Payday
Loans, Cash Advances, and Check Cashing
Payday
loans are approved by cash advance lenders by the hundreds
of thousands every day in North America, but there are
some important factors to consider before every applying
for one of these short term lending products. Before we
discuss instant payday loans, or 24 hour payday loans,
you need to understand the terminology a little bit.
Payday
Loans, Paycheck Loans, and Cash Advances - The Terminology
Cash
Advance loans are simply what they sound like - they're
a quick advance that the borrower/applicant can get fast
from the lender, and is meant to be paid off on your next
coming employer paychecks. They may take their money back
over the course of 1 week, 2 weeks, 3 weeks, or 1 month
(30 days) - it's your choice to make when getting approved
with them.
Payday
loans are exactly as stated above. You pay the lender
back with interest on the day of your paycheck. Sometimes
these short-term loan products are called "Paycheck"
loans as well.
So
in a nutshell - A Payday Loan, Cash Advance, or Paycheck
Loan are all one in the same. Don't mistake these for
being anything different OK.
The
Cost of a Payday Loan, Cash Advance, or Paycheck Loan
The
cost of these lending products can vary, but there is
another rule of thumb here to learn. The average payday
loan or cash advance will cost you a fee of $10 - $23
dollars for every $100 dollars that you borrow. This cost
of lending varies from State to State, and Country to
Country, worldwide.
Store
Front Payday Lenders
Paycheck
lenders that have existing storefronts in your local community
are bound by your State Legislation as to how much they
can charge you for a loan. You can use the Internet to
research the different laws on the books in your State
regarding cash advance lenders. Usually these lenders
charge around $10-$12 for every $100 you borrow.
Online
and Storefront Cash Advance Lenders
Some
bricks and mortar PDL (Payday Loan) providers have a storefront
where you can walk in off the street and apply for a loan,
and they also have a web site where you can apply online.
What the will do is charge you the legal allowed amount
for every $100 lent, depending on what State you are applying
from and live in. So you get it right? What you pay for
their loan depends on if you physically walk through their
door, or use their web site for applying. Confused yet?
Online
PDL Providers, Cash Advance Companies, and Paycheck Cashing
Companies
Some
PDL providers, cash advance companies, and paycheck loan
companies do business purely online. They lend money via
their web sites using online applications. Some verify
your personal information using the Teletrack tracking
system, and a method whereby you fax in your information
to them.
100%
Online No Teletrack Payday Loan Companies
Some
of these cash advance lenders have NO TELETRACK checking
system in place. These are generally high risk and high
yield payday lenders. They charge the highest fees in
the business. They charge the maximum rate they can charge
legally in your State. Often the charge $30 dollars for
every $100 you borrow. Ouch!
These
100% online check cashing store and shops don't require
you to fax your information, and they have no Teletrack
lending in place. They advertise their willingness to
take a high risk on the money they lend you. Generally
speaking these 100% online, No Teletrack, No Faxing, lenders
will only lend out a maximum loan of $300. They usually
lend out very small amount at a very HIGH APR (annual
percentage rate), to maximize their profit. They risk
losing their money gambling on the the vast majority of
their customers will pay them back on time and in full.
What
Not To Do When Getting a Payday Loan, Cash Advance or
Paycheck Loan
Never
ever let your PDL go default, go NSF (non sufficient funds),
or roll over. This means that you must pay the cash advance
lender back exactly as agreed in the first place. Do not
ask for an extent ion on the loan - pay it back in full.
Never
allow your checking or savings account, that is being
used to pay back the cash advance store or shop, to be
overdrawn, or not have enough money in it when they go
to withdraw their principal and attached fees. This will
cost you massive penalties, and interest on a loan that
is already really expensive.
Where to Apply for a Payday Loan,
Cash Advance or Paycheck Loan
We
have selected three different payday lenders that we consider
to be honest and fair with their lending practices. You
can check them out for yourself. We have had many payday
loan borrowers and cash advance customers use these companies
with success. We have listed these lenders below;
Our Payday Cash Advance Lender List
