Let’s Talk About The Payday Loans
Payday loans can be very costly. Borrowers should use them with caution and pay the amount back as soon as possible. These loans are usually priced at a fixed dollar fee, which represents the finance charge to the borrower. Because the loans have such short terms, the cost of borrowing is very high. In return for the loan the borrower usually provides the lender with a pre-dated check or debit authorization.
Qualifying for a payday loan or cash advance is extremely easy and in most cases there are no documents to fax! Upon approval, the funds you request will be directly deposited into your specified checking or savings account for maximum convenience. Repayment is simple, thanks to our reputable service providers that work hard to meet your needs at all times. The process is simple and the benefits are https://en.wikipedia.org/wiki/Payday_loan numerous, so why wait any longer to get the money you need?
A payday loan is a short-term loan, generally for $500 or less, that is typically due on your next payday.
Payday loans generally have three features:
- The loans are for small amounts.
- The loans typically come due your next payday.
- You must give lenders access to your checking account or write a check for the full balance in advance that the lender has an option of depositing when the loan comes due.
Due dates for your payday loans are usually upon your next payroll deposit, but some lenders can extend that up to 45 days from the time of your loan. Installment options are also available in many cases. Most payday lenders offer loans in amounts of $100 to $1,000, with the average loan being between $300-$500. Fees are typically $15 to $30 per $100 borrowed, depending on local and state laws.Taking on a short-term loan is a big responsibility, and should only be done in an emergency or similar situation. These loans should only be used as solutions for temporary money issues and are not designed to be used as a long-term solution.