|
|
|
| Follow Credit & Debt |
 |
 |
|
Payday Loan Website Comparison Chart
|
| Star Reviews payday loan reviews enable you to easily compare the best payday loan services. Read in-depth reviews of the payday loan services which we think stand out from the crowd. *Fri. applications accessible on Mon.; Sat. & Sun. applications accessible on Tues. |
| |
|
|
|
Consumer's Guide To Payday Loan Websites
A payday loan is a cash advance that is extended until your next paycheck. It is a small, short-term loan intended to help cover emergency expenses. Terms and interest are determined on an individual basis by payday loan lenders, but most cash advance loans come with extremely high interest rates - a cost of convenience - and a quick repayment period.
How Do Online Payday Loans Work?
In the past, payday loan lenders would require a post-dated check up front from the borrower for the full amount of the loan plus all interest and fees. They would lend cash in exchange for the check, but it would not be deposited until the borrower's next payday (usually a two-week period). Today, payday loan websites do not even need a written check; they can transfer everything electronically with the borrower's bank account information. The secret to finding the best payday loan is to compare multiple offers. Do this all on one site with our simple and free loan comparison process.
The History of Payday Loans
Cash advance loans have been around for quite some time but perhaps not the way we think of them today. The first cash advance loans were considered ìshort-term loansî and originated with privately owned mom and pop shops lending money to people based on employment as opposed to credit. Since the 1930s, these shops would lend money to anyone with a steady income. Over time, they grew and consolidated into bigger companies; by the 1990s, they started to resemble what we know them as today. Lenders include banks, pawn shops, rent-to-own companies and now, payday loan websites.
Pros and Cons of Payday Loans
When considering an online payday loan, you have to weigh the pros and the cons. These types of loans are costly and they can easily trap you in a borrowing cycle due to their high interest rates (typically about 400% APR or about $25 per $100 borrowed) and short loan pay-off periods; however, when you're in a pinch they offer quick cash with no need to fax any documentation. It is up to the individual to decide if the cost of the loan is worth the convenience of having cash when it's needed. Online payday loans can be extremely beneficial in emergency situations where your next paycheck will cover the full cost of the loan, including fees. A quick cash advance may be needed to cover unexpected medical expenses or car repairs. In addition, these lenders do not require a full credit check so it's much easier to obtain a cash advance loan if you have bad credit. Most simply require an open bank account and a job; if you can write a check or provide an account number, you'll qualify. Some level of employment is needed to ensure repayment. You need to consider your options and determine if an online payday loan is the best course for your financial needs; it is not something that should be entered into on impulse.
Payday Loan Laws
Payday loan laws vary by state and these regulations exist for consumer protection. In some states, cash advance loans are illegal; in most states, they are highly regulated. Some states cap the amount of interest that a lender can charge and prohibit the determination of interest rates based on credit. Due to the Truth in Lending Act, payday loan websites must disclose how much they are charging in fees before lending you any money. With that being said, interest rates are still much higher than other types of loans, but the laws in effect help protect borrowers from outrageous terms that would perpetually drive you deeper into debt.
|
Payday Loan Reviews | Best Online Payday Loans | Cash Advance Loan
|