A Loan For Emergencies
Payday loans, also known as cash advances, are short-term, small loans usually paid back within two weeks or less. Also known as payday loans, they’re completely legal in almost all states. To obtain a payday advance, you simply give the loan lender a pre-authorized check for the exact amount you need to borrow, along with the lender’s processing fees. The check is then held until your next pay date. Then you must send a post-dated check to the payday lender for repayment on your next payday. If the check is returned, the loan is then due for repayment.
Repayment is simple
You simply pay the full amount at the next payday. However, to ensure timely repayment, the lender may require an advanced written statement from you dated within two weeks of the date of the advance. The statement will outline the date you received the money, the amount you spent, and the date you will repay the loan. In some states, the lender may require a signature photo in addition to this documentation.
For many people, obtaining payday loans
through an online application is a quick and easy process. The quick cash option often allows you to apply from the privacy of your home, avoiding the embarrassment or humiliation of having to meet with an agent in person. By going online, you can receive a decision guide in the same way you would receive an approval or denial for any other loan. Fast cash lenders often offer a free no-obligation, no questions asked no faxed application, and a quick decision guide.
When you receive your fast cash loan information
you may need to print out a hard copy of the decision guide. To receive a paper copy of the decision guide, log on to the lender’s website and access the online application. Once you have completed the online application, you may also have the option of printing out the decision guide. If you have questions regarding your payday loans, you can contact your live agent or call your local branch.
To ensure your success as a borrower
and for your own peace of mind, be sure to thoroughly research each online lending company before signing on the dotted line. Although most lenders are legitimate companies, there are always shady operators lurking on the Internet. If you have questions about your payday business plan, you should refer to your state’s attorney general. Many states have placed a licensing requirement on payday loans and long-term loan brokers. Therefore, borrowers should always do their homework and consult with an attorney before settling for any lending source.
Other fees may include per-transaction fees
application fees, and overdraft fees. These are typical fees that borrowers should be aware of. They vary by lender and can be compared before signing on with a lender. Payday lenders do not offer written statements once the loan has been funded. There is a grace period following the initial sign-up for payday loans that borrowers must take advantage of.