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Payday Loans Online and Cash Advances

Americans seem to be experiencing a few financial difficulties these days. Six out of 10 citizens do not have at least $500 in a savings account. This means that millions of Americans will not be prepared when life throws unexpected tragedies their way.

Anything can happen. Your car could break down, and we all know that the repairs can be very expensive. Your kids may have an accident that will require a trip to the emergency room, and several high and burdensome medical bills are destined to follow. If you don’t have money in the bank to cover these expenses, what will you do?

The good news is that we can get ourselves out of many of our unexpected short-term financial needs with money. There is only a problem when the money isn’t close at hand.

Many people have credit cards that they use just for times such as these, but your last unexpected disaster may have caused you to use up all of your available credit. If you don’t have this option to take advantage of, you wouldn’t be alone. Harvard University performed a study and discovered that almost 40 percent of households that earn $40,000 a year don’t have any credit cards at their disposal. An astonishing 10 percent of the American public doesn’t even have a credit score!

Even though you do not have any savings and you cannot access any credit, you can still experience emergencies that require you having money to get out of them.

The scenario described above sounds pretty hopeless, but there is a way out of the mess that you are in right now. You can apply for a payday loan.

Payday Loans

What Is A Payday Loan?

A payday loan is a short-term loan. The objective is to borrow no more than the amount of money you would receive in your next paycheck, so it is like a payday advance. It is also a short-term financial loan that you will be required to repay after you have deposited your next paycheck. This is an option that many people choose to take advantage of because it helps you avoid non-sufficient funds charges.

When you want to take out a payday loan, the customer service team will greet you at the door. The establishment will give you an application form where you will fill in your name, your home address, Social Security number, birthdate, phone numbers and driver license number.

You will also need to let them have information about your employer. You will give information such as employer name, your job title, employer's phone number, your monthly salary, your next payday and how often you receive that amount.

If you are approved for a loan, you will also need to give your lender your bank’s information. This will include the name of your bank, the bank’s routing number, your bank account number, bank account type and whether or not you have direct deposit.

You will write the lender a personal check for the amount of money that you need to borrow. This will be for the principal amount, fee, and the interest rate. According to the Consumer Financial Protection Bureau, the annual percentage rate is close to 400 percent, but if you are only borrowing $100, the fee will be $15. The due date will be within two to four weeks.

Cash Advances

The Payday Loan Reputation

Payday loans have a bad reputation because of the seemingly high percentage rate, APR. When people are unable to repay their loans after they receive their paychecks, they extend their loans' terms. This will increase the fees they need to pay, and the debt continues to grow. This is called "rolling over" the debt. The result in the fact that these borrowers have more to pay in interest than the original principal amount.

Many people have addressed this issue of the payday loan, and one of them is the "Pew Charitable Trusts." They have stated that approximately 12 million Americans apply for payday loans every year. The fees for these loans add up to $9 billion. These borrowers only make $30,000 per year, and they have difficulties paying their bills on time.

The Pew Charitable Trusts have also found that payday lenders tend to target people in precarious financial situations. In their research, they discovered the following:

  • People who take out payday loans tend to be in the Midwest, the South, and urban communities.
  • Of the many divorced Americans, 13 percent have taken advantage of payday loans.
  • A total of 12 percent of Americans of African descent have obtained a payday loan.
  • Women equal 52 percent of those who have received a payday loan.
  • Every year, 12 million Americans visit a payday lender for a cash advance.

Because you are required to leave a check for the amount of the principal and the fee, you must make sure that you can deposit your next paycheck before the lender cashes your check. If you cannot do this, your bank will charge you a non-sufficient funds fee. The lender will also charge you extra fees, and these will be late fees for not repaying your loan on time and a fee for the returned check. You will also receive rollover fees from the lender so that your due date can be set to a later date.

Some borrowers do not have the option of applying for a home equity loan, for example, because they do not have the required credit scores. Payday lenders are willing to accept borrowers with lower credit scores, but these loans will not affect your credit positively. In general, lenders do not report to the three major credit bureaus when you repay your loans in full, so payday loans do not help improve your credit scores.

Those who are afraid of the debt trap of payday loans have an alternative. It is credit counseling. Credit counseling will help you address those issues that need you to resort to payday loans in the first place. With credit counseling, you will learn how to set up a budget and stick to it and then begin to save enough money that you will need for a rainy day.

Payday Loans Online

Disclaimer:

Short-term loans are supposed to have special purposes, they are designed for people to take it and use it for a short time. This type of loan is an emergency credit product, as the loan debtor receives cash in not big amounts. It is highly important to understand the main meaning of short-term loans, which are not intended to be used for a long time to solve the problem of constant lack of funding. In case, if the loanee wants to prolong the short-term credit, this type of credit product can become a very expensive product.

paydayloan.network - this is web service that is launched to bring together lenders and loan debtors. This online platform allows users to find suitable and relevant lenders. It is important to understand that this service cannot make any decisions regarding to taking or giving loans. You don’t need to pay for the services of the website, it is absolutely free option. Also, you can come on this platform with no purpose to contact lenders or take credit product, you can only view and see what we offer without paying for it. All information concerning to short-term credit products is available for visitors and users free of charges. On the website paydayloan.network many lenders are represented, but it does not mean that this service is responsible for the business of these lenders and transactions between lenders and loanees. This web platform does not approve each particular lender and the actions of third parties. paydayloan.network is not aimed at the collection, storage, sale and transfer of personal information, especially when it concerns the repayments of loans and other credit products.

Most states prohibit such loans when they are provided for a short period of time. On the Internet, there are many offers of lenders who are willing to provide loans of up to $ 1,000. The paydayloan.network website does not give promises and guarantees that it provides each new customer with a reliable creditor, and users may receive short-term loans from third parties. Lenders may decide to check through some credit agencies to determine the credit status and creditworthiness of borrowers. They may also request official personal data for verification, such as a social security number, driver's license number, national identity card number and other documents. The terms of credit products and the amount of credit products vary from one lender to another. It also depends on many factors, including the applicant’s credit history, place of residence and credit status, etc. It should be noted that each lender sets his own limits, restrictions and certain conditions on his own and for each applicant individually.

APR Representative

The loan rate is called Annual Percentage Rate that is calculated once a year. The paydayloan.network platform cannot provide information on the rates and terms of lending offered by lenders. We cannot provide you with an APR for loan products, since we are not lenders; they do not disclose these details of their business to us. The annual rate varies from one lender to another lender and depends on several factors, such as place of residence and consumer credit status. There are some additional fees that lenders may charge additionally, including fees for initiation, late payment, fines. They can also apply for fees for non-payment and charges for non-financial actions, including an overdue payment, tax and debt collection report. Lenders do not transmit information about any financial or non-financial actions to paydayloan.network, so there is no information on this website about the claims and requirements of creditors to applicants. The loan agreement must disclose all details of payment and non-payment fees and commissions in a transparent manner. APR is one of the non-financial charges for a short-term loan product, which should be calculated as a one-time annual payment.

Consequences of Late Payment
In case you doubt that you can pay on time, you need to contact the lender and discuss with him the possibility of late payment. The lender decides what charges and penalties he imposes on late payment. There are some federal regulations regarding to late payment that may vary depending on the case. Loan agreement includes the details about the procedure and the cost associated with the late payment. Look through the all document before signing it.
Non-payment Consequences
Financial and non-financial charges and fees can be taken when lenders receive missed payment or non-payment. The loan agreement includes all the penalties of late payment and non-payment.

Fees and other financial charges for late payment are to specified in the loan agreement. Resumption and other actions regarding to non-payment may be taken in case of consent. All information about the renewals is drawn up in the loan agreement and is determined on a case-by-case basis. There are also some additional penalties and fees that you will probably have to pay in case of resumption.

There are plenty of procedures and methods of debt collection that can be done. Fair Debt Collection Practices Act regulates and establishes the procedure of implementation of debt collection actions. Federal laws adjust limitations and rules to defend applicants and to prevent unfair lenders’ actions against the consumers. Most creditors prefer not to use the outsourcing services regarding to debt collection, they solve debt disputes by their own.

Any financial delinquency concerning to late payment or non-payment can be transferred to credit bureaus, such as Equifax, Transunion, Experian, and others. Negative consequences may arise as a result of breach of the loan agreement. The credit status of the loanee will also be downgraded after the delay in payment. Lenders are not used to trust their funds to applicants with a low-reliable rating.