Archive for the ‘Payday Loans’ Category

The Easy Access of Payday Loans

Posted on: April 11th, 2013 by Brad D.

Whether you are in a bind for extra, emergency money, or you are just in need of money before your next pay check arrives, it is comforting to know that there is an easy method of getting cash that does not involve equity in Fort Knox or a stellar set of credit report ratings. Even if you currently do not own a single credit card, it is very possible to get cash in your hands well before you see you next pay period. You can get your influx of money and have absolutely no credit card in hand and without ever having seen a credit card application. So, you say that you have a long history of bad debts, unpaid bills and that bankers laugh at you when you ask them if it is possible to get a loan from them. That is just fine and does not matter one bit when you seek out a online payday loans, because this form of loan is one of the easiest methods for securing instant cash.


How to Get a Payday Loan


Apply for a bank loan and you discover that first of all, the process requires a personal visit to the banking establishment. You’re never going to get a traditional bank loan with just an online visit. Then, there are long sets of lengthy forms to fill out. Sometimes it not only takes hours, but days to fill out the forms. You will be required to provide references, other examples of credit that indicate successful payments, along with a list of items of value that can be secured by the bank for collateral in order to get the loan. The approval process involves days to check your previous credit record. One of the national credit tracking agencies is hired by the bank where you are applying for the loan, which after several days of investigation, informs the bank of your complete credit history. This third-party credit validation often takes over a week to complete and it sometimes can involve several weeks of your precious time. If you need fast cash, you are simply out of luck. To make matters even worse, if you happen to possess a poor credit history, it is a guarantee that knocks you out of receiving the loan which you desire from the traditional bank.


But, when you apply for a payday loan, the form is short and sweet. Instead of taking hours to complete, a payday loan application can be finished in mere minutes. There is a minimum age. You need to be at least 18 years old. There is often a requirement that you are a citizen in the country where you are applying for a payday loan. You need to have valid, full-time employment. Usually pay stubs or a proof of income in the form of bank statements are sufficient to indicate a job to the payday loan business. Plus, there is usually a minimum income level. Most payday loan establishments require an income of at least $1,000 per month.


Other payday loan requirements might include a Social Security number, a driver’s license number, current home and work telephone numbers, a valid e-mail address, proof that your employment is full-time, or proof you have held a job for over 90 days. Some payday loan companies disqualify applicants who have recent records of bankruptcy, but this is not a common point in determining payday loan acceptability.


Payday loans are short term loans on your next paycheck. Without a hassle, you are given emergency cash with a promise made by you that you will pay back the amount that you are loaned by the payday loan business to them from your next pay check. Since they are simple and fast, payday loans are an increasingly popular method of obtaining fast cash when wallets and purses are drained of money.


Steps to Use When Considering Getting a Payday Loan


If you get into a situation where you require money that just does not exist, you should not feel guilty that you have failed in any manner. There are moments in almost everyone’s life when moths start flying out of checking accounts, instead of cold, hard cash. Unexpected emergencies, such as automotive breakdowns, unexpected sicknesses, or household breakdowns, such as a broken refrigerator or stove, can put a squeeze on your budget. And, there is always that last minute Christmas gift before December 25th that adds up to more money than originally planned. That is when payday loaners save the day.


The key is to determining a payday loan amount is to get a loan that matches your needs and that comes in below the amount of your next paycheck. A successful payday loan is one that you can pay back quickly. You should not try to get a payday loan if there will be insufficient funds in your bank account to pay for the loan when your next pay period comes around.


Your next step is to find a payday loan “store” in your community. If you live in the states of Maine, New Hampshire, Vermont, Connecticut, Massachusetts, New York, Pennsylvania, New Jersey, Maryland, West Virginia, Kentucky, North Carolina, Georgia, or Arizona, you will not find a “brick and mortar” payday loan establishment, since payday loan businesses are illegal in these states. Any other U.S. state, Canadian province, all of the UK and throughout Australia have payday loan businesses.


Before you take out a payday loan, realize that they exist as a method to obtain a short-term loan that is secured against your next paycheck. Like any loan, they need to be paid back, along with the finance charge associated with them, which you are charged as a privilege for receiving the cash. Like most any “product” that you purchase, a payday loan is not free.


As mentioned above, applying for a payday loan is fast and very easy. Contrary to banking establishments that seldom give loans to customers with poor credit, payday loan businesses simply want to know that you have a full-time pay check. The reason for a simpler loan application is because payday loans are designed as a short-term emergency money option, not as a method of taking a customer out of a long-term financial difficulty. And, since a payday loan company needs to be able to get paid, it is no surprise that when you visit a local payday loan store, you will need to take your checkbook in order to write a post-dated check as part of the payment process.


Payday loan stores check very little, but it is a mistake to assume that a payday loan business only checks to see that you work at a full-time place of employment. Most payday loan companies will check to ensure your bank account is in good standing. If there is a record of overdrafts or a negative balance on your checking account, it might be hard to get a payday loan.


Giving out accurate information is essential when applying for a payday loan. A fast rejection is certain if your application is less than truthful. Even if you think that the truth might be the means to a payday loan rejection, accurate information is still very essential. The chances are high that correct information wins the day in the successful acquiring of any payday loan.


The Payday Loan Process That Gives You Cash


Once you are approved to receive your new payday loan, you will be asked to write a check dated on the precise day of your next pay period. You will write the check out for the amount of your loan, plus the finance fee charged by the payday loan business. Let’s say the payday loan business is loaning you $100. They might charge you a finance fee of $17.50 for that $100 loan. So, your check will be written for $117.50, which pays back the $100 and pays the payday loan store its $17.50 finance charge.


On the date of that check, or your next pay period, you are expected by the payday loan company to come back into the payday loan store and pay off your loan. Another option available to you is to rollover your loan on the date of your next pay period. If you elect the rollover option, the payday loan business charges you another finance fee. In the example outlined here, another $17.50 is tacked onto the $117.50 to give you a new total of $135. If you do not show up in person at the payday loan business, that loaner can put your predated check through for payment.


Some payday loan entities also allow incremental payment installments. An example involves paying back your payday loan over four pay periods, instead of in one lump sum at your next payday. Each payment installment gets a finance fee included with the payment. So, using the example above, four loan payments would increase your total bill by four times $17.50 or $70 for a grand total of $170, when you add the principal of $100 for the original payday loan.


Savings Bank Accounts Work, Too


It is not necessary to only possess a checking account when you get a payday loan. Savings accounts are equally as important as checking accounts in allowing you to get your payroll loan amount. Procedures for obtaining your payroll loan are the same with savings accounts as when checking accounts are used. Online payday loan entities can electronically credit money to your savings account. “Brick and mortar” payday establishments can take savings account withdrawal slips, just as they take checking account checks for the payment of the loan.


Online Payday Loans

Posted on: April 11th, 2013 by Brad D.

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


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.


Repayment Problems


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.


| Quit Smoking