Everyone would agree that the future is uncertain, and an unknown future financial liability will not come with a prior warning. Now you may ask that what exactly are payday loans and how do they help overcome a financial problem? Payday loans also known as paycheck advances are loans for a short span of time, to cover the borrower’s expenses until he gets his next paycheck or salary. They help the borrower to pay off his liabilities at the time when he is not financially sound. The three major countries that provide these kinds of loans to their citizens are USA, Canada and Australia. The laws concerning payday loans are different for each of these three countries.
There are many types of payday loans available in the market for the borrower to choose from, savings account payday loans being one of them. A savings account payday loan is given on the basis of a savings account. This type of loan is generally sanctioned by the bank, where the borrower has his account. Saving account payday loans are a possible alternative for people who need monetary aid and have no option available to them.
These types of payday loans are a far better alternative than the online payday cash advances as savings account payday loans do not exceed the borrower’s biweekly net salary and hence the borrower can repay the loan easily, and can also avoid the outrageous fees and interest rates.
Most people who apply for savings account paycheck advance are those who do not have high credit ratings, hence they cannot opt for a formal type of loan. The credit lenders who provide these kinds of payday advances do not ask for a credit check from their customers.
Applying for a savings account payday loan is quite simple. Most of the credit lenders have made it easy by putting up loan application forms on the internet. Forms can also be availed by personally going to the lender. The applicant needs to fill in his personal details like age and contact information. Also he should submit his identity proof.
The borrowers need to show their employment status and submit documents regarding their direct deposit checking account. The applicants also need to provide their social security number and their bank routing number.
Unforeseen and important expenses can be a problem to anyone, and they do not come with a prior warning. They just need to be dealt with. You can easily deal with them if you are financially sound, but what if you are not? Now here is when online pay advances help you. A payday loan also known as a paycheck advance is a short term loan meant to cover a borrower’s expenses until he gets his next paycheck or salary. The laws concerning online pay advances can be different for every country.
Online pay advances are a great help for a short duration of time. However, you must be sure about every detail about payday loans before opting for it, in order to avoid any kind of difficulty in the future. There are two broad categories in which payday loans can be classified, retail lending loans and internet lending loans.
Let us discuss the two types of online pay advances in detail. Retail lending loans are the formal kind of payday loans, meaning it is the conventional way of applying for a loan. The person willing to take the loan needs to go the lending office, file an application regarding the loan and submit his required documents. On the approval of the application, the concerned authorities conduct an assessment test on the borrower, and if he passes the loan is approved. In this conventional way the borrower has to submit a post dated cheque which draws the loan amount from the borrower’s account automatically.
The second type of online pay advances, which is far more easy and convenient than the retail lending loans is the internet lending loans. It is a fast and modern way of lending money to the borrower. The borrower does not have to go anywhere to get the loan; instead the whole procedure is carried out online. Every step, be it submission of the loan application, or the submission of the required documents by the borrower, everything is done via internet. Once the application is passed by the authorities the loan amount is directly transferred to the borrower’s bank account.
Today online pay advances are available in many types apart from the two types discussed above. The various types are Instant payday advances, Bad credit payday advances, Military payday advances and Paperless advances. Let us throw some light at the many types of payday loans.
When you take out a cash loan you will be required to repay this loan from your next paycheck. For this reason it is important to pay as little as possible for your payday loan. Getting the cheapest cash advance is more than likely the number one priority for people who need to take out a payday loan. But, with so many cash lenders in the industry, how do you know you are getting your cash at the lowest possible price.
When you are looking for the cheapest cash advance it is a good idea to review the legislation that may be applied to cash lending in the state in which you live. Many states have set limits on the amount lenders are able to charge for payday loans, and having knowledge of these amounts will help you determine how much you can expect to pay for your cash. In most cases lenders who charge at or below these limits will be able to provide you with the cheapest cash advance.
The best place to find the cheapest cash advance loans is on the internet. Most companies who operate exclusively online are able to charge lower rates simply because they have lower operating costs. There are a large number of online payday lenders, so you will need to search carefully in order to find one that is registered in your state and who can indeed provide you with the cheapest cash advance.
There are two main ways that you can find the cheapest cash advance online. The first way is to search the vast number of cash lenders available on the internet yourself and compare the rates that they offer. When doing so, you need to be sure that you obtain quotes from at least a handful of reputable payday lenders so that you have a reasonable number of lenders to compare. You should also be sure to check the terms and conditions of their loans in order to ensure that they comply with the legislation pertaining to cash lending in your state.
If you take a moment from your busy schedule to think about the history of money, you may remember how we humans used to barter whereas nowadays we deal with payday loans, hefty mortgages, credit cards and ultra-stressful lives. Do you think our predecessors wandered the countryside, while out hunting, worrying about how they would get to the end of the month without a payday loan?
Of course our predecessors did have basic survival concerns like being able to find food, but they lived in a very different type of society where bartering was used for mutual advantage.
So what is bartering? Bartering is when we exchange services or resources with others, to suit both parties. So let’s say that I am good with wood, and I make excellent hunting spears from wood that your family needs to have. But I need clothes, which is what you do best, so it is a perfect barter and both of us are happy. So what went wrong to bring us from a seemingly perfect solution to a highly challenging mortgage, debt and payday loans driven society?
We could say that we have evolved; this however opens a whole can of worms in terms of opinions and discussions. A guy or girl who needs to avail of payday loans every now and again but is either skilled or willing to give time to another person or organisation, may be very happy to avoid taking out a loan but instead barter his/her time and skill.
The reality is that for an average working 21st century person bartering doesn’t often appear as a viable option; at least not when there is an urgent financial need. Bartering is out there but you need to have an awareness of the relevant associations, companies or communities. What’s more is that barter is potentially big business, with the modern day father of barter; Tom Mc Dowell quoting it as a 6 billion dollar business in America alone.
Life would be so much easier if everything came with a warning. Unfortunately, opportunity seems to be the only one that knocks before making an entry; everything else simply breaks down the door and comes charging in. When a medical emergency comes crashing into your life it often shakes everything up turns your world upside down. An accident is one such uncalled for intrusion that makes you put your entire life on hold. A trip or a stumble can end up doing a lot of damage, leave alone car accidents and the kind. At the same time illnesses and diseases are also on the rise. With a cough here and a sneeze there, you never know when a life threatening disease comes your way.
It is in these times of medical uncertainty that we realize the cost of our and our loved ones’ health. Along with the physical and emotional trauma that one has to go through, finances also burden the mind, making matters much worse for everyone involved. Medical assistance is very expensive and can never be predicted. Sometimes insurance can be relied on, but often even insurance rates are too expensive or do not cover the problem at hand.
While you struggle to make ends meet, you may often find yourself caught in debt during or at the end of this crisis. A payday loan will help you pick yourself up and put the pieces back together after this traumatic period. A payday loan is a short term loan that helps you get from one pay cheque to the next. When you find yourself in medical debt, a payday loan can prove to be most helpful. This quick and easy supply of money is effortlessly available, so that you can get the money you need, when you need it. A payday loan can help you get out of your medical debt without having to wait for forever for the money to come, or worrying about increasing interest amounts.
Our loans are cheap so that you don’t have to spend months worrying about how to pay them back. More importantly, our payback options are flexible. This means that you can decide the method and time in which you want to pay, according to your convenience. By keeping payday loans as a feasible option in your mind when you’re in medical debt, you can ensure that you’re never caught in a position where you feel trapped and unsure of what to do.
All the information on our payday loans is easily available, with testimonials, financial advice and much more. You can use our loan calculator to calculate your requirements or compare different loans to find the one that suits you best.
Most financial emergencies arrive unannounced and cash must be found within a short space of time to tide over the situation. For credit starved borrowers, finding quick cash is even more difficult since most traditional lending agencies do not entertain sub prime lending and even when they do, they never encourage small loans of a few hundred dollars. Fortunately, there are thousands of online and offline lenders willing to extend you a helping hand with short term loans like a 24 hr cash advance. Another huge relief is that these lenders do not insist on a credit check and the entire process of applying for and getting approved for the 24 hr cash advance can be achieved in less than 10 minutes.
To qualify for the 24 hr cash advance, borrowers are required to be 18 years of age or more, have a checking account and be able to produce proof of stable income (at least over the last 3 months). Once these details are provided to the lender, most borrowers are approved in minutes and you can expect to clutch physical cash on the same working day or at best the next day.
Many of these financial emergencies are in the nature of utility bills, minimum payment against credit cards, a car break down, or even an urgent trip that cannot wait till the next payday. Before you start shopping for a 24 hr cash advance, you should understand that while getting this advance is certain, the cost of the borrowing is stiff and you should expect to pay a minimum of $10 for every hundred dollars borrowed though the cost could go up to $30 per hundred dollars depending on the lender you choose to work with. Therefore, the 24 hr cash advance is best when belated payments have a financial impact to balance the cost of the cash advance. By making the minimum payment against a credit card for instance, you can ward off the penal charges and prevent your credit score from plunging further.
It is important that you find a legitimate lender offering 24 hr cash advance since the online space has its share of fraudsters and you cannot afford important personal and financial information falling into the wrong hands. Secure websites can be identified through an SSL seal at the top of the web page and you can further explore specific lenders through the contact information furnished on the home page. Calling up the lender and asking a few relevant questions about the 24 hr cash advance is a smart way to reassure that you are about to work with a genuine business.
With thousands of online lenders offering short term cash advances, finding a cash advance loan company is simple and easy when you are comfortable with the internet and computers. Ever since the economic melt down, the payday loan industry has been growing at a rapid pace particularly in America. With more and more Americans turning to short term loans to tide over financial emergencies, the lending community has acknowledged this as a great opportunity to make a fast buck at the expense of the borrowers.
Social activists, Senators and even the federal government has been seized of the rapid growth of the short term loan industry and some of the practices followed by the industry. The social activists have been quick to point out that the lending community is exploiting the unfortunate borrowers through high cost lending coupled with terms that only make matters worse for them. As a consequence, many states across the nation have made significant changes to the usury laws governing short term lending. Therefore borrowers looking for a legitimate cash advance loan company would be at an advantage updating themselves on the legal provisions that govern the functioning of a cash advance loan company in their state.
It is important however, that you find a legitimate cash advance loan company to get competitive rates and convenient terms that align with the state laws. One way you can simplify the exercise is by looking for websites that bring you quotes from multiple lenders on a single page. These websites are often loan brokers and generally work with only genuine lenders since these businesses have a reputation to keep.
Applying to a cash advance loan company and getting approved is similar to any other payday loan lender and can be achieved from the comforts of your home in a short space of time. Any cash advance loan company you choose will require you to be minimum of 18 years of age, have a stable income (proof of income for at least 3 months required), and provide a checking account. Once this information is accurately provided to the lender, you can expect to be approved within minutes and your checking account is credited often on the same day or at best the very next day. Most lenders do not insist on a credit check since the loan is secured through your next pay check and repayable in a maximum of 14 days or the next pay check whichever is earlier. Borrowers with stellar credit do have more affordable options and that is another reason why the credit is waived for sub prime borrowers.