Payday Loans and Fast Cash Guide

No Credit Check Payday Advance

Getting a no credit check payday advance is a cinch. The reason they do not do credit checks is that payday loans are not extensions of any type of credit. They charge a very high fee that helps cover any loans that end up in default and they make a hefty profit working with a lot of people who cannot borrow money elsewhere.

It is amazing to walk into a no credit check payday advance store and walk out with money. You are treated like the best customer in town and no one asks any embarrassing questions. You can use your loan for any reason you want; they do not care at all! Heck, if you just want to go out on the town and have a real good time that is okay too!

You may wait with baited breath while your application is up for approval but do not worry. Millions of people do this every day and they get approvals. The only thing that might slow you down or prevent a payday loan is if you have recently gone bankrupt or if you have not paid other payday loans. Those things they will find in their own system. Some high risk people are just too high risk for anyone to trust! That is why it is important to repay your short term loan on time and in full.

You must be of adult age with a bank account and monthly income of $1000 for approvals. Online loans are similar and do browse around for the very best deals. You may also find a no fee first loan at a local store front location to save money. People have no or bad credit histories for many reasons. That should not prevent you from getting emergency money from a no credit check payday advance lender.

Payday Cash Advance

A payday cash advance is the most common method for getting fast cash.  Millions of Americans turn to payday cash advance loans each year, and this includes good, hard-working people just like you and me.  All you need is proof of income and proof of who you are to take advantage of these fast cash loans.  These are no credit check loans, so anyone who applies will qualify, no matter their credit score.  Also, it’s possible to get your money within minutes with the best lenders.

Many people look down upon payday fast cash advances and their lenders, but the truth is that it’s a great way to get the cash you need to cover unexpected expenses when you’re between paychecks.  Consider the fact that 50% of Americans live paycheck to paycheck, there are just as many people who’ll be likely to turn to a payday loan as there are those who wouldn’t.  It’s a legit way to get a quick boost of cash when you need it, and a much more affordable option than continually paying overdraft or late fees.

What Is A Payday Cash Advance Loan?

A payday cash advance loan is an unsecured, short-term loan that gets you money based on how much money you make at your job.  Secured loans, like title loans, require you to put up collateral to get your loan.  You’ll need a paycheck stub (or two with some companies) for them to verify your income.  With most payday lenders, you’ll also fill out a form that is a general run-down of your monthly expenses for them to determine how much they can lend you.  After they’ve determined how much money to lend you and you receive your cash, you’ll have to pay it back after your next payday.  You’ll usually post-date a check for the amount you owe, plus interest, for the date your loan payment is due, but some companies require your bank account information so they can withdraw it directly from there.  If you have a choice between the two, choose the post-dated check.  If you happen to get behind on paying the loan back, the last thing you want is for them to have direct access to your account.

The payday loan industry is loosely regulated, so this means that if you do some research you can save yourself a lot of money in interest.  The average interest payment is $25 per $100 borrowed, but some companies have rates as low as $10-15.  If you can get a rate like this you’ll save $100-150 for every $1000 borrowed, that’s a big chunk of change!  A fast cash payday advance is an expensive way to get money, but nothing beats it in a pinch!

Online payday advance loans are also an option for getting fast cash.  These operate very similar to storefront lenders, but tend to have higher rates than their storefront counterparts.  They’ll usually operate in states that allow very high rates so they can charge them.

My Payday Advance Story

I relied on payday cash advances for a while a few years ago.  It was back to school time and my son needed new clothes and supplies, I had no money to take care of it, and needed a fast cash loan.  I headed down to my local payday lender (without researching other lenders) and got a payday advance with a rate of $30 per $100 borrowed.  Pretty extreme!  During this time I got sick and missed a few days of work, which hit me big on the paycheck after the one that I paid back the loan from.  In turn, I had to get another payday loan to help me cover the money that I missed from being sick.  I started falling into the trap of payday loans, and needed more loans to pay back other loans.  It got pretty crazy for a while, and I almost lost control.  Luckily, I got a large bonus from work and was able to get myself out of debt.  The lesson here is that payday cash advance loans are great, as long as you don’t rely on them to stay afloat.

Thanks for reading!

-Lydia

Find The Best Deal With Payday Loans Online

It’s easy to find payday loans online, but how are you going to know if you’re getting a good deal? Or ripped off?  Many people feel that the payday loan industry have unfair lending practices due to their loose regulation and dealing with those who don’t make enough money.  This is very true with online payday loans.  There are some companies that are honest and fair, while others are out to charge you as much money as they feasibly can!

This post will take a look at how fast payday loans online work, and the things to watch out for.  There certainly are lenders out there that are willing to help you out, but there are just as many (probably more) that want to leech as much money off of you as they can!

What Is A Payday Loan?

For those of you that are new with this, a payday loan, or payday cash advance, is a short term loan that is very easy to qualify for and get fast cash when you need it.  The basic requirements are that you’re employed and can prove it, you’re who you say you are, and you have a bank account.  Each lender has their own requirements for their loans and each state has their regulations, but these are the basic factors and there is no credit check involved.  The amount of money that they lend you will depend on how much money you make, how often you’re paid, and your general living expenses (rent, child care, etc.).  The cash advance is repaid after you receive your next paycheck, and usually you’ll write a post-dated check for the amount that’s due.

The interest rates on payday cash advances are pretty high, but when compared to things like late fees and credit card penalties they aren’t so bad (see video on sidebar).  The average rate for payday loans in the U.S. is around $25 per $100 borrowed.  25% is a really high interest rate, but the risk is fairly high on these types of loans and their terms are very short compared to a personal loan from the bank.  Also, the average amount lent is around $500, and the money will be in your hand within the day in most cases.

How Payday Loans Online Work

Online payday cash advances work in a very similar fashion as their brick and mortar counterparts, but you never have to deal with an actual person.  The application process with traditional online payday loans is you visit their website, download the application, fill it out, fax it back, and you’re approved via email.  After you’ve qualified the money is transferred to your bank account.  Loans vary from $100 to $1500 when done online.  If you need more than that, I recommend heading to a storefront lender.

The loan is repaid by your bank allowing the online payday lender to withdraw the money from your account to theirs.  This might not seem like a big deal now, but if you miss a payment they’re going to leech money until they are repaid.

Be sure that your bank account hasn’t been overdrafted before accepting the loan.  I’ve seen people be seriously hurting for cash, get the money, then can’t do anything with it since there are holds on their account!  It seems like a boner move, but it happens a lot.  Some lenders will check your bank account balance before lending to make sure that this doesn’t happen.

The problem with this isn’t identity theft, like you might think, it’s that many lenders operate in the states with the most lax regulations on payday loans.  Your loan will fall with that state’s jurisdiction, so you can be charged an incredible interest rate, sometimes as high as 40-50%!  If you miss a payment, you’re in even deeper doo-doo and the payments will skyrocket!

Online No Fax Payday Loan

Faxless payday loans are the same as other online loans, but the application process is done totally online.  Each lender has their own method for determining your identity, but you’re at least going to need a driver’s license/state ID, a social security number, and a bank account.  Again, your credit score doesn’t matter since there is no credit check involved.  The online payday loan application will go through your information to verify that you’re honest with it, and verify that you’re the owner of the bank account.  Most times this is done with a automated phone call, so you may need to be near a telephone as well.  Confirmation of your faxless payday loan is done via email.

Getting A Good Rate On An Online Payday Loan

As I said above, payday loans online are much less regulated than the stores are.  What this means for you is that each one is going to have very different rates than the next guy, so you’ll have to do some homework.  Not every company has their interest rates and fee structure listed on their website, so it might take having them contact you to get the full story.  Don’t be scared to turn one down for a better rate!  If you’re offered more than $35 per $100 borrowed, it’s probably a good idea to find a different company.  Shopping around will get you the low rates that you want, and save you a ton of money.

Beware, there are some serious sharks in the online payday loan industry.  These companies want nothing more than to suck every dime from you they possibly can, sometimes doing it illegally.  Laws are different from state to state, and in some situations what is legal in one state can be legal in a state where it’s usually not.  The state that the company operates in will usually determine how it operates.  That isn’t always the case and many times they’ll cross boundaries to get money from you.  If you feel like something’s fishy about a companies terms, turn them down before you sign anything!  That’s your right as a customer.

My Story With Online Payday Loans

My experience with payday loans is short.  I needed a cash advance once when I was sick and needed to go to the doctor (no insurance of course!).  Since I was so sick, I really didn’t want to have to go to the payday lender and figured I would try the online ones that I’d been hearing about.  Keep in mind that this was a few years ago and right when these companies came on the scene.  Regulations were even looser then, so when I heard what my terms were going to be I canceled and walked down to the payday lender.

Don’t forget that the online payday loan industry is much better now than it was then!

Thanks for reading,

Lydia

• Can’t Find What You’re Looking For?

• Mandatory Reading

  7 Reasons A Payday Loan Is Smarter Than Using A Credit Card

• Hall Of Fame Posts
• Cash Really Fast Fast Cash Loans No Credit Check Loans Title Loans Payday Cash Advance Loans For Unemployed