followers and fun social media profiles," Monash Business School's Vivien Chen said. "Their posts include finance tips, cute pictures and they engage in socially-responsible ...

Published:  Thu, 05 Dec 2019 18:25:00 GMT



High-interest overdrafts will hit consumers harder than payday loans

If there's one thing that unites this bitterly divided country, it is the view of the banks as complete and utter (insert chosen offensive expletive from Roger's Profanisaurus). Of late, they've been ...

Published:  Thu, 05 Dec 2019 08:55:00 GMT



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