Payday Cash Loan

A payday loan is commonly referred to as a : payday loan online, payday cash loan, paycheck advance, payday advance, faxless, no-fax or no-faxing payday loan, cash advance payday loan, no-credit check payday loan and a few others.  It is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. Typical loans are between $100 and $1500, on a two-week term and have interest rates in the range of 390 percent to 900 percent (annualized). The loans are also sometimes referred to as cash advances, though that term can also refer to cash provided against a prearranged line of credit such as a credit card. 

You will see them advertised as a fast payday loan, easy payday loan, quick payday loan, bad credit payday loan, cheap payday loan, same day payday loan, low cost payday loan, guaranteed payday loan, quick cash payday loan, low fee payday loan, instant no fax payday loan, fastest payday loan online, ez payday loan, faxless online payday loan, emergency payday loan, cash until payday loan, no bank statement payday loan, instant online payday loan, one hour payday loan, military payday loan, no credit payday loan, 24 hour payday loan, no checking account payday loan and anything except free payday loan. In Spanish it's called crédito puente, a bridge loan or el préstamo puente, a bridging loan.

Though payday lending is primarily regulated at the state level, the United States Congress passed a law in October 2006 that caps lending to military personnel at 36% APR. The Defense Department called payday lending practices "predatory," and military officers cited concerns that payday lending exacerbated soldiers' financial challenges, jeopardized security clearances, and even interfered with deployment schedules to Iraq.

Some federal banking regulators and legislators seek to restrict or prohibit the loans not just for military personnel, but for all borrowers, because the high costs are viewed as an unnecessary financial drain on the lower and lower-middle class populations who are the primary borrowers.

Lenders say these loans are often the only option available to consumers with bad credit or who cannot get a bank loan, credit card, or other lower-interest alternatives. Critics counter most borrowers find themselves in a worse position when the loan is due than they were when they took the loan, with many getting trapped in a cycle of debt.

The industry's fast-paced growth indicates a highly profitable business model. Statistics compiled by the Center for Responsible Lending show that the majority of the industry's profit comes from repeat borrowers who are unable to repay loans on the due date and instead repeatedly renew their loans, paying fees each time.

Payday Cash Loan -The Loan Process

Payday Cash Loan - Retail Lending

Borrowers visit a payday cash loan payday lending store and secure a small payday cash loan, usually in the range of $100 to $500 with payment in full due at the borrower's next paycheck (usually a two week term). Finance charges on payday loans are typically in the range of $15 to $30 per $100 borrowed for the two-week period, which translates to rates ranging from 390 percent to 780 percent when expressed as an annual percentage rate (APR). The borrower writes a post-dated check to the lender in the full amount of the loan plus fees. On the maturity date, the borrower is expected to return to the store to repay the loan in person. If the borrower doesn't repay the loan in person, the lender may process the check traditionally or through electronic withdrawal from the borrower's checking account.

If the account is short on funds to cover the check, the borrower may now face a bounced check fee from their bank in addition to the costs of the loan, and the loan may incur additional fees and/or an increased interest rate as a result of the failure to pay. For customers who cannot pay back the loan when due, members of the national trade association are required to offer an extended payment plan at no additional cost. In states like Washington, extended payment plans are required by state law.

Payday lenders require the borrower to bring one or more recent pay stubs to prove that they have a steady source of income. They are also required to provide recent bank statements. Individual companies and franchises have their own underwriting criteria.

Payday Cash Loan- Internet Lending

Online payday cash loans are marketed through e-mail, online search, paid ads, and referrals. Typically, a consumer fills out an online application form or faxes a completed application that requests personal information, bank account numbers, Social Security number and employer information. Borrowers fax copies of a check, a recent bank statement, and signed paperwork. The loan is direct deposited into the consumer's checking account and loan payment or the finance charge is electronically withdrawn on the borrower's next payday. 

Payday Cash Loan - Examples

For example, a borrower seeking a payday cash loan may write a post-dated personal check for $460 to borrow $400 for up to 14 days. The payday lender agrees to hold the check until the borrower's next payday. At that time, the borrower has the option to redeem the check by paying $460 in cash, or renew the loan (a.k.a. "flip the loan") by paying off the $460 and then immediately taking an additional loan of $400, in effect extending the loan for another two weeks. In many states, "flipping" or "rolling over" the loan is not allowed. In states where there is an extended payment plan, the borrower could choose to opt into a payment plan. If the borrower does not refinance the loan, the lender may deposit the check. In this example, the cost of the initial loan is a $60 finance charge, or 390% percent APR.

When the Consumer Federation of America conducted a survey of 100 internet payday loan sites, it found loans from $200 to $2,500 were available, with $500 the most frequently offered. Finance charges ranged from $10 per $100 up to $30 per $100 borrowed. The most frequent rate was $25 per $100, or 650% annual interest rate (APR) if the loan is repaid in two weeks.

Payday Loans - Where to Get Them

Georgia and 12 other states have no payday loan stores. 37 states allow payday loans, including those with highly concentrated payday loan stores in Milwaukee, Missouri  and Chicago. Many other states have a lot of payday cash loan stores. Canada has a lot of Canadian payday loans companies or stores especially in Calgary, but an easy way is to get a fast payday loan online - usually just takes minutes.    

Payday Loan

You can easily get a payday cash loan or payday loan online now. A fast payday loan, easy payday loan or quick payday loan is what most people want. Or if you're in the Spanish speaking community get a crédito puente or el préstamo puente.

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