Payday Loans, Direct Lenders, Fast Cash
When an emergency comes up unexpectedly, we sometimes find ourselves in need of a Payday Loan. A Payday loan is a short term solution to help you in a quick and easy way. These payday loans are unsecured types of loans, meaning you do not have to “put up” anything to get one. (Unlike taking a loan at a pawnshop) They are for smaller amounts. Generally the loans begin at $100 and usually go up to $500. Some lenders will loan up to $1500 under certain conditions which they will explain. Often they require your first loan to be a smaller amount and after you are established with them, they will increase the loan. Some lenders are limited by the laws of their states.
The recession of recent years has left many people in financial hardship. Sometimes there is no option available to get money when you need it. Payday loans will allow you a loan until your payday. Generally 8 to 30 days. You will pay it back with interest and yes the interest is higher than a bank or a credit card. But when you need money in a hurry and you cannot get it from a bank or a credit card, Payday loans are a great solution. The ease of securing the loan and the relaxed requirements make this option attractive for the average family.
Payday Loan – Direct Lenders (only) No Teletrack
Many people enjoy the convenience and confidential services of Direct Lenders. With a direct lender you can apply online and many times the money is quickly deposited directly into your account. But sometimes there is another issue. Perhaps in the past you have had an experience with a payday loan and they reported you as a bad risk. The service that reports payday loan borrowers is called Teletrack (sometimes called Telecheck). This service is just like the three large credit reporting companies, except they focus on payday loans and businesses like this. Perhaps the report is an error, or there was a situation out of the ordinary. It takes time to correct an erroneous credit report. Whatever the case, at a time like this, you need a Direct Lender, that doesn’t use the Teletrack system. If a Direct lender does not publish in his advertising that he does not use the service, he probably does. This could cost you valuable time and in some cases the loan itself. Do not be shy. Save yourself time and hassle and check the lender to see if using Teletrack is part of their standard requirements. There are many lenders that do not use them. If you meet all of their requirements, you will be approved.
No Verification Payday Loans
When we borrow money the traditional way, we are usually faced with countless forms to fill out. We have to send in proof of employment, proof of residence, applications, and proof of identification just to begin the process. No verification payday loans are the exception. The forms are nearly eliminated, as is the faxing. There are requirements and they may differ from lender to lender, but the general requirements are; must be 18 or over, must have a checking or savings account and must have steady employment. In many cases the funds are deposited the same day. There is no credit check or hoops to jump through. There may be minimum income requirements. You can usually apply for these types of loans in person or online. The funds are deposited directly into your bank account. The terms of repayment are explained in detail and you are given all the information before the loan is complete. Generally speaking No verification payday loans have no need to verify employment. The information they need can usually be obtained through financial institution records.
There are times when we are in a situation where time is just as short as cash. Maybe a doctor must be seen. Perhaps you must go out of town for a family emergency. Or maybe the car broke down and you cannot afford to miss work. You need Payday Loans which you get online in the same day. This is just what it sounds like. It is a fast track loan that you apply for online. There is no credit check and the information they require can be obtained quickly and easily. They deposit your money and you are on your way the same day. Again, the amount varies. Usually it is between $100 and $1000. The terms of the payback are spelled out. They will expect payment on your next payday, with the agreed upon interest.
Some people need the speed of Instant Loans. Instant loans are a bit different, in the requirements can be a little stricter. You still need to be at least 18 years old. You also need a checking or savings account and a job. With an instant loan some lenders require proof of citizenship. Your bank account must also be in good standing with no returned checks in the past 30 days. (Other requirements may apply). Your loan is approved within minutes and the money is directly deposited. When payback time comes, you have several options. Unless you have made other arrangements prior to the date of the loan maturity, your payment will be deducted from your checking or savings account. The amount you are allowed to borrow the first time may be limited. If you wish to “roll” the loan which means to pay the interest and rewrite the entire loan that is (usually) possible. It is wise to take an instant loan and pay it back in full, but there are options available.
There are many Payday Lenders. Some are right in your neighborhood and part of everyday life in the community. They provide a service to those who need it. It is a viable choice for people with limited options, who can use the service responsibly. Some payday lenders are available online and some allow you to apply over the phone. Others are a face to face operation, and they will advise you on what paperwork they need before you come. There are different requirements and loan amounts determined by the lenders and the laws of their states. The terms of repayment are also dependent upon the Payday Lender and the state laws that govern them.
There is no shame in needing a method to get cash now. From the single college student to the C.E.O. of a major corporation, there are times everyone faces unexpected situations. The difference is how we are able to get that cash. Sometimes money is hard to get quickly. Everyone doesn’t have an open credit line. In the past ten years in the United States and Europe, more people have lost their homes due to the recession than any other time in history. People faced massive unemployment and their credit scores and savings accounts suffered because of it. Sometimes good people need to get cash now when the money is not always readily available.
Online payday loans are one of the tools these good people are utilizing. With online payday loans, schedules do not have to be interrupted. Much needed work hours are not missed. School classes do not have to be skipped. Online payday loans are the average person’s way of leveling the playing field. The ability to apply online, at any time of the day or night fits into the normal person’s schedule.
A Fast Cash loan allows you to breathe when things seem out of control. It is easy, and reasonable. They are not a long term solution. They are for temporary issues you face. It is true the interest is higher. What people do not consider is when an emergency happens and someone charges the money on a credit card, they pay interest. If they pay the minimum payment they continue to pay interest and the loan they took cost them much more than they realize. A fast cash loan is cut and dry. You know what you are borrowing, what you are paying back and what it is costing you. If the loan is handled the way it is intended and repaid the way it is designed to be, the solution fits the problem. Payday lenders are careful to protect their customer base. Of course they are in the business to make money, but they provide a service as well. They have rules to help protect you from getting in too deep. If you get in over your head and cannot repay, it cost you and it cost the lender. With that said, it is honorable that they do everything they can to make the process easy and fast.
Payday lenders have evolved into an international business. They saw a gap between the need and the provision and found a way to bridge that gap. Their popularity has grown nationwide. It is a good idea to know the lender you are doing business with. It is wise to research your options carefully before the need is there. Like any other tool, having it in place is a good choice. There is no reason to wait until you are in trouble to learn about the choices at your disposal. You can consider taking a small payday loan before you are in an emergency situation. Pay the loan back on time and according to the rules. That way, you are established with a company and in the event of an emergency.
Payday loans are not to be abused. They are not to be taken lightly. Like any other financial tool, using this asset frivolously could put you in a situation where funds are not available when a need arises. Many payday lenders require that you do not have a loan out with any other payday lender at the time you apply with them. This is a safety procedure to keep you from having more fees than they can handle. Some financial lenders will allow you to have two loans out with them at one time, but there must be a waiting period between the two. In some states the loans must be at least a week apart. Sometimes the loan must be paid in full before you can rewrite the loan even if you are doing it at the same time. For example if you borrow $200, with $230 due on the 5th. On the 5th you want to pay the $20.00 and rewrite the $200. The way it usually works is you will be required to pay the entire $230.00 cash or bank draft. Then you rewrite the loan for $200 with $230 due on the next payday. It is not possible to simply pay $30 and rewrite. The law does not allow them to handle the transaction that way. One transaction must be complete and inclusive before the next is taken out.
Whether you need an internet transaction, a face-to-face transaction or to handle your loan by phone, there is a payday loan service to accommodate you. Understanding the details of how it works and to know that you are dealing with a reputable company is vital. This is especially true if you are using an internet company. Always use caution when providing your financial information online.
Most lenders do not inquire what the money is needed for. In some cases they do, as there are situations where they may be allowed to lend more. But for your basic few hundred dollar loan, they expect you to be responsible. As long as you pay when and how you are supposed to, it doesn’t matter if the money is for car repairs or a birthday party.
If you have automatic payments for other accounts coming out of your account, make sure you have them being withdrawn when the funds are available. This insures none of your bills are late, and there are no overdraft fees and late fees from too much money being withdrawn at the same time.
Now you have all the information you need to make a responsible choice. Borrow wisely.