Payday Loans Cash Advance Consumer Guide

The objective payday loan and cash advance consumer resource

   

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Payday Loans and Cash Advance Consumer Guide


The payday loan and cash advance consumer resource

 

Payday Loan and Cash Advance Basic Info:

Payday loans: what is a payday loan or cash advance?

A payday loan or cash advance is a cash loan provided over a relatively short period of time, typically to help borrowers with their cash-flow until their next payday. These payday loans or cash advances are unsecured, meaning that customers do not provide collateral. Repayment on payday loans and cash advances are generally payable on the borrower's next payday, typically between 4 and 16 days. On this web site, the terms 'payday loans' and 'cash advance' refer to the same thing.

 

Payday loan and cash advance requirements: who qualifies for payday loans and cash advances?

In order to qualify for a payday loan or cash advance, you must have a job or receive regular income. You also must be at least 18 years of age and a U.S. citizen or legal resident in order to obtain a payday loan and cash advance. Most payday loan and cash advance companies require that you also have a checking or savings account. Each payday loan and cash advance company may also have their own additional requirements.

 

How much cash can payday loans or cash advances provide?

Although the amount varies from state to state and from company to company, most payday loans and cash advances are typically between $100 and $1500, with $100 - $500 being the most common amount.

 

Is a credit check required for payday loans and cash advances?

Most payday loan and cash advance companies do not require a credit check in order to qualify for payday loans and cash advances. For many people with less than perfect credit histories, this is one of the main advantages of a payday loan or cash advance.

 

How long does it take to get a payday loan or cash advance?

In most cases, payday loans and cash advances can be approved in an hour or in a few hours. That means that the money can often be transferred into the customer's bank account the same day or the next morning.

 

How do I receive the cash once my payday loan or cash advance is approved?

Once your payday loan or cash advance is approved, your money will be direct deposited into your bank account.

 

Must I have a checking account in order to get a payday loan or cash advance?

Most payday loan and cash advance companies, especially those online, require customers to have a bank account.

 

Is there a fee to apply for a payday loan or cash advance?

There are no fees whatsoever to apply for payday loans or cash advances. We recommend that customers never agree to pay an application fee for payday loans or cash advances. Payday loan and cash advance companies make their profit from the interest charged once you are approved.

 

Why is there some opposition to payday loans and cash advance loans?

Payday loans and cash advance loans are short-term, unsecured loans requiring no credit checks in most cases. As a result, payday loans and cash advances have a much higher interest rate than most other loans, in some cases as high as 500% per year. Payday loan and cash advance companies justify the higher interest rates by highlighting the financial risks they face and the service they provide borrowers. Opponents of payday loan and cash advance companies claim that the high interest rates are tantamount to loan sharking and exploitation. In addition to that, some payday loan and cash advance companies have resorted to aggressive and, sometimes, illegal, measures to ensure repayment of their loans, leading to many consumer complaints. Proponents counter with the argument that payday loan and cash advance companies are providing consumers with valuable service that traditional banks and other lenders have neglected. They also say that only some payday loan companies resort to illegal and unethical practices, with most others abiding by the law and treating customers fairly.

 

Copyright 2011