Tag Archives: Payday Loans

Payday Loans and Cash Advances

So many people today are finding themselves in need of additional money. They are broke, losing their jobs and struggling in the economy. This said, it is no wonder why so many Americans have turned to cash advances and payday loans for help.

Many people have shunned the payday loan industry, writing it off as a predatory business. The fact of the matter is that while payday loans are a responsibility, they are also extremely useful in giving the average American the leg up they need to get out of a tough financial spot.

Responsibility indeed

Payday loans must always be used responsibly. In the wrong hands, payday loans can spiral out of control, digging a customer into an even deeper hole than they were in before. Remember to take payday loans out only when they are necessary for emergencies. Also, pay your loan back on time. Many payday lenders will even let you extend your loan, so you don’t have to pay it all back at one time. With such flexible lenders, it is quite easy to find a payday loan or cash advance repayment plan that works even in your tightest monetary schedule.

Sure, but will I even be approved? My credit stinks.

Many payday loan and cash advance customers are pleasantly surprised at the fact that so many lenders require no credit check! Lenders are very aware that people don’t have the best credit score, especially today. However, that should not mean that you are not allowed to receive the service, respect and cash you deserve. Lenders know that even if your credit is not perfect, that doesn’t mean that you are untrustworthy.

Yeah, right.

Really. Lenders do not want you to take their money and run. They are designed to assist you out of a dire emergency. Plus, payday loan and cash advance lenders are able to offer your special rates and discounts if you are a returning customer. Showing that you are responsible and building rapport with your lender are two of the many things that you can do to save yourself money on a loan that will get you out of a jam.

The main thing to remember is ASK QUESTIONS!! Know your lender and do not be afraid to ask any questions you have about your loan, its agreement or your repayment terms. Doing so will save you from issues down the road and make the payday loan or cash advance experience a pleasant one for you.

Always use payday loans responsibly.


Jeremy Jones is an expert in the Payday Loan Industry and helps people get the best rates on Payday Loans and avoid costly problems associated with getting them.

Copyright © 2008 Jeremy Jones

Payday Loans – How To Choose A Lender

Most of us have experienced a minor crisis which called for immediate cash. If you have been in this position you may have considered taking out a payday loan, also known as a cash advance or paycheck loan.

It’s a well known fact that these loans feature steep finance charges, obligating the borrower to repay the debt at an annualized interest rate of over 900%. Because of the high cost of this form of borrowing, payday loans should only be used as a last resort. Using them frequently can trap a person in a dangerous cycle of debt.

If you decide on a cash advance loan you have a number of options. To the dismay of many lawmakers, this form of lending has proliferated throughout the US and Canada, and those who don’t have local access to a lender can easily find one online. In fact, your online payday loan options are so abundant that you may have some difficulty in settling upon a lender. The following are some unique features of payday loans, and a few guidelines to follow when getting one.

Exactly how high are the finance charges? A typical $250 payday loan carries finance charges from about $40 to $75, which translates into an APR of 400% to 800%. Not much of a bargain, but you can find significant differences from lender to lender.

One criteria you can use to compare payday loan companies is the maximum amount they will lend. The minimum amount is normally around $200, with the upper limit being somewhere around $2000. The precise amount will be determined by several factors including your income and work history. In many cases you will be able to increase the maximum amount for which you are eligible by building a history with the lender. Take care not to borrow more than you can afford to repay on the specified date, or you will incur even more finance charges.

How quickly will you receive your money? If you get the cash advance in person at a local establishment, you will have the cash as soon as you are approved. Online lenders take slightly longer, with the next business day being the norm. Some companies offer money wired into your account on the same business day provided you receive approval before a certain time, for instance 2:00 pm. You will probably pay more in fees for same-day service.

The minimum monthly income requirement for a payday loan can be as low as $800, not a big issue for most full time workers. Most lenders will not run a credit check; however, many of them use some type of tracking service that verifies identity and other information given by the loan applicant.

What if you are self employed or living on a fixed income like a pension or social security? Not all lenders will extend credit for this type of income, but you can find one with some persistence. In the event that you receive some non-traditional form of income that you want considered, the lender will verify the income by looking at your bank statements.

Do you happen to have access to a fax machine? With many payday loan companies, you won’t need it. “No Fax” lenders are the norm these days. While some lenders may require you to fax proof of income, most of the time everything can be verified online, saving valuable time in getting your money which can be deposited directly into your checking or savings account.

In the event you cannot pay off the cash advance on your next payday, most lenders will allow you to roll over the balance several times. Beware of doing this at all costs, as the already expensive finance charges can multiply quickly and make the loan even more difficult to repay.

Despite opposition from a number of lawmakers, the payday loan industry is booming. These “lenders of last resort” provide a needed service for a growing segment of the population- low to middle income workers who have difficulty obtaining more traditional loans because of their credit history and income level. Before you choose a payday loan, investigate any and all other sources of funding available. Choose a lender that has been in business for at least several years and is up front about all of their fees and policies. Don’t make a practice of using the loans regularly, and try to avoid extending loans beyond the initial repayment period. Finally, work to improve your credit score so that if financial difficulties arise in the future you will have a less expensive way to deal with them.

Easy Cash Payday Loans

Loans are a good way of forcing you to manage your money. They force you to save you money and ensure you make the repayments. This is a good thing as it makes you think about your finances and what you need to do to manage them.

It also can help you look at your budget and start to organize your wants and needs. Loaning money can be very useful, but you should always be careful about how much money you borrow and how much your repayments will be.

There are many types of loans and often a personal loan is the first type of loan that someone gets.

Once they get a small loan for a few thousand dollars, and manage to pay this off, this gives them the opportunity to establish a credit rating.

A good credit rating is essential if you want to borrow more money in life like getting a mortgage to buy a house. So it is important that you protect your credit rating at all times and not default on any loan repayments.

1. Easy ways to get a Payday Loan, Lease or Mortgage

Ther is an old saying from way back that says;

“the banks won’t lend you money if you really need it,”

Banks prefer to lend money to people who they know can pay it back or to people who already have a lot of money as it is a good investment for them.

If you don’t have a lot of money, then make it look as if you have and that’s often almost as good as having it.

If your desperate – then don’t admit it.

If you look like you couldn’t care less if they lend you the money or not, then chances are they will be less cautious.

Ensure that when you go to see them you dress well in your very best clothes.

Ensure you do your homework first – and arrive organized all the information the bank wants to know in order to approve your loan.

2. Documents you need to get a mortgage.

a) Your Expenses. It is a good idea to have all your expenses listed out. Put them in an Excel sheet and calculate the total. Car repayments, rent, food etc, all the necessary items.

b) Your Tax Returns. Two years worth of tax returns from your accountant.
Your Salary receipts from your employer. This could be a few weeks worth.

c) A copy of the Contract of the House you are buying and any other associated documents.