Payday Loans and Fast Cash Guide

When Is It A Good Idea To Use Payday Loans?

Using payday loans is risky business.  They are expensive and difficult to pay off.  However, there is a time and a place when they make perfect sense to use.  In this post I want to cover when this is, and share some details of why they are so risky.  One of the biggest things I preach on this site is to arm yourself with some knowledge before you decide if fast cash loans are the right choice, and I feel that we haven’t really discussed this matter yet.

When Does It Make Sense To Use Payday Loans?

Emergencies are the most common time to use a loan like this.  Car repairs that can’t wait, a new hot water heater, or paying the emergency room (unless they allow you to make payments to them).  Other common uses for them are bills that fall between your paydays, namely your rent.

Uncommon things that still make sense are having to travel for a job interview and not having the money to get there, or having to buy school supplies for your kid.  These are expenses that are mandatory, but since you’re between paydays you simply can’t afford them right now.

When Is It Not A Good Idea?

This could be a very long list, but we can sum it up with “just about everything else!”

Some people use payday loans for fun money, which is a horrible idea.  You don’t want to buy food and smokes with borrowed money!  That leads to wasting the money and then the payday loan trap, which we’ll cover in the next section.

Other times when these loans should be avoided is when your payday is still a long way away, or not coming at all, and when your next paycheck is already spent before you get it.  It’s safe to assume that almost half of your next paycheck is going to be spent on paying your loan back, so factor that in as well.

So What Are The Risks?

Some times when people use payday loans they end up taking other loans to cover the ones that they have to pay back.  This is called the payday loan trap, and it’s damn near impossible to get out of it.  This article from The Nashville Ledger covers this perfectly if you’re interested in seeing just how bad it can be.

All problems stem from the high price and timing of repayment.  You can expect to pay somewhere in the range of $20 for each $100 that you borrow.  The amount that you actually pay is regulated by your state’s government, but you can expect to pay whatever the maximum amount is.  Using the $20 from above, a $500 payday loan is going to cost you at least $600 out of your next paycheck, plus whatever ridiculous fees the lender is going to charge you.  Can you afford to have that much of your next paycheck gone before you get to touch it?

The lender will likely give you the option to rollover your loan, or extend its terms.  Accepting this offer is the precise moment that you start down the payday loan trap!  Fees are added along with you borrowing more money, and until you’re completely clear from the loan every paycheck you get will go to the lender to cover this.

So Is It Worth It?

I firmly believe that you should do your research on payday loans then sleep on it before applying for anything.  There are other options out there that can help out, check out these other articles on Fast Cash Authority for some ideas:

If you choose payday loans, please do so responsibly.  There are a lot of ways to get into trouble with these, but it’s also easy to stay safe!

Why You’re Never Going To Find An Instant Loan

Despite the best marketing tactics by payday loan lenders, you’re never going to get an instant loan. Ever.  I’m sorry to say it, but it just won’t happen, unless these lenders stretch the idea of “instant” to mean a lot longer!  These loans are extremely fast, but the money won’t just magically show up in your bank account!  In this post I want to show you how instant loans really work so that you can understand what you’re getting in to.

While online and local payday loans are similar, the way that you get paid and how you pay it back are very different, so in this post we’ll break it down this way.

Applying for an online payday loan is extremely fast and easy.  You fill out an application on the lender’s website and wait a few minutes (or up to an hour depending on how they process it) to hear whether or not you’ve been approved.  This is the “instant” part.  From there, things grind to a halt.  Assuming you’ve been approved the lender then has to transfer the funds into your checking account.  In a perfect world this would happen quickly, but it doesn’t.  Banks don’t like to have funds flowing in and out freely, so they put a hold on the transfer until they get to approving it.  The hold is very similar to depositing a check into the ATM and they only make a small portion of the check available to you right away.  This approval will generally happen overnight, making the funds available to you the next business day.

Not so instant, right?

As far as local loans go, they are much faster.  This is due to the lender being able to write you a check right in their office.  You will fill out an application in the office, wait a bit for it to be approved, and then get paid.  Most lenders can get all of this done in just a few hours.

One thing that slows down a lot of people with local loans is that they don’t bring all of their paperwork with them when they apply.  To prevent this from happening, simply give the lender a call before you leave your house and ask what you need to bring with you.

If you have the time to wait for an online payday loan, the convenience definitely makes it worth it, just don’t expect the payday loan fairy to waive her wand and make the money available to you right away.  However, if time is seriously pressing get in your car and head down to your local lender.

While an instant loan is a myth, if you set your expectations accordingly you can get all of the cash you need without getting burned!

I Need 2000 Dollars Fast! Will Payday Loans Affect My Credit Score

Payday loans can be very helpful for people who are in between paychecks but need money right away. It is also very helpful if there are extra expenses which you were not able to include in the budget. Payday loans are very easy to get. There is no credit check required so even if you have bad credit, you will be able to qualify for it as long as you are a citizen of the United States, at least 18 years of age with a job that pays no less than $1,000 and you have an active savings or checking account. If you are saying “I need 2000 dollars fast”, payday loans may be the answer you are looking for.

A lot of people are drawn to payday loans because of their accessibility. However, most of the people who take out payday loans have problems with payments. Payday loans have to be paid in just 14 days or when you receive your very next paycheck, there are also special types of payday loans which are to be paid in 30 days. If they cannot make payments on time, they opt for a rollover. When you rollover, you are extending the term of the loan and this means additional costs. The amount you pay for the rollover will not be subtracted from the principal. People who missed payments or have late payments are asking if a payday loan will affect their credit score. Are payday loans worth it if you really need money?

Payday loans, just like other loans, can affect your credit score negatively if you do not pay them on time. Applying for the loan does not have any impact on your score but you have to keep in mind that credit score will plummet if you do not repay on time. You have to be mindful of your obligations if you want to retain a good credit score.

Payday Loan Resource Roundup – Read Before Applying For A Loan!

I’ve been taking a hard look at a lot of the payday loan related stuff here on Fast Cash Authority, and I realized that most of the stuff that I’ve talked about hasn’t been backed up by legit sources.  Rather than go back through all of the articles here and add sources, I’ll try and dump everything here.  Scroll down to learn everything from interest rates in your state to lending laws.

This post will be updated as I find more stuff that’s relevant to it.

The Most Important Thing To Read – Loan Amounts And Interest For Your State

Before you apply for a loan you have to know what to expect in terms of how much you can borrow and what they’ll charge you.  This post from the National Conference of State Legislature is the most up to day I can find, and it looks like it’s frequently updated.  Read this!  Seriously, it can prevent a major headache!

It’s also important to note that if you’re being offered a loan much greater than the amounts allowed by your state, or are charged much more in interest, something isn’t right and the lender is likely not licensed in your state.

Warnings About Online Payday Loan Lenders

I preach like crazy about how important it is to use only lenders that are licensed in your state.  This quote from an awesome  BBB article sums up where most of their complaints about lenders come from:

Many complainants were surprised to learn that the online lender was not licensed by the state and charged interest rates well over what was allowed by their state usury laws. When confronted, the lender typically responds that they don’t have to follow state or federal laws — often claiming that they are based in another country or on Native American reservations and are sovereign nations.

FDIC Guidelines For Payday Lending

There is some serious legalese in this FDIC article, but if you’re interested in the “why’s” behind payday loan laws this is the place to get it.

Payday Loan Laws By State

I’ve used this article as reference before in some earlier posts, but it needs to be put here as well.  Debtconsolidationcare.com has an interactive page for payday loan laws.  It’s unfortunately a bit out of date, but most of the info is still accurate.  Simply click on the link, select your state, and see what’s up.  If you have a complaint with a lender, the page for your state will have who you need to contact.

Get Guaranteed Payday Loan Today

If you are looking to take out a loan but you worry that you might just be rejected or be denied of service because of some previous credit issues, you should consider a guaranteed payday loan. Payday loans are guaranteed loans, mainly because they can be easily obtained within the same day even by those people with the worst credit situation. The money involved is usually of smaller value but it can already be used for urgent expenses and paying it off will not be as difficult as when you in a large amount of debt. So if you need a loan for bad credit and the amount of cash that you are looking to get is not that big, this is exactly what you need. In addition, it is a guaranteed unsecured loan so you no longer have to worry about placing some of your properties at risk.

How To Get Guaranteed Cash Loans Payday

To get payday guaranteed cash, all you need is to search for a lender offering the exact service that you need online depending on how long you can wait for the money to be available for you. If you need cash in an hour, there are 1 hour guaranteed loans. If you can wait for a couple of hours but not to exceed 24 hours, there are also 24 hour loans guaranteed cash within the same day. If you really need fast cash processing, choose the lender which will not require you to fax employment certificates and paycheck slips because this will only delay entire process. Usually, if you are over 18 years old, you have a job, and you have a valid checking account, you can already qualify for the loan and you can get the money that you need in no time. Just don’t forget to pay off the loan on time as well because such loans can get you into so much financial trouble if you keep on missing payments and end up extending them for a couple of months.

What I Do When I Need To Borrow Money Fast

I hate having to borrow money fast, but there are some easy places to turn when I’m in this situation. I’ll show you what it is that I do so that you’re able to figure out what your next move again.

Payday loans are going to be the most common, but not what I use. We covered these pretty extensively in our Ultimate Guide To Payday Loans. That article is a great read if you’re considering that type of loan.

I bank with Wells Fargo and get my paycheck through direct deposit. This qualifies me for one of the Direct Deposit Advances that they offer. These work exactly like a payday loan, but only cost a fraction of the price. Payday loans cost around $18 to $25 per $100 that you borrow, and these Direct Deposit Advances only cost $8 per $100.

If you bank with Wells Fargo click on the Account Services tab at the top, then in the right column you’ll see a link to “Request Direct Deposit Advance”. They will front you the cash tomorrow and then as soon as your paycheck gets direct deposited into your account they withdraw your loan payment.

This is a super easy and affordable way to get fast cash that many people overlook. It’s what I always do when I need money fast!

Napa Payday Loans


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For Napa being as big as it is, you would think that there would be more payday loan lenders around.  Unfortunately, there isn’t, unless you want to take the trip to Vallejo or American Canyon.

Your only real options for payday loans in Napa are the couple of Advance America locations.  One is on Lincoln and California, while the other is on Trancas and Jefferson.  The map to the right shows you exactly where these locations are.

You also have online options.

Online Options (Clicking The Banner Takes You To Their Site)

Payday Max


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Payday Max is known for their discounts for new customers. They can lend to anyone in California, as long as you don’t live in Sacramento proper. This includes Napa and everywhere else in the area.

Payday One


Payday One are one of the most respected licensed lenders around. Their loan amount aren’t quite as large as other lenders, but they are very fast and completely no fax.

Cash Net


Cash Net is one of the biggest online lenders. They hook up more people than just about any other lender on the internet. Also, they are licensed in California.

Good Luck!

Between the local offices and the online options you should be able to get a loan. The good thing is that all of these lenders are legit and can help you out.

Need Instant Cash? Try Instant Decision Loans

Do you realize how many people are in grave debt today? Well, you cannot do anything about it. People just cannot control their desire and necessity to spend. There are actually two sides of the story. On the one hand, there are people who cannot help applying for loans or using their credit cards because of their grandiose lifestyle. There are lots of people like that nowadays. On the other hand, there are people who have lots of financial obligations to attend to, but they either do not have enough income or do not have any regular source of income at all.

Needless to further argue, the former is dangerous for your financial health while the latter is quite understandable. Hence, if you currently belong to the latter, this article could be the perfect thing for you so far. This is because this article will be providing you with some tips where you can get instant cash in case of emergency.

Recently, there are already lots of varieties of loans that a borrower can apply to their banks. These loans vary depending on the characteristic of the applicant as well as level assets. If you are currently unemployed, there is a specific loan that you can apply to. If you are a student, there is also a specific kind of loan that is applicable for you. Moreover, if you are living somewhere in UK, there are also instant decision loans UK banks can offer to you. These instant loans can give you the money you need as fast as three hours only.

On the other hand, if you are living somewhere in India, you can always apply for Barclays personal loan Bangalore. The limitation if this, however, is that it is only applicable for people who have current accounts with the bank. Nevertheless, if you are a member, the application process is very easy because you can even do the process online.

10 Reasons Why You Should Consider Getting A Payday Loan

Is the economic downturn still affecting your money flow? You are not alone. As our market struggles to return to a better state, more and more people are looking for ways to get money for things that they cannot at the time afford.

Payday loans can help you take care of life’s unexpected expenses. Payday loans are short term cash advances that can help you overcome small expenses until your next paycheck.

There are a lot of reasons why payday loans are beneficial; here are 10 of the most important reasons:

1.       They are super-fast. After applying for the loan you can get your cash in as little as one hour.

2.       It is really easy. All you have to do is apply online by filling out a short application that will only take you a few minutes. Most applications will ask for your personal, employer, and banking information.

3.       You get approved instantly.

4.       You can apply for a payday loan from home. No more waiting in lines at the bank – everything is taken care of in just a few minutes over your computer.

5.       Good credit, bad credit – it doesn’t matter. Most payday lenders will still give you a short term loan even if you have bad credit.

6.       The competition in the payday loan market is fierce. With so many different payday loan lenders fighting to get your business, you will be able to shop around and get the best prices and have the most options.

7.        Since the loan is short term, you have plenty of time to pay off the loan once you get your next paycheck.

8.       The process of getting a small loan is very flexible. Payday lenders handle people’s unexpected bill crises every day – they will help you in whatever way they are able.

9.       Finding the right payday loan lenders is easy. Search payday loan lenders online. Compare them and choose what you think is best.

10.   The payday loan process really works! If you have an unexpected expense that you need to cover you can – without having to borrow money from family.

If you’re ready to take control of your finances and get a payday loan then check out an online lender immediately! Don’t let your unexpected bills pile up, take care of them today.

The Ultimate Guide To Payday Loans

While thousands of people use payday loans every month, not many of them actually understand what they’re getting into.  This section of Fast Cash Authority will go over everything that you need to know, from choosing a lender all the way to paying it back, so that you’re able to make an educated decision on your loan and stay out of trouble.

I firmly believe that the reason that people get into trouble with payday loans is that they didn’t have all of this information before they applied.  If I’m able to help a single person get a loan successfully and safely, I consider this section a success. Payday loan lenders don’t exactly make this info easy to figure out, but I’ve been doing this for a while now and have a good grip on how it all actually works. I know you need money fast, but what’s in these articles can save you a ton of time and stress that would come from being unprepared.

Table Of Contents

You can use the links above to navigate, or just scroll down.

So What Is A Payday Loan?

A payday loan is a small, short term loan that is designed to provide cash until your next payday. On your next payday the loan is supposed to be repaid in full. The lenders will not check your credit, instead they are looking at how long you’ve been at your job, your checking account, and how much you make each month.

Is It Safe?

Yeah, payday loans are safe as long as you borrow from a legit lender and understand what you’re really getting in to. What really screws people up is that they borrow too much money, and then the day that it’s repaid they end up just as broke as they were when they accepted the loan.

In order to prevent this you either have to borrow as little as possible, or do everything in your power to make some extra cash before it’s time to pay the loan back. Adding a little cushion to your checking account before paying the loan back can go a long way.

How Much Can You Borrow?

The amount that you’re able to borrow depends on a few factors. The most important is how much you make each month at your job. They’re going to look at how much your income is before things like taxes and insurance have been taken out. This is probably called “gross earnings” on your pay stub. Generally, a lender will offer you 25% of your monthly gross income, so if you make $2500 every month, you’ll probably qualify for around $625.

One big problem that might be standing in your way is the laws in your state. Many states have put tight caps on the amount that you can borrow instead of banning payday loans outright. Check your local payday loan laws at this site.

Some online lenders will offer you more than what your state allows, but I’m not totally sure that’s legal.

How Much Does It Cost?

That link above for the payday loan laws also shows what the max is that you can be charged in your state. On average, it’s around $17 for each $100 that you borrow.

Make sure that your lender isn’t charging you to apply. That’s ridiculous, and I can’t believe that some of them still do it. If they’re going to charge you to apply just go find another lender.

How Long Does It Take?

The amount of time it takes for you to get your cash depends on how you get the loan and when you apply. If you’re getting your loan online the lender has to transfer the money to your bank account, which your bank then has to approve the funds transfer. This will normally show up the next business day. What this also means is that if you’re applying on the weekend, or late on Friday, it’s going to be a while before you get your loan.

Local payday loans are very different. They will approve your application and write you a check right there in their office. That entire process will only take a few hours from front to back, and these lenders generally stay open fairly late. The lender will probably offer to cash your check right there for a ridiculous check cashing fee. Skip that and just head to your bank and do it there for free.

How Do You Pay It Back?

Like the how long it takes, the method of paying it back depends on how you got the loan. If you got your loan online the lender will automatically withdraw the funds from your checking account. For local loans, you will have written them a post dated check when you got the loan, and they will cash it then.

Should You Get An Extension?

No. Requesting an extension on your loan makes payday loans insanely expensive. This is a trap that’s damn near impossible to get out of. You’re rolling the loan over and getting some more cash, and eventually this is the only way that you can get paid. Your paycheck goes to paying off some of the interest, and then you’re living on borrowed money! Don’t do it!

Advantages Of Faxless Loans

If you need money fast for any reason, it is now possible by way of quick or fast loans which are available through faxless loans. This is the quickest way of expediting the process of getting the loan and involves hardly any paperwork. Compared to this, the standard loan procedure can take a minimum of a week as it involves credit checks accompanied by tons of paperwork.

There are quite a few online businesses which are eager to disperse these loans on filling a simple application. The loan is approved in about an hour after the application and usually the approval rate is 100%. You should be 18 years of age having a full time employment and will also need to have a checking account. If you fulfill these requirements you will usually get a loan irrespective of what your credit score is.

Faxless payday loans do not have a credit check and hence the amount of the loan is usually restricted to $1000, but it can also be determined on the amount of your income. The drawback of these quick loans is that it comes with high interest rates and heavy fees. Usually the fee is 20% of the loan amount apart from the interest. The loan has to be repaid in full by the next paycheck and if you decide to roll over you will be paying 20% more every month. If you initially started with taking $100 you would be paying $160 by the third month apart from the interest.

Even though faxless loans are expensive they can be quite useful if you take them wisely. You need to take them in dire situations like for paying off your utility bills or repairing your car or telephone bill. If your utilities or phone gets cut off due to non-payment, it will take a higher fee to get them reconnected compared to the fee you are paying for the faxless loans. Many people have also been saved from incurring heavy fees from other creditors by paying off the minimum amount by taking faxless loans.

What’s The Best Way To Get A $100 Loan?

Honestly, if you’re looking for a $100 loan, the best way to get it is probably just to hit up someone you know and see if they can float you for a few days!  For loans that are this small it doesn’t make a lot of sense to head to a lender.  With that being said, I still want to look at this from all angles so that you can figure out which method is right for your situation.  We’ll cover getting it from a friend, from a lender, and some ideas for how to earn the cash instead.

How To Get $100 Loans From A Friend

The key to borrowing money from a friend or family member is to give them some sort of guarantee that you’ll pay them back. Problems with this arise because people don’t want to get burned by someone who is close to them. It’s not usually that they don’t have the money, it’s that they’re uncomfortable with being your lender. I don’t blame them, I hate lending money to people!

So what can you do? Give them a guarantee of some sort. Collateral works great, maybe give them something that’s valuable to you that you’ll get back when you pay them back. If video games are your thing, let them have your Xbox 360, or let them hold onto some of your jewelry. Just make sure that it’s something that you’ll really want back because you may decide to skip on the payment and just let them keep whatever junk you gave them!

Most importantly, don’t be a dick! Stick to your word if you take this route.

$100 Payday Loans

If borrowing from a friend isn’t your thing it won’t take much to get a $100 payday loan. All you’re going to need is a job and a checking account to qualify. Just about any lender will qualify you for $100 if you meet those requirements. Here’s a link to apply for a loan. Following that link will take you to an application page that will put you in touch with an entire network of lenders. It’s one of the fastest and easiest ways to get a loan.

Plus, they won’t check your credit, and many lenders won’t require that you fax them anything. It’s super fast and super easy. The lender may offer you a $500 payday loan or more, but remember that the more you borrow, the more you owe the lender. Borrowing more than you actually need is a quick way to end up in serious debt.

Just remember that payday loans are repaid when you get your next paycheck. Getting it online will normally have this payment automatically withdrawn from your checking account on the day it’s due, so you have to be prepared with the appropriate funds in your account. The collection agencies from payday loan lenders are nasty, and you don’t want to have anything to do them!

Other Stuff You Can Do

Selling stuff on Craigslist or at a pawn shop is good way to raise money quickly. Most people have extra stuff laying around their house that they really don’t need any more, and this stuff might be perfect for someone else. Craigslist will pay better since you’re the one setting the prices, but pawn shops are a hell of a lot easier.

When I’m in this situation I like to hit up family members to see if they have any work that I can do for them to earn a few bucks. More often than not I’ll be fixing someone’s computer or mowing lawns in a couple of hours.

That Magical $100

As you can see, there are a lot of ways to come up with a Benjamin quickly. Choose the route that makes the most sense for you, but I can’t stress enough that you don’t want to screw over your friends or family if you borrow money from them. The last thing you need is drama on top of being broke. Only take their money if you are 100% sure that you’ll pay them back and give them some sort of physical guarantee.

Self Employment Loans

If you are self employed, at some point you will need some type of loan for your business. It could be for getting started, additional funds needed for equipment, funds for employees, or a number of reasons. These are all good reasons to need a loan but because you have a lot of good reasons to want a loan doesn’t mean you will get one. The banking system doesn’t work on reasons to get loans; they work on your ability to pay them back.

If you are self employed, you can apply for a loan. However, this can be a very time consuming and tedious process. The reason for this is the bank will need to look at all of your personal information. This information will include bank accounts, business accounts, business information, credit history, personal and business references, revenue you have coming in, and what you actually want to do with the money once you receive it.

The banks will normally use a process that assesses your assets, past earnings, liabilities and debt. The process has changed over the years, so normally you do not have to show them evidence of salary. Instead you only need to inform the bank of the type of business you have, your current business income, and the likelihood your business will continue making that income, and whatever debts or liabilities you may have.

There are many other factors that pertain to getting a loan for the self employed. If you have not been in business for a long time the chances of you coming away with a loan are probably very slim. The best thing to do when applying for a loan if you are self employed is to keep good books and make as much information available to the loan officer as possible. This way, the loan officer can better serve your business. The better you are at keeping your books organized, the more likely it will be for you to get money fast.

Payday Max Review


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Payday Max is one of the most legit online lenders around.  They have a reputation for helping out people that are new to the online borrowing process and hooking them up with a great rate on their first loan.  Between now and 3/12/11 they are hooking up new customers with 50% off of their loan’s interest! After that it will go down to a 25% discount, which is still a great deal.  There is no Payday Max promo code needed to get this discount.

They also don’t have any of the hidden bullshit fees that you get with some companies.  This will save you even more.

Need Cash Fast?

New Customers Get 50% Off

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So what does it take to get a loan with Payday Max?

It’s the standard payday loan stuff.  You’ll need a job and a checking account to qualify.  They don’t require direct deposit for your paycheck to qualify, which is a major bonus.  If you’ve borrowed with Payday Max in the past they can hook you up through Moneygram, but not for new customers.

They are not a no fax lender.  You’re going to have to fax them your bank account statements and pay stubs.  Don’t forget that your local library and many copy stores (Kinko’s, etc.) will allow you to use their fax machine.  It’s usually around a quarter to fax stuff, so be sure to bring some change with you.

Also, don’t expect that you’ll be able to get around any of this because they will verify all of your info.

Where Are They Licensed To Lend?

Rather than trying to show you where they lend, I’ll take from their site where they won’t lend.

PayDayMax and its affiliates do not provide payday loan services to those who live in the following states: Georgia, Montana, New Hampshire, West Virginia, Ohio, Virginia, New Jersey, Colorado, Nevada and Sacramento, CA

So Why Use Payday Max?

If you’re cool with faxing your paperwork to them, they are going to get you the lowest interest rates in the online lending industry.  Being a first time borrower is tough, but when you know that there are reliable companies like this that aren’t going to rip you off, you can borrow with a bit more confidence, and save some money along the way.

Another good thing is that there aren’t a lot of complaints about Payday Max.  They seem to do business the right way to help people in your situation out.

Click here for Quick Payday Loans from Payday Max.

Financial Liberty: Why Payday Loans Should be Legal

The payday loan industry is often attacked by populist politicians and non-profit groups for so-called “predatory lending”, and demonized because their client base usually includes those who are in need of cash due to emergency conditions.

Unfortunately, there has been and probably always will be a movement to make short-term loans completely illegal. In this article, let’s review the facts and look at why short-term payday consumer loans should absolutely stay legal:

They’re an Adult Choice. This might sound obvious, but it’s true. Getting a payday loan is an adult choice. If two consenting adults agree to a financial arrangement, they shouldn’t be stopped from making it. I’ve personally been in a situation where I needed a payday loan, but local laws barred me from getting one at the time because I wasn’t yet 21. This negatively impacted my life, even though the interest for several weeks would have been no more than a hundred dollars or less. Let adults decide for themselves. No debt is impossible to get out of debt from, especially small short-term debts.

They’re Not Necessarily Harmful. Payday loans can absolutely be used correctly. If a car expense comes up, some lower income individuals might need the loan just to pay the bills. As long as they’re used correctly, they can actually be a life saver, and help protect the borrower from embarrassment — or having their lights turned off. They can be used correctly and shouldn’t be banned across the board.

They’re Better Than the Alternative. If it’s winter, having your lights or electricity turned off because you lack a hundred bucks is a horrible idea, even if the current interest rate is high. Banning short-term personal loans would have this affect on plenty of people, and absolutely doesn’t make sense. Rather than putting poor people out into the cold, payday loans should be given to them as an adult financial option. They’re adults, and treating them like anything else isn’t just unnecessary, but can have serious consequences for the would be lenders.

In the end, payday personal loans should be legal. Loans and debt of all sorts should be legal so long as they’re based on consenting adults who know exactly what they’re getting themselves into. It’s just basic financial liberty.

Which Immediate Loans Can You Qualify For?

There are a few different types of immediate loans out there and simply by knowing which type you can qualify for before you start applying is going to save you a ton of time.  The last thing you want to do is waste a ton of time chasing down a loan that you don’t even have a shot at getting, so let’s take a look at the ones that are the safest and most reliable.  We’ll start with a brief description of each type, and then a full break down of each.  Check the next section first, then jump down to the one that you think you’ll have the best shot at qualifying for.

Immediate Cash Loans

Buck eye

Payday loans are always going to qualify more people than any other type of loan.  This is simply because all the lenders require is that you have a job and a checking account.  Some of the online lenders will require that you also get your paycheck through direct deposit but not all.  There also may be minimum monthly income requirements set.  If you make over a grand a month you don’t have anything to worry about with that.  Payday loan lenders do not check credit, so don’t stress your score.

Title loans are another common immediate loan.  These are going to only be able to help you out if your car has been completely paid off.  If you have a job and a checking account along with the car you should be fine.  Some lenders may check your credit, but they are mostly looking to see if you already have outstanding title loans, rather than just looking at your score.

Feel free to jump to the section that jives with the loan you want to get to learn more about how they work.

Immediate Payday Loans

Payday Loans Neon Sign

Payday loans are high price, short term loans.  They charge a high price due to the fact that you’re going to be paying it back on your next payday.  If the lender were to charge a “normal” APR, like a bank loan, they would never make any money.

These loans are fairly small, and will vary from about $100 to $1000.  We wrote a pretty in depth post about how to get a $500 payday loan a few days back, and it’s a good read if you’re trying to get a larger loan than just a few hundred bucks.

As soon as you finish your application you’ll normally hear back from the lender in about an hour and learn if you were approved or not.  After your loan has been approved they begin the transfer of funds to your bank account.  This will happen almost immediately, but your bank will put a hold on it until they check it out to verify.  You will end up seeing (and being able to spend) the money in your account the next business day.

To pay your loan back, it works the exact opposite of getting it.  The lender then sends a payment request to your bank and the funds are magically transferred out to repay them.  This is normally done without you having to do a single thing except having enough money to cover the repayment.

Immediate Title Loans

vw

It’s hard to pin down all of the details about title loans because they vary a ton from state to state.  For example, title loans in Arizona have a minimum loan amount of $1500, whereas California title loans have a minimum of over $2100!  I’ll try and cover as many specifics as I can to help you decide if this is a good move for you.

So you need a car that has been completely paid off.  A few lenders will work with you if you don’t actually have the title, but not all.  Most will hook you up even if there is another name on the title, but it will normally require that person’s signature as well.

These loans are very fast as well, but most will not allow you to complete everything online since the car will need to be inspected and appraised.

The amount that you can potentially borrow depends completely on how much your car is worth.  It’s normally based on a percentage of its street value, and generally falls around 50%.  This is the fastest way to get a $1500 loan or more since newer cars will easily appraise for at least twice that much.

Paying the loan back is very different from payday loans.  Many times you can get up to a couple years to pay it back.  Lenders are flexible here and will help you figure out a plan that you can afford.  Shorter term loans (several months) will have you make biweekly payments directly to the lender, and longer terms (years) are generally monthly payments.

The risk here is that since these loans are secured and your car is collateral, not paying it back will get your car repossessed and sold.  Title loan lenders take this very seriously, so don’t expect to fly under the radar after missing a payment.

If you need a large immediate loan and can qualify, title loans are the way to go.

So, Which Do You Choose?

I figure that most people don’t actually make it this far down these long posts, so I applaud you! :)

In a perfect world you would be able to qualify for both of these immediate loans.  To make a decision between the two it really just depends on how much money you need.  Smaller amounts are perfect for payday loans, and if you are confident that you’ll be able to pay it back make perfect sense.

However, if you just can’t get by with a few hundred bucks, title loans are the obvious choice.

If you can only qualify for one, that’s going to be your only real choice, so your work has been cut out for you!  Just don’t forget that these loans are expensive, and shouldn’t be treated lightly.  A simple missed payment can lead to serious debt or getting your car repossessed, so don’t screw around with them!

Where Are The Fast Payout Loans?

Fast payout loans come in a few different flavors, but there are not all created equal.  In this post I want to quickly go through some of them to show you really how fast they are, and some myths that you shouldn’t fall for.

To borrow money fast the most reliable and efficient way is the payday loan.  The big decision here is whether you should get your loan online or at your local payday loan lender.

Online loans are extremely convenient.  You can do everything from apply to get paid without ever having to leave your house.  These are perfect for those that don’t live anywhere near a loan office.  The lender will normally approve your application in about an hour, assuming that you’re not applying in the middle of the night.  From there they begin the process of transferring the money to your bank account, which is where things tend to get held up.  Banks are known for not doing things very fast, and this is no exception.  Once they get the money from the lender they put a hold on it until they get to approving the transfer.  This means the money will be available to you the next business day.  This is definitely a fast payout loan, but not the fastest.

If you’re lucky enough to live around a payday loan lender, this will probably be the faster option.  You can expect the whole thing to take between one and three hours, assuming you qualify.  The lender will write you a check right there in the office, so you don’t have to worry about your bank putting a hold on the transfer.  However, if you just head to your bank’s ATM and deposit it there, they might.  A work around here if the bank is open is to walk inside and cash the check, then walk outside and deposit the cash into the ATM.

Another fast payout loan is the title loan, which is perfect when you have paid your car off and have its title.  These are even better when you need a $1500 loan or larger since you’re able to borrow a percentage of how much your car is worth, normally up to 50%.  Title loans are generally not online, but some lenders allow you to fill out the application online and have it already processed by the time you get there.  Like local payday loans, these will just take a few hours.  The problem is that there aren’t a lot of these lenders, so even if you qualify you may not live anywhere near an office!

There are some of marketing tactics out there that you should watch out for when it comes to fast loans.  One of the most common is the promise of instant decision loans.  No lender will ever just approve anyone right away without going through and verifying everything on their application.  They would go out of business in weeks!

Another is how large of a loan that you can qualify for.  We covered how tough it is to get a $500 payday loan the other day, and anything larger is even more difficult.  If you’re looking for that much money, I recommend that you take a quick read through that post to understand what you’re really up against.

Fast payout loans are very common, it’s just that most people don’t realize what they’re getting into.  I hope that this post cleared up the air a little bit for you and helps you figure out what your next move will be!

Finding Instant Decision Loans Is Tougher Than You May Think

The idea of instant decision loans is something that the industry uses to get you to choose their loan service over another.  While the internet is an extremely fast place where tons of things happen in real time, finding instant loans is extremely tough to do.  There is a thorough process that all lenders are going to take before making a decision on any instant loan application.  So how long will it really take?  In this post I will show you just that and some solid tips that will allow you to speed up the process.

Instant Loans Online

I’ll assume that since you’re currently online that you’re looking for your loan online as well.  We’ll chart that path for the rest of this post rather than talking about local instant loans.

To get an instant loan online (also called payday loans) you’ll need at least a job and a checking account.  Many online lenders, however, will also require that you get your paycheck through direct deposit.  The direct deposit thing is mostly true for the companies that don’t require you to fax anything to them.  If you don’t get your paycheck through direct deposit, don’t worry, there are lenders out there that will help you out.

So once you fill out your application you’re expecting an instant answer, right?  Sorry pal, it doesn’t work that way.

As soon as the lender receives your application they begin the process of verifying everything that you put on there.  Some of it will be checked manually, while other stuff will be checked electronically through a company called Teletrack.  If you use a no fax lender and there is something on your application that they can’t verify, they’re going to ask you to find the paperwork that backs it up and fax it to them.  Basically, to keep this process as fast as possible be as clear and honest on your application as you can possibly be.

So How Long Will It Take?

21-06-10 Cause I´d Rather Pretend I´ll Still Be There At The End ~ Explored #1

Once the lender gets your application and they’re currently open and approving applications, the entire approval process will take about an hour.  Some lenders will call you, others will text message you, but most will simply send you an email to let you know whether or not you’ve been approved.  This is much slower on the weekends or late at night, where you might not get your final approval until they open back up on the next business day.  Most lenders do not operate 24 hours.

One important thing that you shouldn’t do is to go apply for another loan with a different company.  It might seem like a good idea when you’re broke that getting multiple loans will help you out, but once you’re stuck paying them back it will be disastrous!

How Long Until You Get Paid?

Once you get your approval notice and start planning on how you’ll spend your cash, you might be surprised by how long you’ll have to wait until the money becomes available to you.  Instant loan lenders have to go through your bank to make the funds show up in your account.  What this means is they’ll transfer the money to you, which will then sit there until your bank gets around to approving the funds transfer, which generally happens on the next business day.

These loans are a hell of a lot faster than other types, but you’ll have to be prepared to wait for to be available to you.  During this time make sure that you aren’t using your debit card for anything.  If you overdraft your checking account you may inadvertently put more hold time on the loan going into your account.

How To Speed Everything Up

Now that we know that instant loans aren’t exactly “instant”, there are some things that you can do speed the process along.  The first is to use a legit no fax lender and be honest on your application.  Nothing will suck the wind out of you like having to still fax them stuff.

Another thing to do is not waste your time with the “loan matching services” that you commonly see online.  Applying directly with a lender will save you a ton of time, and may be a lifesaver if you don’t get your paycheck through direct deposit.   A list of real lenders can be found on our sister site.

My intentions of this post were not to burst your bubble or try and sway you from getting an instant loan.  What I did intend to do what help you know what to expect.  The last thing you want is to think that you’re going to be able to spend this money in just a few minutes and then be severely let down.  There is a lot of shady advertising in the instant loan industry, and I hope that I helped clear some of it up for you.

How Large Of A Payday Loan Can You Get?

It’s well known that payday loans are fairly small when compared to something like a personal loan from a bank, but how much can you actually qualify for?  In this post I want to help you understand this, and offer some resources for your specific state that may affect the amount you’re able to borrow.

Assuming that you meet the basic qualifications for a loan (a job and a bank account) the single factor that affects how much you can borrow is your monthly income before taxes.  The more you make, the more you can borrow.  Since there are no credit checks or multiple payments this is the single most important thing to your payday loan lender.

So what does this mean for you?  It’s widely accepted that lenders will offer you 25% of your monthly income, this means that if you want a $500 payday loan you’ll need to make at least $2000 per month.

The math equation to figure out how much you can qualify for is:

(your monthly income) X .25 = how much you can qualify for

Or to figure out how much you need to make in order to meet your needs:

(how much you need) / .25 = how much you need to earn to qualify

Knowing this information can help you out a ton when deciding if payday loans are going to be large enough to help you out.

What Else Affects This?

This is where things can get a bit tricky.  Your state may put a limit on how much you’re able to borrow.  And if this is the case there really isn’t much you can do about it.

California, for example, will only allow you to borrow $300 at a time.  There are, however, some online lenders that can offer you more, but I’m not totally sure that this is legal.

To learn about payday loan laws for specific states, this post from Debt Consolidation Care is extremely helpful, albeit a bit outdated.  They have yet to update for Arizona after they made payday lending illegal.

I know that it’s really hard to get any sort of a straight answer when it comes to payday loans, but I hope that between this post and that link you will have a clearer picture of how all of this actually works.

Three Ways YOU Can Get Paid Today

If you need to get paid today there are three ways that just about anyone can do this.  You can choose one way, or a combination of all of them.  We’ll first talk about how to borrow the cash, then cover two ways to earn it.  I recommend that you do what you can to earn money today before trying to borrow it so that you aren’t stuck trying to get a large loan.  The less you borrow, the less you’ll have to pay the lender in interest, saving more money.

How To Borrow Money Today

Advance America Cash Advance

Payday loans are one of the most common ways to borrow cash.  They are fast, easy, and have very simple requirements.  If you have a steady job and a checking account you will find a lender that will help you out.

These loans can be found in your neighborhood or online.  If you have a lender near you that will probably be the fastest way to get paid today.  They write your check right there in the office if you qualify, and the entire process will only take a couple of hours.

Online lenders transfer the money into your bank account, which will take about a business day before you can spend any of it.  The thing is, these are much easier than having to drive to a loan office.

The size of the loan that you can get depends on how much money you make.  We covered how to get a $500 payday loan last week, but keep in mind that lenders generally will offer you 25% of the amount that you make each month.

Remember that the less you borrow the less you owe, so the next steps will help you figure out how to earn some cash very quickly.

Sell Some Of Your Stuff Today

Best. Yard Sale. Ever.

Rather than rattle off how to sell your stuff (it’s not rocket science), I’ll just provide you with some links that can help you sell what you have.  Most of these are physical stores that you can take your stuff to.  This is the best way since they will take your stuff and pay you for it right way.

Selling stuff online might seem like the most convenient way to do so, but you won’t get paid nearly as quick.  Almost all online retailers will make your payment go through whatever system they have, or reach a specific threshold, before you can access it all.

For this reason, do it in your neighborhood and get paid today!

Sell Anything

Sell Video Games

Sell Music

Sell Clothes

Sell Sporting Equipment

I’m sure that there are millions of other things that you can sell, but these are the ones that consistently pay well.  Another problem is that most of these companies are based on the West Coast.  That’s where Fast Cash Authority is based, and that’s what we know!  If you happen to be reading this from another part of the country and there’s something that is popular over there, drop us a line in the comments and I’ll update this!

Pawn shops are another option, and work great when you have stuff left over from trying to sell at the places above.  They’ll hook you up with a check or cash really quickly.

Working To Get Paid Today

There are a lot of ways to get paid today by working for it.  You’re probably thinking that you’ll have to wait until payday to get your check, but there are some ways to work for cash.

My favorite way when I’m in this situation is to hit up my family members.  They respect the fact that I’m not trying to borrow cash from them and are normally willing to lend me a hand.  Normally I’ll end up babysitting or mowing their lawn, but it always helps.

If this isn’t an option for you, head back to Craigslist, get to your neighborhood, then find the job section called [ETC] (it’s at the bottom).  Here’s where you’ll find all sorts of bizarre gigs.  Just a quick browse through my area’s turns up focus groups, video game testing, paid interviews, mystery shopper, and dog walking.

Between these three ideas you’re bound to get paid today.  None of them are difficult, the hard part is figuring out where to start!  Just remember that if you earn money first and borrow later you’ll save a ton in interest!

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