Payday Loans and Fast Cash Guide

Get Fast Cash With Same Day Loans

Same day loans can get you the fast cash you need when you want it.  Most loans that pay the same day are going to be very short-term and carry a high interest rate, but that’s the price you’re going to have to pay for the speed.  Life comes at you fast, and many times it’s extremely difficult to plan for the things that come up.  If you’re anything like me, all of the bad and expensive things happen when the bank account is getting close to zero and it’s still a week before payday.  I know I’m not the only one that has this black cloud following me around, hence why I started this website and am writing this right now!

The most common same day loans are payday cash advances, title loans, and some bank loans.  We’ll take a look at each of these a bit closer so you can know your options and get the loan that is right for you and your current situation.  If you can’t find a loan that fits, spend some time cruising around this site to find other creative ways to make fast cash.

Same Day Payday Loans

Payday cash advances are the most popular same day secured loans around.  In a brick and mortar payday loan store, you’re almost always going to get your loan the same day.  The things that would slow this process down are not having your paperwork together, holidays, and a poor performing payday lender.  If a payday lender tells you that you can’t get your money within the day, you should probably find one that can.  That’s a sign of a lender that doesn’t have their stuff together.  They write the checks with their money in the bank.  If it’s a problem with the approval and you have all of the things you need to be approved, something wacky is going on and you should move on.

To make sure that you have all of your paperwork together, you have to bring the right things and know that you’re going to be approved from the get-go.  The basic requirements that payday lenders have is that you’ve been at your job for 6 months, make at least a grand a month (bring a few paycheck stubs), have ID, have references, and have a bank account (usually checking).  Each lender is going to have their own terms, so these may vary.  This means that you need to bring your checkbook, at least two paycheck stubs, your ID, and know who your references are going to be.  After you have an account going with the lender, you’ll only need your ID and checkbook.

Also, keep in mind that these are no credit check loans, so you don’t have to worry about your credit score.  Some payday lenders will use Teletrack to see if you’ve written lots of bad checks lately or have any other screwy stuff going on, but this usually won’t prevent you from getting approved.

Online payday advances are also available.  Not only are these same day loans, some are even same hour loans!  They operate very fast, and can get you money in a pinch.  For many of these lenders to get you money that fast it has to happen during business hours, but even during non-business hours they operate very fast.

Same Day Title Loans

Title loans are same day cash loans that are very easy to qualify for as long as you have a job.  Your car is the collateral in this secured loan.  This means that if you don’t pay the loan back, they’re going to repossess your car.  If you pay the loan back though, there is no need to worry.

The same rule applies about have all of your stuff together before heading down to the lender to make sure that you get your cash as fast as possible.  In the case of auto title loans, you’ll need your ID, a paid off car (duh!), the title (look in the glovebox), an extra key, and bring a few paycheck stubs along to be safe.  Not all title lenders verify employment, so these are also an options for same day loans for unemployed.

Same Day Personal Loans

You’re probably thinking that a bank offering same day payout loans is impossible, but the times they are a changing, my friends.  A new trend that started in North Carolina is banks that offer payday loan-like terms, but with much better rates.  They do require a credit check, but most people are qualified, even with bad credit.  Not only are these loans a good way to get fast cash, but you can also use them to rebuild your credit.  There are a few banks in Arizona and Georgia that do this as well, so check with your local branches to see what they offer.

These aren’t the only loans that payout the same day, but they are the most common and easiest to get.  Keep in mind there is always fast cash out there for you, you just have to figure out how to get it!

Thanks for reading,

Lydia

What You Need To Know About Payday Loan Lenders

Not all payday loan lenders are created the same.  I’m not going to tell you not get a payday cash advance, but I’ll show you some of their sneaky tactics and how to avoid them.  For every reputable and honest payday loan lender out there, there are three that are out to scam you.  Knowing how to spot them will help you keep as much of your own money as possible, and save you from a monster headache later!

Keep in mind that the interest rates on payday cash advances are always going to be high.  Consider the fact that the average rate in the United States is $25 per $100 borrowed, which means that high and low rates could be as varied as $1 and $50.  Usually, the more reputable companies are going to have rates that are close to that average amount.  If you find one that’s way higher or lower, something fishy is probably going on.  One of the largest and most reputable payday loan lenders is Check Into Cash, and their rates fall right into that average (no, I don’t work for Check Into Cash!).

Unfortunately, it’s the first time borrower and the people who don’t do any sort of research before accepting a loan that are the ones that get into the most trouble.  They simply don’t know any better or have a decent understanding of what they’re signing up for.  Payday loan lenders don’t make their policies very clear, so it leads to many people learning as they go, which can be trouble if mistakes are made along the way.  You probably aren’t going to have that problem since you’re already here reading this, but it might be good to share some of this info with anyone you know that is getting their first payday loan.

Direct Payday Loan Lenders

Direct payday loan lenders are the storefront lenders that you’re used to seeing around your town.  They usually operate as check cashing, or money transfer stores as well, and can be an important resource for people who have bad credit or don’t have a bank account.  Since many of these stores are in rough neighborhoods they usually have a big bulletproof glass window between you and them, don’t let that intimidate you, just get what you need and get out!

The biggest thing to watch out for with direct lenders is the interest rates (like we discussed earlier).  Remember the $25 per $100 number when you’re reading through their terms.

I should probably say that you must read their terms and the fine print!  Read through what happens if you fail to make a payment and make sure that you clearly understand the consequences.  Each lender handles this differently, and if you have to give them your bank account information (more on this later) you can end up in very serious trouble!  If you have a hard time understanding their legal mumbo-jumbo, bring someone with you that does.  It’s extremely important that you understand this stuff!

Since these are no credit check lenders, they aren’t going to have records of other outstanding payday loans that you have.  This means that you could (but shouldn’t) have multiple payday loans out at the same time.  This is very dangerous, and a trap you probably won’t get out of!  Like my mom used to tell me, “just because you can doesn’t mean you should!”

Online Payday Loan Lenders

To put it bluntly, some online payday loan lenders operate well out of the bounds of the law.  They work in states that have loose regulations on payday loans, and will lend to people in any state.  So what this means for you is if you live in a state like Illinois that has a maximum interest of $15.50 per $100 borrowed, and an online lender that you want to borrow from is based in South Dakota (a state with loose laws), they’re probably going to charge you well beyond what’s legal in your state.

I have to say that not all online lenders operate this way.  Many of them are legitimate, honest businesses, that are looking to help people like you and me out.  The hard part is figuring out which is which.  This, again, boils down to reading the fine print.  Understand all terms before you sign up for anything!!

I’m sure that you already know that you’re going to be in a rough situation if you miss your payment on a payday loan, but it’s worse with online lenders.  At a direct payday lender, you’ll write a post-dated check to repay your loan.  With online payday lenders you give them your bank account information and they automatically withdraw the money from your account.  Yeah, it might be easier, but when a dishonest payday lender has your bank account info and you miss a payment you’re now open for serious trouble.  They’ll keep leeching money from you until they get what they want!

Faxless Payday Loan Lenders

Most of the same issues that online lenders have, no fax payday lenders have as well.  It’s essentially the same business, but with a different application process.  Identity theft is a worry with faxless payday loans, since anyone who has your stats can probably get a payday loan under your name, but I’ll save all of that for another article!

I have to reiterate that I’m not telling you to avoid payday loans, you just have to know what you’re signing up for!  I’ve used them with success many times, and a few times without, and I’m just sharing what I’ve learned through all of it.  Payday loans are a great way to get the fast cash you need to make ends meet, and to cover unexpected expenses.

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

Where To Find Instant Cash Loans

Instant cash loans are easy to find, you just need to look in the right places. You’re probably saying, “yeah dude, I know that” but there are things that you need to know to get a good deal and fair terms on your instant cash loan.

For the sake of this article, an instant cash loan is one that doesn’t require a credit check and will get you cash within a few hours.  The two most common types of cash loans are payday advances (which are also available online) and title loans.  Both of these instant cash loans will get you the money you need very quickly.

Instant Cash Advance Loans

Instant cash payday loans can be found at most check cashing/money sending stores in your city.  They are usually concentrated in the urban centers of the city (downtown).  The good thing about living in a large city is that there are hundreds of these in each city, so you have a lot of choice.  In most situations, I’m all about helping the “little guy” out and shopping at small business.  This is not the case with payday loans!  The little guys seem to be the ones that will give the steeper interest rates and harsher terms.  I’m not saying that all of them are that way, but you’re going to get much more fair and consistent terms from the bigger companies (Check n’ Go, Check Into Cash, etc.).

If you have choices in your area, check all of them out.  Many places aren’t going to be very upfront about what their terms are, but with a little bit of persistence you’ll get the info that you need.  I strongly recommend doing this so that you can get the best rate possible.

Instant Cash Loans Online

Instant approval cash loans have been available online for a few years now, and their reputability has improved over time.  Faxless instant cash loans are now becoming more popular and allow you to complete your entire application with no faxing.  Online payday loans operate very quickly, and can usually have your money in your checking account within an hour or two.

When looking for an instant cash loan online, pay attention to where you navigate to.  There are two different types of websites that are looking to help you out (three if you include this one!).  The most common website is for the actual online payday lenders that you’ll deal with when applying for your loan, these guys are your friends.  The second type of website are called “lead generators.”  These websites function as information collectors, and get paid when they can get you to fill out a form with your info and send it off as a lead to the payday lenders.  While these lead generators aren’t exactly a bad thing, they put one more step between you and your money and risk you getting lots and lots of telemarketer phone calls.

To find the best and fastest instant cash loan online is to go directly to the source, and apply with the company directly.  These instant approval cash loans will get you the money that you need as fast as possible!

Instant Title Cash Loans

Title loans are the fastest type of loan that you can get.  It’s much faster for a title lender to appraise your car and determine a loan amount, than it is for a cash advance lender to verify all of the information you submit on the application.  These loans get you money by using your paid-off car as collateral, and will loan up to 50% of the car’s value.  Keep in mind that if you fail to repay the loan, they repossess your car.

Finding The Best Payday Advance Online

Finding a payday advance online is easy, finding one that is going to be fair and honest is much more difficult.  There are a few things that you need to watch for when looking for your payday loan, and this post will show you those things.  I’m certainly not going to tell you that you shouldn’t get a payday loan, when you need fast cash you need fast cash.  Good, hard working people just like you and me hit rough spots every now and then, and finding a way to get money without getting ripped off is extremely important.

For those that aren’t sure what online cash advance payday loans are, I’ll break it down for you.  Basically, a payday loan is a short-term loan that doesn’t require a credit check.  The amount that is lent depends on how much money you make each paycheck, and will usually start off small and grow fast as you build your credibility with the lender.  The average first-time payday loan is around $500, but as you gain trust with the lender by paying them back on time the loan can grow up to $2000 or more.  You’ll repay the loan by either writing a post dated check (for brick and mortar stores) or allowing the lender to withdraw the money from your account (online).  Interest rates on these loans varies, but the average is $25 per $100 borrowed.

Finding A Payday Advance Online

When you’re looking at online payday advance websites, there are essentially two different types.  The first is the actual lenders who you will apply with and lend you money.  The second are sites that work to pair you with the lender that is best for you.  These sites are called “lead-generators” in the industry, and they get paid when you sign up through them.  Both sites have their advantages.  The easiest way to determine which site you’re looking at is to look for a customer login form.  If there is a place for returning customers to login, it’s a lender.  If not it’s a lead-generator.

The lead generator sites will collect your info and shop it out to different lenders.  Each site has their own terms, so it’s difficult to say that you’re going to get the best deal, but at least they will do some of the shopping around for you.  And keep in mind that if you don’t like the terms of the offer that’s being made to you, you have no obligation to sign up for it.  They will usually shop your inquiry out to three or four lenders before determining which is the best fit for your situation and lending needs.

If you prefer to go directly to the source when shopping for your payday advance loans online, it’s a good idea to look at a few of them before signing up.  Each has it’s own terms and rates, so it’s a good idea to see which one is the best for you.

Avoid Getting Scammed With Payday Advances Online

While you’re shopping around for your online payday loan, there are a few things that you should be looking for to keep yourself protected.  The first is to keep a close eye on their lending rates.  If you find one that is way higher or lower than the $25 per $100 borrowed, that’s a good sign that you’re going to be taken advantage of.  Many online lenders operate in states that allow higher interest rates, so they will do their best to charge you as much as possible.

Another thing to look for is the seal of the Community Financial Services Association of America (CFSA), or its equivalent in your country.  The logo on the left is what you’re looking for, and it will usually be at the bottom of their page.  Online payday advance companies apply with the CFSA and are only approved if their practices fall within their guidelines and their state’s laws.  This certainly isn’t a guarantee against shady practices, but it means that company adheres to the CFSA’s best practices and can be held accountable if they don’t.

Follow these guidelines and trust your gut when shopping for payday advances online.  It’s your money, be smart with it!

Thanks for reading,

Lydia

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