Payday Loans Have Many Benefits

Every year millions of Americans responsibly use payday loans to help solve short-term credit needs. Customers look at their options and make a reasonable choice. They tell us that they use payday loans to avoid other fees. They choose between bouncing a check or overdraft protection, incurring late fees on routine bill payments, borrowing from friends, family or church, taking out a cash advance on a credit card or taking out a payday loan. All of these products have a cost associated with them. Payday loans can be a less costly, desirable option.

Restricting access to payday loans and other financial products through licensing laws or zoning laws stifles competition. Consumers benefit most when they can easily choose from many different financial products.

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Payday Check Advance

A payday check advance is like a rich uncle who is there to supply any and all financial needs with dough that is green and quite spendable once out of the lender's oven. For many Americans who live paycheck to paycheck, the payday check advance lending agreement is a very convenient way to get out of sudden financial emergencies. Whether the need is for a new rebuilt transmission for the car or the washer, dental work for a child, a new furnace or a trip to the emergency with that requires a large co pay, these lending instruments can be fairly painless to secure as long as someone has a job and an active checking account. But this payday lending agreement has some painful and in some cases deadly financial barbs attached at the other end of the payback period. Understanding how these loans work is an import factor in not allowing them to gain a permanent foothold in a person's financial life.

In order to understand the danger of such loans, it is helpful to realize that that over seventy percent of Americans are already living paycheck to paycheck. This sobering fact means that the majority of Americans has no viable savings and is unprepared for the common emergencies that seemingly arise almost every month. Oftentimes parents or family or friends are able to help, sometimes even churches can rise to emergency situations, usually for members that they know. If the emergency arises in a homeowner's family, that owner may be fortunate to have enough equity in the home to secure a home equity loan for these unanticipated circumstances. But for many, especially those who make less than a livable wage, just a bill for three or four hundred dollars can be a money nightmare. And those who provide a payday check advance to these meager wage earners may be unwillingly participating in further debt enslavement for these borrowers.

There are no questions asked about the use of the borrowed money which can lead to frivolous or even self destructive use of a e fourteen day payday check advance loan. And since there are also no credit checks or investigations into debt to income ratios, those with already poor track records in handling borrowed money are the most likely to use such a lending agreement. While the proponents of such lending practices point out that they are perhaps the only place that a low income person can turn for emergency funding with a modicum of dignity, the reality remains that once the payback date is missed, or the loan must be extended, the borrower can be caught in an awful undercurrent of ever increasing interest and obligation.

If a local lending company is used and not an online lender, a payday check advance lending agreement happens like this typical scenario: first, the borrower comes into the office and must show some sort of picture ID issued by a government authority. A piece of first class mail from a business or a utility with the borrower's names and address must be shown. Thirdly, proof of a working checking account must be available as well as a paystub from the borrower's place of employment. This last requirement may be in the form of a check stub and the borrower will be asked if he is paid weekly, bi-weekly or monthly. The borrower then signs a personal check made out to the loan company for the amount of the loan plus the interest and fees associated with the payday check advance agreement. The check is post dated for the date of the next payday and on that date the lender cashes the check and the agreement is over.

The problem with the payday check advance culture is the high interest rates that borrowers must repay very quickly. So exorbitant are some of the rates that many states have regulated many of them out of business. Annual percentage rates still allowed in some states are over one thousand percent. These would be applicable in the case that a loan would go into default and not be repaid after a year's time. In some states, these high interest loans are not allowed to be extended beyond a fourteen day period. But for the loans that are extended when a borrower cannot repay, new interest and fees are brought to the agreement increasing week by week in large doses the debt the borrower will owe.

For the one who can afford a hundred or two hundred dollar loan and there is enough money in the paycheck to pay back the loan quickly, the payday check advance lending agreement is a handy alternative to consider. In some states, a hundred dollar payday advance for two weeks will only cost about thirty dollars. Two hundred dollars will cost about sixty dollars plus the principle in the payback check. But for the desperate man or woman that has to think about food on the table or pay the heating bill, this kind of lending agreement can seem like an answer to prayer until the fourteenth day arrives. For the lender, it's just business, but for the debtor it's another crisis that has to be faced.

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Payday Advance Loan

Payday advance loans can prevent worrying about stretching a dollar until the next payday, or even eliminate the stress of paying for that unexpected expense that just arose. Payday advance loans are available to those in a financial crunch and the process is quick and convenient as many lenders advertise on the Internet, or are available through many storefront locations. This financing provides money until the next paycheck arrives. Although there are no regulations for how payday advance loans are to be used, many people use them to pay their bills on time or to pay for unexpected emergencies, such as a leaking roof or a car repair. It is important to consider whether the circumstances really require immediate financial attention, or whether it's possible wait to make purchases when the money is at hand.

Most times, these are easy to obtain because they do not require a credit check. However, payday advance loan lenders typically require that one is at least 18 years old, have a checking account open and in use for at least 90 days and have take-home earnings of at least $1200 per month. A payday advance loan can be obtained at a cash advance store where they will require a post-dated check for the amount qualified for, plus the fees for the financing. Online companies typically allow application completely electronically or via a fax machine and deposit the money directly into a banking account.

These loans are meant to be relatively small, short-term loans as the fees rendered at times, can be extreme. Some may question whether payday advance loans are wise, because they may cause people to rely on borrowing rather than getting their financial life in order. However, at times these can make good financial sense. For example, it may be cheaper to use a payday advance loan than it would be to pay for bounced checks or overdraft fees. Furthermore, they can help protect credit by avoiding late or missed payments, provided repayment can be made when or before it is due.

Borrowing on paychecks can be a useful financial tool if handled with the mindset of them being emergency options for things needed, not things desired. In addition, it is most prudent to take time to examine the overall financial situation so that unexpected expenses can be covered in the future. Lastly, borrow only as much as is absolutely needed and pay back the payday advance loan at the due date, if not sooner.

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One Hour Payday Advance

The option of the one hour payday advance can provide a quick financial alternative for individuals who need money fast. Many online providers claim to be able to get money to clients rapidly while requesting a minimal amount of information. A potential borrower's name, address, age and amount and source of monthly income are generally the only data that is required to secure these rapid loans. The money may be made available through a variety of methods. Some providers will deposit the needed cash directly into a client's checking account. Others will send the money via telegraph. Once an application has been filed, a potential borrower may need to send documents by fax to the lender that verifies the information. Some lenders have specific pay back requirements. These providers may automatically deduct the loan amount plus interest from a borrower's checking account after money has been deposited following the nearest future payday. Whatever method is used, the one hour payday advance is a popular option for some individuals.

The fees and interest charges that are assessed by these lenders can vary widely so potential borrowers should definitely shop around. Fast cash usually requires fast pay back and steep penalties if a payment is missed. A financial emergency can happen to anyone, but the method of coping with these emergencies may require careful examination. Credit cards could provide a better option in these emergencies. The interest rate that will be charged will often be lower than those that are offered with the one hour payday advance and a card holder will generally have much more time to pay off the debt. For anyone who lacks financial discipline, these advances could prove to be both addictive and expensive. Some states limit the practices of these extreme short term lenders while some have outlawed them all together. The ability to pay these advances back is not a major concern for these lenders. Some companies do not even require the potential borrower to fax documents that verify the information that is needed including proof of income or employment. If a borrower finds themselves in default of these short term loans, it can work to the lender's advantage. Extra fees and higher interest rates may apply every time that a payment deadline is missed. These factors can make the one hour payday advance a risky proposition for the borrower.

These advances come under the category of the unsecured loan and can range from as small as one hundred dollars all the way up to one thousand dollars, fifteen hundred dollars or more. These loans may go under a number of names including the payday loan, the cash advance, the deferred deposit, fast cash loans, or bad credit loans. The main selling point of the one hour payday advance is the quick turn around on funding. Folks who need cash fast may turn to this kind of lending option in a pinch. While the requirements for these advances are far from stringent, a potential borrower must be at least eighteen years old, must have either a job or some source of income that is regular, and a checking account that is active. Some of the issues that could cause an individual to be turned down for one of these loans could include a history of default in regard to short term loans.

Most one hour payday advance loans require that the amount of money that is borrowed be paid back following the next pay date. The trap here can involve fees that are charged when a payment deadline is missed. Many lenders are more than happy to refinance the short term loan if a borrower can't pay the funds back on time. In fact, many lenders will go ahead and automatically refinance the amount of the advance once a borrower has missed a payment. A borrower could find themselves significantly and rapidly in debt simply by doing nothing. Many of these providers of the one hour payday advance will also allow a borrower to pay for interest and fees only, keeping the high interest loan alive. Many of these companies offer borrowers the opportunity to apply for an advance twenty four hours a day, seven days a week. While the standard banking holidays can occasionally slow things down, the one hour promise is generally consistently fulfilled for applicants who qualify. Exceptions to this promise could occur if a potential borrower does not have a checking account that will accommodate direct deposit.

Even though these loans might seem to be easily obtainable, there are certain circumstances that can present roadblocks, at least temporarily. If a potential borrower does not have an active checking account, but does hold a savings account, there are lenders who can accommodate this circumstance, but a borrower will need to seek these out. Individuals who are living on a fixed income or on government benefits can still be approved for a one hour payday advance. Proof of a regular income is the only requirement that many lenders need. The lack of a valid driver's license need not be a deal breaker. Many providers will accept a passport or a social security number in lieu of a valid driver's license. The fact that these advance providers will generally not do a credit check on potential borrowers has made this option a popular one for some.

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1 Hour Payday Advance

A payday advance is a small cash advance from a lender or lending company to anyone who is in an emergency situation and is in need of quick cash. Payday advance loans are loans that are repaid to the lender with a post-dated check from the borrower's checking account. The post-dated check is cashed by the lender, or lending company, on the borrower's payday. There is a fee attached to these transactions, and a post-dated check amount will usually include that fee.

Emergencies are never timely. Often, a person may find that they are in need of a payday advance due to untimely circumstances that are proven to be out of their control. Severe and unexpected illness, death in a family, or critical car and home repairs can occur when cash is in short supply. These short-term loans serve to extend quick cash for emergency purposes to those in need of short-term financial aid. When a person needs cash now, but payday is still a few days away, payday advance loans can help.

It's fairly simple to obtain a payday advance. Generally speaking, a proof of employment is all that is needed to obtain these short-term loans. If a poor credit rating, or credit problems in the past, payday advance loans might be an option for obtaining quick and easy cash. Many companies that offer these transactions will not even research credit histories. By supplying the lender with a post-dated check, a borrower is somewhat guaranteeing that the money will be paid back. On the day that a borrower receives their monthly income check, the post-dated check to the lender is cashed, paying back the loan plus a fee.

As with any financial matters, obtaining a cash payday advance loan should be carefully considered before entering into an agreement with a lender. Payday advance loans exist to serve those in need of emergency cash, and they do not exist to help the financially troubled float from one paycheck to the next. Anyone wanting to investigate these transactions should speak with several money lending agencies, and comparison shop for the cheapest fees.