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Need Cash in a Flash – Why Try Payday Loans?
By Major Atkinson Published: 01/27/2010
Need Cash in a Flash – Why Try Payday Loans?
Major Atkinson – Cash and Credit Payday
To paraphrase the commercial – sometimes life comes at you fast. Utility bills, child care, rent, car repairs or simply a couple of days off work with an unexpected illness; sometimes that is all it takes to get behind. Bad credit or no access to credit? You are not alone.
Today more families are in need of short term cash, and those that need it the most are least likely to get it from traditional institutions with recent melt down and tightening of the credit markets. In fact, most banks are really happy to lend you money when you do not need it and have lots in the bank account. Curious?
So what do you do to get a loan?
For unsecured cash you can usually have alternatives:
Payday Loan and Check Cashing store: These companies are rapidly replacing banks as a local source of financial services and financial aid. They are professional and compliant with State lending regulations. If you like to have a relationship with your lender this is the place to go. You will get immediate approvals and access to your cash while in the store. Many of these locations also provide ancillary financial services and can put your funds onto an ATM Debit card for increased security.
Online Payday Lender
These lenders offer the convenience of applying from your own home and having your money deposited directly into your bank account. Additionally they will directly debit your account on your pre determined repayment date making the cycle very efficient. Unlike the Payday Loan Store, the online lender does not need to operate under the state law of your residency, therefore the rates for the loan may vary.
Eligibility – How much can I get?
Big question!
The amount of the loan generally varies with your income and the lender. Online lenders advertise up to $1,500, but generally lend I the range of $275 to $500 with an average around $300. This is great for quick cash that will meet short fall that can be repaid quickly.
If you require more, check out the Payday Store as they may have programs that are a little more flexible with you standing in front of the lender. Also search for Installment Loans. These are loans that are available online regulated loans that have a longer repayment term, but may have a higher standard for qualification.
What if I have Bad Credit?
Everyone getting a payday loan has bad, poor or no credit. That may be true in the classic sense, but many payday loan consumers have great credit within the payday lending community.
You may find some Payday Loan Stores that do not do a credit check and rely simply on the details of your salary and employment verification that you bring to the store. Virtually all online lenders do a credit check with bureaus that were established for the Payday Lending industry.
So what does this mean? Bad credit in the traditional bureau sense is not an issue with Payday Loans. No one pays the cost of major credit bureau check and no one reports to them. However the Payday Loan credit bureaus keep information on the consumers that have taken out a payday loan and record their payment performance. If you are going to have a problem repaying the loan in accordance with the terms, call the lender …. DO NOT DEFAULT. Remember that this is your last line of credit …. Don’t mess it up by being irresponsible … if you default it will be reported and you have a high probability that you will be denied another loan.
Stay Tuned for more on short term lending or go to www.paydaystorefinder.com and access the articles published on managing credit and short term loans.
Remember Borrow responsibly, and work with your Lender they can help.
For more information:
Payday Loan Stores see www.cfsa.net
Online Lenders see www.onlinelendersalliance.org
