Payday loans are a great way to get access to quick cash when you need it. They are usually repaid in two to four weeks, upon receipt of your next paycheck. It's important to budget your money so that when your paycheck arrives, you have the funds to pay off your loan and cover any other bills for the month. When you apply online, it usually takes up to one business day to receive your cash.
This process is a little longer because the funds must be sent to your bank account. Lenders hold checks until the borrower's next payday, when the loan and finance charge must be paid in a single lump sum.
Payday loanscan be beneficial, but since the interest rate they charge is quite high, they should be taken with that knowledge and repaid as soon as possible. In the long term, you can also work to fix the underlying financial issues that led you to a payday loan counter. We recommend reducing your loan principal by making advance payments to potentially reduce the financial charges you may incur when refinancing. For additional information on the regulations of your state regarding cash advance loans, please contact a customer service representative.
Payday loans are short-term cash loans based on the borrower's personal check held for a deposit future or electronic access to the borrower's bank account. Some customers applying for payday loans or installment loans may be required to submit additional documentation due to state law and qualification criteria. And since there is no set definition of what constitutes a payday loan, your state may allow other types of short-term personal loans. Fifteen states and the District of Columbia protect their borrowers from high-cost payday loans with reasonable small loan rate limits or other prohibitions. Payday loans are made at payday loan stores or at stores that sell other financial services, such as check cashing, title loans, rent-to-own, and pawns, depending on state licensing requirements.
Customers with credit difficulties should seek credit counseling before making any loan transaction. But while payday loans can provide much-needed emergency cash, there are dangers you should be aware of. Payday loans are also commonly referred to as cash advances, payday advances, payday advance loans and quick cash loans. To repay a loan, borrowers can redeem the check by paying the loan in cash, allow the check to be deposited in the bank, or simply pay the finance charge to extend the loan for another repayment period.