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Choosing a PayDay Company.. |
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Payday loans may be helpful when you are
having temporary cash flow problems or are facing a financial
emergency and need money on a short-term basis. You should attempt to
pay your loan in full when it matures. If you are unable to do that,
you should make every effort to pay at least part of the amount
financed before you renew the transaction.
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PayDay Terms.. |
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Payday loans are short-term cash loans based on
the borrower's personal check held for future deposit or on electronic
access to the borrower's bank account. Borrowers write a personal check for
the amount borrowed plus the finance charge and receive cash. In some cases,
borrowers sign over electronic access to their bank accounts to receive and
repay payday loans.
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Frequently Asked Questions.. |
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They are all different names for a short
term loan of between $50 and $1500 that you pay back on your next payday. Unlike many other financial institutions,
we do not require that you have good credit or, for that matter, any
credit history at all. If you have any questions about qualifying for a
payday loan, please contact us.
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What Is.. |
| There are many
other names for payday loans, cash advances, payroll advances,
deferred deposit loans, payday advances and paycheck advances just to
name a few.
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Free
Loan Advice.. |
| While payday
loans are very easy to get, they are also very expensive and a bad
choice for making ends meet. The U.S. Federal Trade Commission has a
nice page that gives good information regarding payday loans. The FTC
points out that payday loans are costly and they give a nice example
to illustrate the cost. In their example the cost to the borrower is
effectively a 391% APR. That is outrageous even compared to a high
interest rate credit card.
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