Payday Loans Questions

pin on map of states
Dec, 17, 2012
There are several ways that prospective or current payday loan borrowers can find out their state’s laws concerning payday lending. Across the country, different states have different laws and various levels of regulation for payday loans. Surprisingly, some states even prohibit payday lending completely. Prospective customers should review their state’s laws before borrowing payday loans that may not even be legal in the area they reside in.
a lock and key on money
Dec, 14, 2012
While a simple phone call or visit to a bank or credit union is usually all it takes to close a bank account, doing so in order to avoid collections on a payday loan can result in some heavy consequences. Once a lender discovers that a borrower has closed their bank account they will probably take quick action.
a stopwatch on a one hundred dollar bill
Dec, 13, 2012
It is usually possible to defer a payday loan. Unfortunately, though, not all lenders allow their borrowers to delay payments on their short-term loans. In order to defer debt, payday loan borrowers should read their agreement. Different companies have different policies. While most allow some form of deferment, some completely omit an option for customers that want to delay a payment.
four hundred dollars
Nov, 9, 2012
There are a number of steps prospective borrowers should undertake in order to decide which short-term loan lender is best for them. Payday loans shouldn’t be borrowed back-to-back or obtained very often. It is best to view them as emergency-only financing for desperate situations. However, if a borrower must use one then following these steps would be a wise decision. Step One
unemployed man looking into mirror
Nov, 7, 2012
Yes, it is possible to borrow a payday loan if an applicant is unemployed. However, not all lenders will lend to unemployed borrowers. Even though lenders usually do not approve unemployed applicants for things such as car loans or home loans, payday lenders are another story. Payday loans are forms of very short-term financing that have very few qualification requirements. Fortunately for many people, payday lenders do not always require a borrower’s income to come from a job. Many are willing to approve other sources of income. Some alternative income sources include the following:
credit rating yield sign
Nov, 6, 2012
Cash advances can potentially affect a borrower’s credit score. This is true despite the fact that lenders do not check credit histories or require high credit scores from applicants. While applying for a cash advance doesn’t result in an immediate change to a credit score, if a borrower defaults on their payments it can result in damage. In the event of a default, a cash advance lender may notify credit agencies about the borrower’s failure to repay their debt. As a result a borrower’s credit score may go down. A lowered credit score can cause a number of problems for a borrower.
social security card on bills
Oct, 25, 2012
Yes, borrowers can still obtain a payday loan if they are on Social Security. Many cash advance borrowers are not working due to retirement or disability. Social Security provides these people with money that is not always adequate, hence the need for cash advances. While payday loans articles often speak exclusively to employed borrowers, the fact remains that as the baby boomer generation continues to retire, more and more of its members will begin to rely on Social Security for income.
ecommerce key on keyboard
Oct, 24, 2012
A merchant cash advance is essentially a payday loan for a business. These are relatively new forms of financing, somewhat similar to online payday financing. Questions about payday loans usually pertain to individual borrowers and not businesses who obtain a quick cash advance. However, there are stark similarities between the two forms of financing.
Business man holding empty wallet
Oct, 22, 2012
Short-term loans (or payday loans) do not require a credit check. Short-term loans, by their nature, are unsecured and among the easiest for borrowers to attain. Many lenders will provide money in less than 24 hours. The monetary lending range typically falls between $50 and $1,000.
Terms and conditions
Sep, 18, 2012
Bad credit payday loans are cash advances that are available to people with bad credit. There are very few requirements for this type of financing which makes them very accessible to borrowers of all types. In order to borrow a bad credit payday loan an applicant must have a bank account. Lenders need a bank account in order to directly deposit money. Borrowers are able to take this money and use it for whatever needs they have.