Features of a Payday Loan

Advertisements for a instant cash solution are all over the media. Those who are desperate for quick cash choose this option, often due to the fact that they have attained maximum credit from other options such as credit cards. These loans usually have several common features including the following:

  • They offer a small amount of money with significant service fee
  • Lenders require that you write a check which includes the requested amount in addition to the financial charge or
  • Provide access to your checking account

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Instant Payday Loans

Have you ever been in a cash-stricken situation? If you’ve ever been in such a situation you may be familiar with the term “instant payday loans”. According to the Consumer Financial Protection Bureau (CFPB), a payday loan is a “short-term loan generally for $500 or less that is typically due on your next payday.”* One of the problems that arise for those who take these loans relates to debt. Since the financial charge or cost of the loan is usually exorbitant, borrowers could end up owing a substantial fee, especially if the charge rolls over due to inconsistent payment. This reality is evident based on the fact that these loans usually have a high default rate.

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Qualification for Instant Payday Loans

Deferred deposit loan, advance check, cash advance and past-dated check loans are terms which relate to the same thing, i.e. payday loans. These loans are typically easier to attain than other forms of credit. Though the requirements may vary from one state to the next, a few qualifications are usually similar across the board. For instance, many payday lending stores require the following:

Proof of identity via ID
Proof of income e.g. pay slip
Checking account
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How a Payday Loan Works?

Borrowers can access a instant payday loan from financial companies and check cashers. The loan usually process usually entails two (2) main aspects:

1. Getting the loan

Before a loan is provided, the borrow will need to give the lender a postdated check in the amount which is requested as well as the additional fees related to the cost of gaining the loan. The lender in turn gives a check, instant cash or a money order based on the amount requested and the needs of the borrower. The lender may also deposit money in the checking account of the borrower.

2. Making payments for the loan

Since it is a payday check, the customer will be required to pay back the loan on the next payday. The loan arrangement typically stipulates the appropriate payment process, whether it is paid in a lump sum or in increments. A loan of $300 could be repaid in full or with $100 payments for a short-term period. In addition, a lender may request a service charge, for instance $15, for every $100 payment on the loan. Note that if you default on your payment, additional fees may apply.

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How to Calculate the Risk?

One of the biggest mistakes any customers can make is to take a loan without understanding the terms of the agreement. Since loan agreements usually include financial terms which you may not be familiar with, a careful perusal of the terms is vital before you sign an agreement. One of the main terms which are often used within the payday loan industry is annual percentage rate (APR). An understanding of APR will help you determine the level of risk associated with a loan. It will also help you to compare loans and services from different lenders.

A check advance loan usually had a very high annual percentage rate (APR) and thus can place borrowers in a perpetual debt trap. Since the APR is based on several factors including the service fee, the amount you borrow and the length of the loan, calculate these factors before you sign any loan agreement. Also ensure that the agreement outlines the payment process as well as the process whereby you can file a complaint if problems arise with the lender.

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Alternatives to Payday Loans

Though cash advance loans often seem like the only solution for borrowers, this may not be the only option available. Ensure that you consider the following alternatives before you get a instant payday loan.

Learn how to make a realistic budget: According to the Federal Trade Commission, learning how to make realistic budgets is one of the best alternatives to a cash advance loan. As you create a budget, include your monthly expenditure and avoid unnecessary spending.
Small loan from friends or family: In many cases, family and friends are willing to help. And best of all, you won’t have to worry about exorbitant interest rates.
Loan from a credit union or small financial business: These institutions sometimes provide better rates than payday loans. For this reason, do not limit yourself to one credit option. Compare rates and choose the most cost-effective option.
Payday loans are a quick solution but often result in debt. In cases where such a loan is unavoidable, ensure that you understand the terms, calculate the risks and choose the most cost-effective solution

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7 Steps To Qualify For Payday Loan

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Are you in need of quick cash to fulfill your urgent financial requirements? The payday loans are very popular in these days because of their simplicity of the overall process. Most of the times, it happens that you do not have enough money to pay out your upcoming expenses. Many people also do not have any access to credit or any option to borrow from any other person. In such critical situations, quick payday loans can really come handy and save you from further financial trouble.

Benefits Of Payday Loans:

Ability to fulfill your short term financial emergencies.

The best thing about this type of fast cash loan is it provides you quick money in the most critical times. If you are currently going through some financial crisis then this is the best way to get some urgent cash in your hand. If you do not have any other financial alternatives in case of financial emergencies then fast cash loans can fulfill your urgent cash requirements.

Avoid Bounced Check Fees:

If you know that you are low on your savings or a checking account and your check could be bounced due to low funds, you can opt for quick payday loans. In such situation, you can apply for a fast cash loan and pay before your check gets bounced to avoid bounced check fees.

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No Questions Asked Loan:

This type of fast cash loan is mostly tailor-made for people in urgent need of cash. Many companies that provide such type of loan do not ask any personal questions or your actual requirements for your loan. The payment processing is usually very fast and many times, you can get funds in your account within few hours of your online application. The best thing about this loan is many companies do not check your credit history while providing the fast cash loan.

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Am I Eligible for Quick Payday Loans?

Most of the loan companies do not ask for stringent requirements. But there are few eligibility criteria that you must fulfill if you want access to fast cash loan. Some of those eligibility criteria are as follows.

1) Minimum monthly income requirement: In order to get this type of loan, you must have at least $1200 monthly income. If your monthly income is below this level then it becomes tough to get such type of cash loan.

2) The limit of cash loan: Most of the payday loan companies provide cash up to $1500 at any given time. If you are looking for a higher cash amount then this is not the type of loan you should apply to.

3) Employment criteria: If you want fast cash loan then you need to have a full time job at your disposal. A full time employment is the essential criteria that many companies insist upon in order to provide quick payday loans.

4) Age limit: Your age should be at least 18 years or more in case you want quick payday loans. If your age is below 18 years then you can not apply for such loans online. You need to provide all the age verification documents at the time of application for this loan.

5) Necessity of active checking account: If you are going to apply for payday loans then you need to have an active checking account in a recognized bank. This is a very important requirement when you are going to apply for quick payday loans online. Most companies transfer the loan amount to your specified checking account within few hours of your application. This is why you need to have an active checking account at the time of application.

6) Latest bank statement: If you are in need of cash in excess of $500, it is important for you to submit your latest bank statement. This statement should display all the transactions performed in the last 30 days. This emphasizes the fact that you need to have an active bank account where the latest transactions are performed in the last 30 days.

7) Minimum employment requirement: Some quick payday loans companies also insist upon few additional employment criteria such as employment time and regular paychecks. You need to be working for at least three months with the same employer at the time of application. You should also be getting regular paychecks in your specified bank account from this employer.

These are some of the most important eligibility criteria for quick payday loans. Remember these criteria when you are going to apply for such type of quick cash loan.