Payday Loans ArticlesPayday Advance Industry Facts As a payday cash advance company, we provide
quick access to the money that working Americans need to meet their
financial responsibilities. Those who are seeking a responsible way
to manage their cash flow will find payday advances to be a good choice,
particularly when compared to the cost of missing a payment or writing
a check that bounces. Our products have helped millions of people,
like you, avoid late fees and interest on their credit cards, fees
for non-sufficient funds, and other penalties for missing payments.
When unplanned financial difficulties come along, consumers can use payday advances responsibly to help them through these times. Whether it be a family member who has a medical emergency, a car that needs an unexpected repair, or a major appliance that decides to stop working at the worse time possible, consumers can use payday loans to give them the ability to pay for these expenses and pay the balance in a timely manner. Payday advances must be paid back within a predetermined time period, such as two weeks. However, these advances do not compound interest in the way that other financial products often do. This means that a payday loan can be an affordable solution when people have short-term needs. Most people who use payday advances are responsible in the way they use them by paying them off on time. Critics of the payday advance industry are surprised when they learn that our customers have active bank accounts and steady paychecks. Our customers are also extremely happy with the products they receive, with few filing any complaints. The payday advance industry is welcome to regulations that protect our customers, while preserving the opportunity to access short-term loans for the thousands of customers who need them each month. Our trade association, the Community Financial Services Association of America (CFSA), supports legislation that protects customers and encourages companies like ours to use responsible business practices. Thirty-seven states and the District of Columbia currently have regulation of the cash advance industry. We believe that consumers need to use careful thought when they take out a loan or use their credit cards. However, there are thousands of hardworking Americans who are fundamental to our society, such as teachers, bus drivers, and police officers, who find that they are sometimes struggling to pay their monthly obligations, and they have little money to fall back on. As demand grows for our products, we realize that our customers are facing increasing financial pressures every day. A responsible payday advance company will offer these hardworking people the tools they need to manage their bills and keep their credit scores clean, while having the ability to cover the gaps with privacy and self-respect. The way for a consumer to secure a payday advance is to visit a center with an ID, proof of income, and a bank statement. The application form is completed, and the customer will sign the payday advance agreement. Then, the customer will write a personal check for the advance plus the advance fee. The fee is typically $15 for a $100 loan. The center will then issue a check for the advance amount. The customer will return to the center on the due date, which is usually payday, and pay the loan back. The check is then returned to the customer. Payday Loan Tip #1: Avoid Quick Cash Loans Many families in America struggle with their finances each month. They work hard just to pay their bills. Often, these families run out of money before their next payday. When this happens, borrowing from a payday loan store is not always the best option. These high cost loans must be repaid when the next paycheck comes, and this does not solve a financial crisis. In many situations, these loans make the problem worse. Dealing with financial problems without adding any more debt to the situation takes work and creativity, but it will save you money, stress, and anxiety. Avoiding Needing Quick Cash Payday Loans One way to avoid needing quick cash payday loans is to build an emergency fund of $500. Even if your household budget is tight, an emergency fund is necessary to deal with the ups and downs of life, including unexpected bills and emergencies. Start small, saving just $10 per paycheck. If you have an electronic deposit set up with your employer, ask if you can have a portion of that money deposited into your savings account. You can also visit www.AmericaSaves.org to find ways to save money. Creating a household budget is a good tool to help you find ways to save and track how you are spending your income. Write down all your income and expenses. Create a workable spending and savings plan with each member of your family. Be sure to set aside money from each paycheck to deal with those bills that come due at regular intervals, such as once or twice a year. Also, plan ahead for those special expenses, such as holidays and vacations. Payday Loan Tip #2: Beware of Risks from Internet Payday Lending Using the Internet to borrow money carries unique risks. Not only will you have to pay the high cost for a payday loan and deal with the short repayment time, but borrowing money online also adds privacy and security concerns. Signatures are signed electronically on contracts. Also, required disclosures are sent electronically, and all you have to do to bind yourself to a contract online is click the "OK" button. Also, Internet payday loans can cost quite a bit more than those you receive from a storefront lender. When you apply for a payday loan on the Internet, you will be sending personal identification information, your Social Security number, and your bank account information to the lender. If the websites are unsecured, your security and privacy are at risk. All Internet payday loans require you to give the lender the ability to electronically access your bank account to deliver your money and take out fees and payment. This creates a real risk for identity theft and fraud. Most consumers are disclosing their financial information to lenders they do not know. Borrowers can be trapped into debt with Internet payday loans. Because many online payday loans automatically renew each pay period, the lender can withdraw the finance charge electronically without having the borrower pay any principal towards the loan. When consumers are ready to pay the principal, they have to take extra steps to make sure that the lender closes the loan correctly. Finding these lenders is often difficult. Sometimes Internet payday lenders are either offshore, or they offer so little information that a consumer or consumer advocacy agency cannot find them. This allows the lenders to follow foreign laws or the laws in states that do not have many consumer protections in place. While these lenders are supposed to adhere to the laws in the state where you are getting the loan, the state regulatory agencies have a difficult time enforcing these laws against virtual lenders. If you have a complaint against an Internet payday lender, file it with your state Attorney General, state regulator, and the Federal Trade Commission. Remember, it does not matter where the Internet lender is located, it must follow your state's credit regulations.  |
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What is a Payday Loan or Cash Advance? What’s the procedure to apply for payday loans online? What do I have to fill in application form? Is my application and financial information secure? Does the online form obligate me to taking out a loan? What if I can’t repay my loan on the due data? We have different payment options available for our customers: How often can I get a payday loan? |
