Cash Advance Payday Loans - User Guide

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Cash Advance Payday Loans - User Guide
If you considering using a Cash Advance Payday Loan service for the first time, this article addresses the most frequently ask questions.

WHAT IS A CASH ADVANCE PAYDAY LOAN?

A cash advance provides you with emergency cash when you need it most... usually between paydays! It is just as it sounds... a short-term cash advance. Normally there is very little paperwork involved. Just complete a short application. Once approved you can usually receive the cash on the next business day! Some companies offer even faster service.

HOW DO I QUALIFY?

Qualifying is easy! Most companies do not check credit! Even bankruptcy, bounced checks, and charge-offs don't prevent you from getting the cash advance you need! You mainly have to prove you have the ability to repay.

Individual companies have their own guidelines... but the most common are:

- Have a current job (or receive regular income)

- Make at least $1000 per month

- Are 18 years of age or older and a U.S. citizen

- Have a checking, or savings account

HOW MUCH CAN I QUALIFY FOR?

How much you qualify for depends on the individual company, and a number of factors. It is very common for most companies to limit a first-time customer to $100 to $500. Once you establish a good history with them, you can borrow more.

WHAT WILL IT COST ME?

Typically... a cash advance of $100 could cost between $15 to $25. So if you borrow $100 you can expect to payback a total of approximately $125

The Cash Advance Payday Loan industry has been the subject of criticism because if compared to a bank or credit union, using the same repayment period, the interest rate is much higher.

However they are considered much higher risk loans because no credit check is performed, and there is very little documentation.

Cash advance loans are designed for emergency situations! When you are short on cash and need money fast! Family emergencies, unexpected car repairs, overdrafts, telephone reconnection, the rent is due, etc.

Some companies post their fees right on their websites. With other companies the actual fees for the particular amount you request are determined based on the information you provide when you submit your application.

You ALWAYS will have an opportunity to not accept it. You are NEVER obligated to accept a cash advance just because you submitted an online application.

WHEN DO I GET THE MONEY?

Once you have applied online, many companies will follow up with a contact by phone to verify your information and explain the terms to you. The key is how quickly can your information be verified!

Most companies can wire the money directly to your bank account within 24 hours. There some companies that say they can do it in even less time.

WHEN DO I REPAY?

It important to keep in mind that this is a short-term loan! The minimum required payment is typically due within 7 to 14 days. The same way they wired the money directly to your bank account... would usually be how your payment will be made. The company will let you know the exact amount, and the exact date they will do the bank withdrawal. You will know all of this BEFORE you agree to the advance.

As that day gets near and you know you may not have all of the payment... contact the company. Most customers have options that will allow for a refinanced, or restructure of the pay period.

If you would like to view a list of recommended, reputable online payday loan companies, click here: http://www.consumersinfousa.com/ea.htm

More information regarding Cash Advance Payday Loans can be found at: http://www.consumersinfousa.com/ea.htm

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SBA Loan - Benefits and Lenders

In this second installment, we will further examine what kinds of SBA loan options are available, and for what kinds of businesses they are most advantageous. We will also discuss the different types of SBA lenders.

There are several different lending programs for those who qualify for an SBA loan. However, it should be noted that not every SBA approved lender offers every loan option; some lenders may be flexible than others.

SBA loan programs are generally intended to encourage long term small business financing, however, actual loan maturities are based on several different factors. 1) the ability to repay, 2) the purpose of the loan proceeds, and 3) the useful life of the assets financed. However, maximum loan maturities have been established: twenty-five years for real estate and equipment and seven years for working capital.

Basic 7(a) loan Guaranty: The 7(a) is an SBA guaranteed loan provided through SBA certified commercial lending institutions. The maximum loan amount for a 7(a) is $2 million, with the SBA guaranteeing up to 75% or $1.5 million.

Interest rates for 7(a) SBA loans are usually negotiated between the borrower and the lending institution. However, the SBA itself has set maximum interest rates depending on the loan amount, the highest rate being 4.75 percent on a loan of $25,000 or less with a maturity of seven years or more.

Because of it's flexibility, the 7(a) is ideally suited for start-up or small growing businesses who are denied financing through other sources. The loan funds can also be used for a wide variety of purposes: renovation, real estate, equipment, payment of prior debts, etc.

Certified Development Company (CDC), a 504 Loan Program: The 504 SBA loan is designed to not only benefit the small business that receives the loan funds, but also the community in which the business resides. Each 504 loan is administered through a CDC, a private, nonprofit corporations set up to contribute to the economic development of their specific community or region. The CDC will make small business loans up to a maximum of $2 million with the understanding that the business will use the funds in a manner that will further community or regional public policy goals. Typical goals may include: business district revitalization, export expansion, rural development, expansion of minority business development, etc. In total, there are about 270 CDCs nationwide, each covering a specific geographical area.

Interest rates on 504 loans are pegged to an increment above the current market rate for five-year and 10-year U.S. Treasury issues. Maturities of either 10 or 20 years are available. The 504 loan program is ideal for businesses in need of "brick and mortar" financing such as equipment or building acquisition.

MicroLoan, a 7(m) Loan Program: The MicroLoan Program provides very small loans to start-up or growing small business concerns. Under this program, the SBA makes funds available to nonprofit community based lenders who act as intermediaries. These lenders in turn make loans to eligible borrowers in amounts up to a maximum of $35,000. The average loan size is about $10,500. Applications are submitted to the local intermediary and all credit decisions are made on the local level.

In addition, each intermediary is required to provide business based training and technical assistance to its borrowers. Individuals and small businesses applying for microloan financing may be required to fulfill training and/or planning requirements before a loan application is considered.

This type of SBA loan is ideal for small businesses that need extra money for working capital or the purchase of inventory, supplies, furniture, fixtures, machinery or equipment. However, the loan funds may not be used for the purchase of real estate or to pay existing debts.

If you qualify for and receive an SBA loan, you can look forward to several benefits. SBA loans typically have longer maturities than comparable bank loans. Because you will be paying the loan back over a longer period of time, down payments and interest rates are usually lower which means you're monthly payment will also be significantly lower than it would be under the terms of a conventional loan.

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Cameron Brown is an internet marketer specializing in ranking automation. For information on how an SBA Loan can help you, visit Security National Capital.


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Cash Advance Payday Loans - User Guide
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