The Payday Loan Company - How To Avoid Shady Payday Loan Lender

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How Payday Loans Work
Imagine this: you get paid once a month, at the end of the month. But three weeks into the month you find you've been invited to a great weekend bash at a friend's cottage. Do you say no because it doesn't fit into your budget? Or is there something else you can do to help you get a bit of extra cash in order to enjoy the party?

Payday loans are a highly convenient way to get money if y... Read loans article



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The Payday Loan Company - How To Avoid Shady Payday Loan Lender
Payday loans arent just found at your local pawnshop; large financial companies are also in the business. Banks, credit unions, and financing companies offer services in this subprime lending market. There are also companies that conduct scams. Often these are operated overseas.

Who's Offering Payday Loans

Online you will find thousands of payday loan companies. Many of them simply process or refer applications to larger financing companies. With over $45 billion in payday loans being processed annually, large financial companies, such as Wells Fargo, Citifinancial, and MBNA, have become involved. You will also find regional and small subprime lenders who focus solely on payday loans.

Varying Processes

With FDIC institutions, the application process can be more stringent. Payday loans are known to be high-risk. Larger financing companies try to screen out some applications by requiring higher income levels and researching checking account history.

However, there are niche payday lenders who only require identification, a source of income, and an open checking account. Online payday loan companies also have faxless application, requiring less paperwork.

Besides application differences, payday loan companies also handle payments differently. Traditional companies will require you to write a postdated check, which they will cash on your payday. Online lenders debit your payment automatically. They also wire money directly to your account so you don't have to hassle with waiting for a check to clear at your bank.

Identifying Scammers

Some companies identifying themselves as payday loan companies are actually fishing for your information. These companies are usually located overseas and are difficult to prosecute.

Good sense can protect you from these companies. Don't hand out your financial information to third party sites who promise to refer you. Also look for information on finance fees and payment options. If an offer seems too good to be true, check it out. Contact the lender to speak with a representative. If they are unprepared to answer your financial questions, chances are they aren't legitimate.

Finding The Best Lender

Be sure you compare lenders. By researching online, you can quickly find the best rates and terms. Also, request financial information before you commit to a lender.

See our recommended payday loan companies online by visiting this page: Recommended Payday Loan Lenders Online.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.

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Quick Cash Loans - Secrets Revealed

So many numbers are thrown around when talking about cash advances, also called payday loans, that it can be hard to know what the real cost is. What you actually pay for your payday loan is usually a financing fee rather than an interest rate. APR is used to compare the yearly cost of such a loan, even though payday loans are usually repaid in less than 17 days.

Financing Fees

Most cash advance companies charge finance fees rather than interest in order to get around some state laws. Finance fees are usually charged on a pay period schedule of two weeks, although some companies have a shorter or longer repayment periods.

For a cash advance of $100, you can expect to pay around $15 in finance fees. Some lenders charge more or less, so it pays to compare rates. Online lenders usually post their rates or APR, so you can research lenders in minutes.

If you don't repay your loan when it is due, you can roll it over. You add on finance fees for the additional time. You have to be careful with this option. If you put off repayment too many times, you can end up owing more in finance fees than principal.

Understanding APR

APR is the yearly rate of the loan, even though cash advances are intended to be short term loans. It is figured the same way as credit cards, multiplying the rate over the year and including any fees. While the APR does not equal your real cost, it is a nice comparison tool.

An APR compares the same number, regardless of lender. If you go online, most cash advance companies will list the APR on their website. You can also request the number from them before you apply.

Comparing Costs

When you are trying to decided whether to get a cash advance or not, you should compare the other costs associated with your decision. For example, will you pay more in late fees or interest charges by missing a payment? Will NSF fees amount to more than a payday loan fee? What will it cost you if the car doesn't get fixed?

If the finance fee is smaller than other costs, then you are saving yourself money in the long run. See our recommended payday loan companies online by visiting this page: Recommended Payday Loan Companies Online.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.


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The Payday Loan Company - How To Avoid Shady Payday Loan Lender
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