Payday Loans and Fast Cash Guide

How Much Do Fast Cash Loans Cost?

We all know that  fast cash loan of any type is expensive, but how much does it really cost?  In this post I want to help you understand what you’re actually going to pay on these types of loan, as well as a bit of info why you’re paying so ridiculously much!

I want to break this down by payday loans and title loans, so feel free to skip to whatever section pertains to the loan that you are interested in applying for.

Also keep in mind that interest rates change on a daily basis, and these are just averages and estimations.  Talk with your lender or payday loan store before applying to get exact numbers.

Payday Loan Rates

Each state has their own regulations on what payday loan lenders can charge, but the average is around $25 for each $100 that you borrow.  Broken down into an APR percentage, this number is extreme, but since the loan is repaid in less than a month an annual percentage rate is an unfair way to demonstrate their cost.  If a payday loan company was to charge a rate closer to what a regular bank would, they would only make a few bucks in interest on each loan.  That might sound great for you, but payday lenders wouldn’t stay in business for very long!

Another reason these loans cost so much is the risk that the lender takes on by giving you money.  There isn’t a credit check involved, so they have no idea of what your financial history is like to be able to determine the likelihood that you’ll pay the loan back.  This leads to a lot of loans going unpaid and to collections, which costs the lender even more.

So to break down what to expect to pay on your loan, we’ll offer this simple payday loan calculator:

Loan Amount	Total Amount Due
$100	$125
$200	$250
$300	$375
$400	$500
$500	$625
$750	$937.50
$1000	$1250
$1500	$1875

As you can see, these loans get extremely expensive quick!  Also, this is for the initial loan amount, not factoring any extensions or refinancing.

Title Loans

Stat regulations on auto title loans are even more bizarre than they are with payday loans.  They vary wildly from state to state, so it’s hard to pinpoint a single number that you can expect to pay.

What does seems to be the norm, however, is 25% monthly interest.  That’s not 25% APR, but a monthly interest charge that adds up to an insane APR percentage.  Since title loans are normally repaid over the course of several months, you are going to pay a lot in interest.

One thing that I have to add, should you apply for a title loan, is that you should not accept the option to pay “interest only” for any period of time.  This is where title loan lenders prey on the uninformed.  They make it sound like a good idea, but all you’re going to do is pay the interest on your loan, and nothing towards the principle.  After months of paying interest, you will still be left to pay back the original loan amount.

To read some horror stories about title loans from CNN, click here.

My intention is not to turn you away from getting a loan like this, I just want you to know what you’re getting yourself into.  Knowing what to expect when you apply for something like this can go a long way to helping you make smart decisions when faced with the lender’s questions.

Thanks for reading!

-Lydia

Shopping For A Payday Cash Advance

When shopping for a payday cash advance, or any type of fast cash loan, it’s extremely important that you spend time shopping around to find the lowest interest rates possible.  These loans are very expensive and even a small difference in the interest rate can make a big difference in how much you end up paying.  In this post I want to show you how to do this, as well as some other things that you can do to help you save some serious cash.

The first step is to figure out who actually offers same day loans, and how to spot the companies that are just out to sell your information.  This is pretty obvious locally, but online it gets a bit tricky.  You can get a loan from big companies like Think Cash or CashNet, both of who actually lend money, or you can shop around on your own.  The thing to look for when browsing websites is a place for returning customers to log in.  If there isn’t one of those, odds are they don’t actually lend money.  The reasoning behind this is that the sites that sell your info don’t have any actual customers, so this is not needed.

After you have a good idea of who you can borrow money from, start reading through their fine print to look for the rates.  In the UK this is extremely easy since the lender has to post it on the front page, but in the US it’s a bit trickier.  If reading the fine print isn’t your thing, just find the phone number in their customer service section and give them a call.

On the topic of calling, this is how you find the best rates locally.  Grab your phone book and start calling up all of the lenders that are close to your house or job and simply ask what their current rate is.  You can make it through a dozen or so in just a few minutes, and it is definitely time well spent!

Comparing rates when shopping around is just one way to save money.  Some lenders offer 30 day payday loans, which are great for those that only get paid once a month, but with long lending terms the interest gets incredibly high.  In this case you want to find a lender that will allow you to pay the loan back early without penalty, and then do everything you can to earn the extra money early.  This same principle goes for two week payday loans, but it’s much tougher to raise that much money in just two weeks.

Also, the more money that you borrow, the more you pay in fees.  Reducing the amount you need is another great way to save a lot of cash.  You can do this by selling some of your stuff at the pawn shop or working odd jobs for cash.  Another trick is to borrow exactly the amount of money that you need, and not a dime more.

When you need money now a payday cash advance is a good tool.  Their price makes them a risky venture, but by shopping smart you can save a lot of money which brings their price back down to earth.

How To Get A Cash Advance Till Payday

Getting a cash advance till payday is a fairly easy thing to do.  As long as you meet the simple requirements you are going to get the fast cash that you need.  There are quite a few things that you need to know before applying, and in this post I want to cover those.  We’ll start by figuring out if your payday cash advance should be found online or locally, then we’ll go through the application requirements and process.  Knowing what you’re getting into is one simple thing that you can do to make sure that you use these advances successfully.

A fast cash loan isn’t that different whether it’s online or local.  The fundamentals of the loan are the same, it’s just that their delivery is different.  Generally, your local payday loan store will have you write them a postdated check to repay the loan, whereas online loan lenders will just withdraw the cash automatically from your bank account.

When choosing a payday loan company, it’s important that you spend time researching them beforehand.  The easiest way to do this is to talk to the people around you who have used these loans in the past.  With them you’ll be sure to get unbiased advice.  But what if you don’t know anyone who’s used these loans?  Grab the phone book and start calling them if you are shopping locally, or start browsing websites if you choose the online route.  Use your instincts to tell whether or not you’re dealing with someone legit.  Be sure to read through the fine print on them to see what their terms are like.

What does it take to get approved?  Not much!  You’re going to need a job that pays you over a grand a month and have been there for at least six months, have a checking account, and have your ID and Social Security card.  Local lenders tend to be more lenient with their lending requirements than online lenders do.  Each lender will have specific requirements, but those discussed above are fairly accurate across all lenders.

When applying for your fast cash advance have all of your necessary paperwork on hand before applying to speed the process up and reduce stress.  This means having your ID, SSN, a few of your most recent paycheck stubs, your personal info like phone number and address, your checkbook, and possibly a couple of references.  Not all lenders require references, and the ones that do like to have them in case you skip on your loan and they need to track you down!

Filling out the application online is extremely easy.  A few years ago you would have had to fax all of your paperwork to the lender for approval, but almost all are now a no fax cash advance, which means that they’ll verify all your information electronically.  When they are checking your info they will also look for recent bankruptcy, outstanding cash advances, and how often you overdraft your bank account.  This is a no credit check loan, and these are the only things that their looking for, not your credit score!  The actual application is very straightforward and will just ask you to fill out your information.  You’ll get an application confirmation via email, and an hour or so later they’ll send you another one letting you know whether your application has been approved or not.

Applying locally is very simple as well.  Bring your paperwork with you, and you’ll fill out the forms there and submit them to the lender.  Generally, they’ll call you in an hour or so once they approve your loan and you’ll be ready to go.

Getting a cash til payday loan is extremely simple, but knowing what the process is like beforehand can prevent some simple mistakes.  The most important thing is that you already know that you qualify before applying and having all of your paperwork with you when you apply.  Doing these two things will make sure that the process goes as smoothly as possible.

Are Cash Advance Payday Loans The Right Choice For You?

There are a lot of different ways to get fast cash, and cash advance payday loans are definitely one of them.  Unfortunately, many people end up in serious debt when using loans like this.  The problem can easily be prevented with some simple planning and preparation beforehand.  In this post I want to show you how to plan for a payday cash advance, as well as offer up some alternatives to fast cash loans.

The problem with cash advance payday loans isn’t necessarily their extremely high price, it’s the time that you have to pay them back.  Assuming that you borrowed $500, and owe $625 on your next payday, what are your finances going to be like for the week after you’ve paid it back?  Most people are going to be just as broke (or worse) and have to resort to borrowing money once again.  Relying on a fast cash loan of any sort to keep your financial ship afloat is going to cause serious problems.  That’s what they call “living on borrowed time and borrowed money”.  It will never work for more than two or three paychecks, and you’ll soon be in more debt than you have a shot at paying back!

So what can you do to prevent this?  Plan ahead and start working your butt off!  If you do take out a loan, don’t get a penny more than you need, then reduce your living expenses to as close to nothing as possible.  Tightening up the ship is just one part of this plan, the other is to work to make enough money to cover the amount that you need to pay back.  Doing this will take the edge off of losing more than half of your paycheck to cover your loan’s repayment.  You can do this by working overtime, temporarily changing your tax withholding, pick up some odd jobs, or selling off some of your extra stuff.  I promise you that this is the only way to use a cash advance without feeling any negative repercussions!

Alternatives To Cash Advance Payday Loans

There are a lot of other ways to get same day cash that don’t require getting a loan.  The easiest is selling some of the stuff laying around your house, but picking up some odd jobs is also fairly easy as well.

When you need to earn money today, nothing is faster than sales.  If you have a digital camera selling stuff online is incredibly easy on Craigslist.  In most areas it doesn’t cost anything to do, and only takes a few minutes.  Some tips for selling on Craiglist that have helped me in the past are to be sure and take quality pictures so that people can actually see what you’re offering, listing all of the stuff you have separately so that it’s easier to find with the search function, and to have someone with you when you are making the transaction to make sure that you don’t get ripped off.

Craigslist is also the perfect place to find places to work for cash.  After choosing your metropolis and neighborhood you’ll see a section under Jobs called “etc.”.  This is where you’re going to find jobs that pay cash.  Keep an open mind when browsing through here because you’re going to come across some pretty bizarre stuff!  Your local newspaper’s classified section is also a great place to come up on jobs like this.

Cash advance payday loans are very helpful when you need money now when used intelligently.  Without planning and preparation you run the serious risk of ending up in major debt that will be nearly impossible to get out of.  If you aren’t able to make the money to cover the loan, or just don’t want to, use the other ideas above in this post to get the cash that you need!

Where To Find Fast Payday Loans Online

Payday loans, by nature, are extremely fast.  They’re fast when compared to traditional personal loans, but to do when you need it faster?  I hope to answer that in this post!  Payday loans online are a great way to put some cash into your bank account today, and there are some things you can do to find the fastest lenders and speed the process up yourself.

The first thing is that you have to understand how a payday cash advance works to see what actually happens behind the curtain.  Assuming that you’re applying with actual payday loan lenders, and not a lead generator, your application will be submitted electronically and go through their validation system.  Most lenders use a service from a company called Teletrack that checks out all of your info to make sure that it’s legit.  Almost all no faxing payday loans will do it this way.  Rather than having you send them a ton of paperwork, they can verify everything electronically.  Assuming that you meet their loan requirements and your personal info is valid, they then determine how much you are able to borrow.  This depends on your income, living expenses, and what the lender is capable of giving out.  From front to back, you can expect this process to take at least an hour, and maybe longer.

Payday loans are generally deposited directly into your bank account.  That means that your bank has to be open to approve the funds transfer.  This is where many people get hung up because they are applying for a loan at night or on the weekend.  You have to understand that the lender is going to do everything they can to get you money, but it becomes your bank’s responsibility to make the funds available to your account.  To avoid this, apply for loan early in the morning if possible.

Who Are The Fastest Payday Loans Online?

Think Cash is known for being one of the most legit lenders, and is also very fast.  They also offer tons of different payment options, and larger loans for those that do have good credit.  Aside from them, almost all lenders are about the same speed.  I would venture a guess that nearly 100% of lenders will get you money by the next business day.  That is enough time for them to process your loan and it gives your bank enough time to post your funds to your account.

What Can You Do To Speed Up The Process?

The biggest thing that you can to do speed up your fast cash payday loan is to be prepared when you apply.  Having all of the necessary paperwork, making sure your bank account has some money in it to prevent a hold on the transfer, and setting aside the time to apply will speed the process up and prevent any hang ups.

Another option is to just head to the payday loan store.  Local payday loan lenders are pretty fast, and you’ll get approved instantly if you qualify.  I know it’s frustrating to have to go into a store to do this and have someone review all of your paperwork personally, but it’s still a viable option.

Fast payday loans online are everywhere.  Most of them are pretty much the same, so doing everything that you can on your part, and knowing what to expect once you apply are key to making this process as fast as possible!

Find an Easy Payday Loan

Finding an easy payday loan is, well, easy.  You just need to figure out how you want to get the loan in the first place.  There are lots of different ways to get payday cash advances, so we’ll take a look at each method in this article and how to make the process as easy as possible.  The great thing about this country is that, even with bad credit, you can always get fast cash!

The foundation of all payday loans is the same.  You need to have a job or some source of income (some payday lenders offer loans for unemployed), proof of who you are, and a bank account.  They loan you money until you get paid again, and at that time your loan is due to be repaid.  The loan is repaid with a post-dated check or automatically withdrawn from your bank account.  There is no credit check involved, so even those with terrible credit can get money when they need it.

There are essentially three types of payday loans; the traditional payday cash advance, online payday loans, and faxless online payday loans.  Really, they all work the same, but there are some things that you need to know about each one so that you can find the quick easy payday loan that you’re looking for!

Easy Payday Cash Advance

With a traditional payday loan, you’ll head to a store that also does check cashing, sends money, and all sorts of other things that people with bad credit need.  You fill out a form that states how much money you make, who you are, and what your basic living expenses are and give them that along with some paycheck stubs and your ID.  they take your paperwork and process it to determine how much money you can borrow.  Since there’s no credit check involved, just about everyone who applies will qualify.  The things that normally keep people from qualifying is not having the proper paperwork, or not being at a job for long enough to show what their income is really like.

The way to make this a fast, easy payday loan is to go to a payday lender that you’ve already done business with.  They keep records of all of your transactions, so all of your stuff is already going to be on hand.  This makes it very fast and easy to get your money.  If you don’t have a history with a company, speed the process up a ton by giving them a call to see what you need to bring with you ahead of time.  Having everything with you already will make the entire process easier and you’ll get your money faster.  Each company has their own terms for what kind of paperwork they need, so be sure to follow this step.  Many companies will get you money within the hour if you have all of your poop in a group!

Easy Payday Loans Online

The easiest payday loan online is the one that doesn’t try to rip you off!  I’m certainly not saying that all online payday lenders are bad, but some of them give all of them a bad name.  All of their applications are going to be fairly the same, as will the approval process.  If you know someone who has used an online payday loan before and had success with them, use that company.  If not, spend a little time reading reviews of them so you can figure which ones are legit (I know that isn’t fast or easy, but it’s your money we’re talking about here!).

Again, have all of your stuff together before sitting down to apply.  Have your paycheck stubs and bank account number with you.  You should already know where you’re going to go to fax the application back.  There isn’t a bigger headache I can think of with all of this than when you need money, but can’t find all of the stuff you need to get it.  So get your paperwork together beforehand to get an easy online payday loan.

If you can’t find (or figure out how to use) a fax machine…

Easy No Fax Payday Loan

These loans are so easy, they get a separate section from regular online payday loans.  Easy faxless payday loans are a breeze, but the same rules apply that you have to find a legit company.  Many of these companies will operate in states that have very loose laws and regulations on payday loans and have no problem charging you extreme interest rates!

For those that don’t know what a no fax payday loan is, it’s essentially the same as every other loan outlined above, but there’s no physical information sent off for approval.  The entire application and approval process happens online, and you’ll prove your identity, employment, and bank account information virtually.  There’s usually an automated phone call that they use to very some of the information, so you may need to have your cell phone with you.

From start to finish with some companies you can apply, be approved, and get your cash all within an hour.  Easy, fast payday loans do exist!

Always remember that the risks involved with a payday loan are high, and relying on them to make ends meet is dangerous for your financial health.  In order to get the lowest rates and most lenient terms, you should look for a brick and mortar lender in your neighborhood.  If there aren’t any, or they aren’t allowed to operate in your state, you should look for loans online.  Either way, be sure that you’re going to be able to pay it back before signing up, and if not you should look for other means to get easy money.  Spend some time cruising around this site, you’re bound to find an idea that will help you get the fast cash you need!

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.

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

Get A Payday Advance Loan

Payday advance loans are a great way to get fast cash when you need it. These types of loans can be applied for at traditional brick and mortar stores or online. Either way is going to get you money the same day you apply for it. The average loan is around $500 and is on terms to be repaid in 14 days (next paycheck). The average interest rate is around $25 per $100 dollars. When spelled out, that equals out to a triple digit APR, but that’s the price you pay for cash that can be loaned that fast without a credit check. In order to qualify you need a job, proof of who you are, and a checking account. Each lender will have their own specific terms for your loan.

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