If you've been around at all lately, you will have seen payday lending stores, seen ads on billboards and on television. You may not have even given them much thought and you might not for a while to come.
But things change and they can change quickly. Maybe you have some car repairs that absolutely need to get taken car of before the weekend is over and you have to get back to work. Maybe you have some medical expenses, like prescriptions, that can't wait till your next payday.
Scenarios like this happen every day to thousands of people. Everyday emergencies happen and everyone looks for a way to get out of their financial crisis. For these very reasons, a payday quick cash loan could be a lifesaver in your situation, but you may still have questions regarding them. Read on to make an informed decision about payday quick cash loans so you can get the best deal for yourself and your wallet.
What exactly is a Cash Advance Lender?
A cash advance lending company offers consumers the option to take out a short term loan when they really need it. You may be able to get money in as little as 24 hours. Cash advance loans are not free and they generally need to be repaid within a few weeks.
The typical term is about two weeks, though there are options to extend a loan, if needed. Every company may vary and there are some differing laws from state to state.
What should you look for in a Cash Advance Lender?
There are a few things you should be aware of when you are looking for a cash advance lender. The first issue is to find out how long the company has been in business. If you are looking at an online lender, make sure they are located in your country, as the laws for payday lending do not carry over country boundaries.
There are hundreds of payday lending companies out there and they continue to grow in popularity. A lender should have been in business long enough that you can read reviews, check the Better Business Bureau and realize that they are stable and reliable.
The BBB will have records of the business you are investigating as well as any complaints filed against them. Just because you don't find anything, good or bad, about your lender doesn't mean that they are legitimate. You can do an intense internet search to find these things.
You should then start looking at what the requirements are to get a cash advance loan. Most cash lending companies do not require much in the way of paperwork and personal information as long as you meet the following:
1. You must be at least 18 years of age or older to receive a cash advance loan in the United States.
2. You must have an active and open checking account. Many lenders also require that it has been open for at least 3 months or more.
3. You must be able to prove that you have a job, and many times you must have been there at least 3 months prior to applying for a payday loan. You usually have to prove a certain minimum amount of monthly income, but this will vary between cash advance companies.
How much cash can you receive?
A cash advance loan is usually for a small amount, typically between $100 and $1500, depending on the state. Some companies do offer their customers the chance to borrow a larger amount. Only take out the money that you need. It is never a good idea to take out more than you need, as you will have to pay even more fees on it.
Fees and Repayment
A payday loan is usually not cheap, and many fees that are associated with them can be expected to be quite high. Before you commit to the loan, ask what fees you will be expected to repay so that you are not shocked at a future time.
Most loan companies will require you to repay the loan, plus fees, in about two weeks. This is an important thing to find out, as most companies just take the money directly from your bank account on the due date.