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There are many online payday loan companies which claim to offer instant no fax cash loans with little or no credit required. There are pro’s and con’s to the borrowing money this way. This article is about things to remember and realize when you apply for or receive a cash advance loan.
First things first. To define what a payday advance loan really is, lets look in to how they work.
A payday is basically the same as you taking a post dated check to pawn shop. The down side to this is the interest you are going to pay on the money that you borrow. Things to remember when you get or apply for payday or cash advance loans:
#1. You are going to have to pay the loan back. I mean come one, this is a gimme.
#2. You are going to pay them back more money than you borrowed. Fees vary from lender to lender and from state to state.
#3. You can extend your loan payments as many times as your state will allow. What this means is that your minimum payment will simply be applied to the interest and not the principal (the amount you borrowed)
#4. No all payday loan companies are licensed lenders. These types of loans are now regulated by each state.
#5. Beware of SPAM sites and other identity theft websites that may steal your personal information. You should make sure that the lender is genuine and the best bet is to go through a direct lender or bank to get a payday or cash advance loan.
How payday and cash advance loans work:
Step 1: You apply with a lender to borrow between $300 to $1500 depending on your states maximum.
Note * Your credit score will not be the “end all” factor in you being approved for a cash advance loan.
Step 2: The lender will ask you to fill out their online loan application form asking for your personal detailed information. For example, your bank account routing number and account number, (this is the check you will be pawning) as well as your social security number and other information that you would not want to fall in to the wrong hands.
Step 3: After you have been approved for your cash advance; keep in mind the amount they offer you may be less or greater than the amount you have applied for, your funds are usually deposited in to your bank account within 24 hours.
Please remember that a payday loan is a rather expensive line of credit. Much like taking something to the pawn shop. You are going to pay more to get your item back; in this case a post dated check. This is how the industry makes money and thrives.
Be realistic when you ask borrow money using payday loans. Do not borrow more than you can afford to pay back, even if they offer you more money.
You will be stuck in a loop. Similar to being upside down on a car note, and eventually they will want you to pay back everything you borrowed plus their interest which may land your bank account in to an overdraft state. This is a common pitfall for most people that borrow more money than they can pay back.
So to sum things up:
Make sure you are requesting your online cash advance loan from a trusted lender.
Do not borrow more than you can afford to pay back.
Don’t get yourself stuck in the “payday loan” loop or overdrawn with your bank.