Filed under: Payday Loans — at: 4:07 PM
Similar to the fact that the modern technology of the Internet makes it easier to access businesses and perform everyday business transactions at a faster rate, online payday loan establishments exist to give customers quick convenience to a fast, emergency money possibility. Payday loans are available online most any place that you can obtain an Internet connection. A quick search through any Internet search engine, such as Google, will give you page after page of online payday loan possibilities. It is a simple fact in today’s online world that waiting for your next pay check is not necessary when you have the option of using online payday loan websites. Since payday loans are usually needed when time is limited, an online payday loan is the best way to save time to get your money fast.
There once was a time when personal information had to be faxed to online payday loan businesses. With today’s existing computer software technology, the days of faxing are over. Not only are there fewer hassles with payday loans that do not require a fax, but a faxless process is more environmentally friendly, since less paper is used. Besides, the online payday loan process is much easier than running all over town in order to find a location that allows you to use a fax machine.
If you decide to go with an online payday loan company over the Internet, make sure that the company of your choice provides you with a secure site that allows for the safe transfer of your personal information. How can you determine if a website is secure? It is very simple. Just look for an “https” instead of an “http” in the beginning of the web address located at the top of your web browser. The extra “s” stands for secure. These types of websites transfer personal information through a Secure Socket Layer (SSL) protocol, or computer language, which encrypts your personal data making it much harder for hackers to steal your identity. For a list of the top 10 payday loan websites, point your web browser to payday-loan-service-review.toptenreviews.com.
An online payday loan business will want to know your checking account number and your bank routing number, so you can be charged a finance fee, their way of getting paid, and so that they can electronically deposit your new payday loan into your bank account. A quick glance on the bottom of your checks indicates both of these numbers. The bank routing number is the leftmost nine-digit number on the bottom of any check. The number to the right of the first nine-digit number is the checking account number. Sometimes, a check number that’s the same number seen in the upper right-hand corner is at the bottom. Disregard the check number.
Getting a payday loan online can be faster than obtaining a payday loan in person at a “brick and mortar” payday loan store. Usually just a few minutes, sometimes even seconds, after an online payday loan application is approved, money is electronically transferred into your checking account. You give the online payday loaner permission to access your checking account. On your next payday, the amount of the loan, along with the online payday loaner’s finance fee, is withdrawn electronically from your checking account. As is the case with a physical payday loan store, you have the option to rollover your payday loan with an online payday loan business. And, similarly to the physical payday loan store, if you rollover your loan, you receive another finance charge through the online payday loan business.
Points to Remember About Payday Loans
A nice aspect about getting a payday loan is that usually nobody investigates your past credit record. The reason a credit history inquiry is not made from payday loan establishments is due to the fact that a payday loan is an unsecured loan. Bank loans are secured. You never have to put up collateral to get a payday loan. Collateral is a possession of value that is secured by the loaning institution so that if you fail to pay the loan, the loaner (bank) owns your piece of collateral. Payday loans put a higher emphasis on whether you have a full-time job to determine your eligibility for the loan. Past credit history is of no consequence to a payday loan business.
The amount of money that you can receive from a payday loan business is usually based upon a permanent percentage of your payroll. Plus, the amount that you can borrow tends to increase after you pay off any initial loan through a given payday loan store. Most payroll lenders allow for loans ranging from $100 to $300 to first-time customers.
Payroll lenders do not loan out money for free. Worldwide payday loan industry revenues amount to over $2 billion in the U.S., £242 million in the UK, over $1 billion in Australia and close to $1 billion in Canada. The cost you pay to obtain a payday loan depends on laws where you get your loan and on local competition where you live. Another factor involves the amount of the loan that you are asking to get. Generally, higher finance fees are charged for lesser amounts loaned out for shorter durations of time. You see a higher fee for $100 loaned out for a couple days, compared to a payday loan of $400 loaned out for over two weeks to 15 days.
If you go to a payday loan store in your community, the most appropriate receipt of the loan will be in the form of straight, honest-to-goodness cash. When you receive an online payday loan, you will not actually see the cash. Instead, the online payday lender transfers money electronically into your bank account. Of course, you can take it out of your bank in the form of cash.
If you cannot pay the payday loan back on time, you can always rollover the payday loan. As stated before, rolling over a payday loan costs you another finance fee. It is always best to read the fine print of each payday loan that you get and know what the policy is for repayment to the payday lender from whom you are receiving a payday loan. Read all terms and conditions involved with each specific payday loan to uncover additional costs or hidden high interest rates that might hinder the payback of your loan.
Payday loan customers need to avoid the possibility of an automatic bank withdrawal by the payday loan business that results in a negative bank account balance, which in turn gives you large overdraft charges from the bank and the payroll loan business.
Lessen Financial Stress with Payday Loans
In today’s economic times, when world economies, national purse strings and family budgets are tightened, planning for enough money to pay all of the bills can be a hard and stressful experience. Prices continue to rise, while salary increases do not seem to keep up. To top that off, if you’ve experienced some credit hardships, banking establishments want to punish you with a solid and resounding “no.”
When you experience the setback of getting a rejection on a traditional bank loan, it is easy to think that all loan opportunities are the same. And, that is where payday loans can be your financial savior. Since a payday loan is established without credit history investigations, and is solely based on the present state of your employment, you have a great opportunity for success in applying for these loan types.
Another positive attribute to put in your hat by adding payday loans into your financial possibilities is that you no longer become known as someone who fails to pay your bills. You can consolidate your bills into one location. Plus, you enjoy the peace of mind that you can get a payday loan without worrying about a perfect credit history.
Payday Loans are Easy
Instead of getting beat up by large banking institutions that require perfect credit reports and ownership of your belongings until a loan is paid off, use the ease and convenience of payday loans to give you cash when the financial wolves are baying at your door. You have a job. You make an income. You should be entitled to your money when you need it. And, with a payroll loan, you get access to your money.