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What is a payday loan
A payday loan has many names. Some call it a cash advance loan. Some call it a check advance loan. Another name is a post-dated check loan. Still others call it a deferred-deposit check loan. The Federal Trade Commission in the U.S. calls it “costly cash”. No matter what you call it, its the same thing: a small (usually $50-$500) short-term loan with high interest. A payday loan (also called a paycheck advance or payday advance) is a small, short-term loan that is intended to cover a borrower’s expenses until his or her next payday.
Have you ever been burdened with an unexpected expense, like a big car repair bill? How have you handled it? Do you use your credit card and pay for it, including interest, over a period of time? But perhaps you dont have a credit card. Or maybe youre one of the millions of people who carry too much debt, and have already “maxed out” your credit card. Do you have friends to borrow from? Most of us dont like to do that and most friends dont like that, either. So what do you do? Well, you could get a payday loan.
What are the benefits of payday loans? Lets see:
You wont have to go through the hassle of a credit check.
You can apply in person, on the phone or on the Internet.
The process takes less than 20 minutes.
The loan proceeds are automatically deposited into your bank account within 24 hours.
Its affordable, at least immediately you dont have any up-front costs.
Its discreet nobody else is involved.
Its secure your financial information isnt shared with others.
Ok, that makes sense. Those are enough reasons to get rid of the stress of being short of cash. Its a “quick fix”. You can cover the shortage, and get on with your life. And youll be able to pay it back next payday, right? So youve solved your problem.
These companies are in business to “help” those in dire financial need. They offer these loans to people who cant find the money they need anywhere else. Lets profile one company who offers payday loans as part of their overall financial services business Money Mart.
Money Mart was created as an alternative to banks. Their hours would extend beyond banking hours, and theyd situate themselves in more accessible locations than banks. They could cash checks when banks were closed, and people wouldnt have to travel very far for their services. They must have been on the right track because now, they have 1,700 locations in Canada, the U.S. and the U.K.
A typical Money Mart customer is an average working person, 32 years old (82% of customers are under the age of 45) and employed, with an annual income around the national average. These customers go to Money Mart because of their fast service, their convenient locations, and their extended operating hours. The founders of Money Mart were right their original ideas still hold true today.
Since adding payday cash advances to their financial services, theyve carved themselves a very nice niche in the industry. But theyre definitely not the only choice. You can now find at least one, and usually several, payday loan centers in every community
Immediate Decision Loans made easy to apply and avail
Need a loan? You can get an immediate decision loan to satisfy your money requirements almost instantly. It is time you move over to availing loans through the Internet. The Internet has become a preferred channel enabling people to avail loans as and when they require.
The traditional money lenders need to be approached at working hours. They need to know the reasons for availing the loan. They do need a set of documents or paperwork which has to be submitted well in advance. Over and above of the approval and the credit period, the entire procedure could take up 5 7 working days in general.
On the other hand, you have the online money lender who can be approached 24x7x365 days of the year. The money lender would provide you with a loan quote depending upon your loan requirements. You could check out the loan quote, the loan terms and conditions and if found suitable go ahead with the loan. On the overall, online money lending activities means
1.Apply for loan online. 2.Receive online approval with 24 hours in most cases 3.No Submission of Document/ No faxing of papers 4.No checks on Credit History 5.Enjoy credit of the loan amount within 24 48 hours of loan approval
Just going through the above processes in order to avail a loan, you do realize that entire procedure does not require you to visit the money lender. You simply need to apply for the loan and wait for the approval, following which your bank account will be credited with the loan amount. You can apply for the loan at your convenience and hence your work day schedules do not get disrupted.
To be on the safe side, it is necessary that you maintain your credit rating in perfect order. In case of any discrepancy in the same, you do need to modify it accordingly. Most of the online money lenders do not conduct credit history checks. They are willing to provide loans irrespective of your credit history. Still, it is best if you stay prepared and maintain it in order.
Depending upon the money lender, you could be required to pay loan processing charges as well. Keeping in mind the “immediate approval and credit” factor, immediate decision loans are slightly expensive than normal loans. Before availing the immediate decision loans you need to know the Annual percentage ratio. The Annual percentage ratio helps you to determine the cost of loan and how much rate or interest you are going to pay. So do make it a point to check out about charges and other costs which you are likely to incur when availing an immediate decision loan.