Payday loan companies will differ from state to state, and from company to company. One thing that determines how a payday loan will be is the state regulations. Regulations on online payday advances have not been clearly defined in most states. This is one of the reasons the interest can be so high on these types of loans. The companies are not held to the same parameters as your regular loan. It is partly due to a loop hole in the fair lending practices in which payday loan companies insist they are not like a bank or regular lender. Another reason is that there is a regulation that was passed that negated the above 30 percent law. The law stated no loan or line of credit could be above 30 percent, but in 2000 another law changed this allowing for interest to increase.
If you’re in need of a payday loan, and you typically go to a physical payday loan office, you may want to look for cash loans online instead. There are quite a few high-quality online payday lenders, such as National Payday, who offer reasonable rates on cash advances.
In fact, you’ll often get better rates from online lenders, compared to physical lenders, due to lower operational costs and the ability to shop for loans from multiple online lenders. Interested in learning more about cash loans online? Here’s what you need to know.
The Benefits of Cash Loans Online
There are a number of benefits that you’ll enjoy by applying for cash loans online, rather than in-person at a payday loan office. Here are just a few of them:
A simplified application process
– Filling out paperwork in a loan office may be complex and difficult and take you quite a bit of time. However, when you apply for cash loans online, the process is much simpler. The online forms are easy to understand and walk you through every step of the process.
No driving necessary
– You won’t have to worry about driving or making alternative transportation arrangements to get to a loan office. You can apply anywhere with an internet connection, saving you time, money and headaches.
No time spent in lines or waiting
– Your online application will be processed almost immediately at most providers of cash loans online, allowing you to get quick approval without waiting in any lines.
Better rates on loans
– This may depend on your situation, but in some cases, cash loans online will be more affordable than loans from a local payday lender. You also have the option of applying for multiple loans online, to find out which lender will give you the best rate.
Get paid through direct deposit
– Don’t worry about paying a fee to cash or deposit a check. Online lenders can deliver your money to your checking account through ACH direct deposit. In addition, you may be able to get your money deposited on the same business day with some direct payday lenders, such as National Payday.
Are Cash Loans Online Right for Me?
Online Payday loans and cash advances are meant to be a short-term way to deal with serious, emergency expenses, such as a medical bill, or a car repair that you need to make in order to get to work. If you are in a serious squeeze and need cash immediately, cash loans online may be right for you.
Getting cash loans online allows you to get the money you need quickly, and you’ll be able to get to your next payday, especially if you can’t get an advance on your paycheck from work or ask friends or family members for emergency cash.
Get Cash Loans Online (Fast)
At National Payday, we make it simple for you to get the cash you need – fast!
If you are 18 years of age or older, a legitimate US citizen, are currently employed, and have an active checking account, we can offer you a cash loan online – often within just 24 hours.
The short answer to this question is yes, cash loans today can be achieved. The bigger question is, should you agree to this short term loan or look for other ways to pay for an emergency? If budgeting to the best of your ability has still left you without enough cash for an unplanned expense you may have no other way to remain free of overdraft fees or insufficient funds fees in your checking account. Cash loans can be used until you get paid again. If you need money for a longer time period this loan won’t work for you.
What can you do if you are short of cash before your next pay check? Many people are finding themselves in the same situation, and this could be why there are so many businesses ready to help. The help that we are talking about is called easy payday loans. They are set up for small sums that can get you through an emergency between pay periods. While they can carry steep interest rates it may be more cost effective than paying overdraft fees or late charges on your bills. If you have poor credit you shouldn’t be affected when trying to get a short term payday loan.
There are companies that have physical stores while others are on the Internet only. Most of the online businesses have a no fax policy, which means the paperwork is kept to a minimum. You don’t have to fax your pay stubs or other documents and there is no faxing required. This works well if you have a low credit score or a poor payment history. The only thing that could be affected would be the interest rate you will be charged. A payday loan is not meant to be a long term solution to your problems, so use this choice only in extreme times of need.
Payday loans are seen as a saving grace for those months where our income can’t quite stretch to pay our bills. With the no hassle loans, you could get a little extra cash between paychecks to make those bill payments. But, is it really the best thing for you to do? Are there no better options than these no hassle loans? Before you take out a payday loan you might want to understand how they work, including the pros and cons.
Payday loans are meant to be small. Most companies will not offer more than $1000 in one loan. This is because the loan is based on the amount of income you generate in a month. Some companies are willing to lend you 50 percent of what you make in a month, but the majority of the companies will not do this. They know it would be difficult for you to pay back 50 percent of what you make in a month. It would take one entire paycheck plus most of the other paycheck based on the interest. These loans have anywhere from 20 to over 1400 percent interest. The average interest rate is usually 500 percent.
Entering a cycle in which you have bad credit and a payday loan is dangerous. You can be spending money you do not have to spend just to try and pay off the payday loan. For this reason we have some information to help you if you need help with payday loan with bad credit. The following steps should help you get out of the cycle you are in with payday loans and even help with bad credit in the long run.
No one likes to admit that they have a problem; however, this is the first thing you must do if you want out of the bad credit cycle you are in. You have to realize that you have an issue with your debts, even if it is just to yourself. It helps if you have someone else you can speak with about your debts though. If you do not have a family member you can speak with then consider finding a debt management company. There are non- profit companies out there that will help you look over your finances and listen to you and what you wish to do to get out of the debt you are in.
You will need to fill out a blank sheet of paper, or if the company provides you with a budget sheet fill that out. When you outline your expenses, incidentals, income, and any other financial information you have it will give you a better idea of where you sit financially. It may be a little scary if you see your expenses for the month are $3000, and you only make $2000. It may further scare you to see your total of debt. This total would be the mortgage, lines of credits, and any payday loans you are paying on. Most individuals with a mortgage have over $200,000 in debt, and earn less than $50,000 a year.
After you see what your expenses are, you need to create a sheet for when you pay the expenses each month. You also need to include when you get paid on this sheet. This will help you assign the money you earn to where it can go. From this point it is possible to see if you have a solution for getting your debt paid off, especially the payday loans that might be hindering your monthly income. A payday loan is often a short term loan that is paid back when you get paid. If you have one of these it must be paid off, even if this means you will have to miss a payment on another expense.
Now, it is never a good idea to miss a payment, but there are certain expenses that will work with you regarding payments. In your monthly expenses do you have any medical bills? If so call up the company and explain your situation, and that you need to make a payment late, but you will be making the payment. Second, look at your utilities. Utility companies tend to work with you if you can pay a portion of the amount owed. You still have to pay the full amount, but you can buy some time.
Once you have bought a little time it is best to pay off the payday loan and stay away from this type of loan ever again. You can also begin to look at other solutions for your debt. Do you own a second car that you could live without? Is there anything else you could sell to get a little income saved up towards your bills? Are there areas in your expenses such as dining out and entertainment that you can cut down? If so begin doing this.
Bad credit can make it hard to get a line of credit like a personal loan, but have you considered refinancing your home? Is it possible to get your mortgage payments lowered or to take equity out? If you are in a really bad credit situation a bank may not be willing to work with you. On the other hand, they may allow you to refinance in order to keep you from defaulting on their mortgage.
No matter how bad your debt is there are solutions. You just need to take a stand with your current situation and realize where you are financially. Once you have that under control you can take a step back, end the panic, and begin to find the right solution.
Have you found that you have so little money you don’t think you will be eligible for a cash advance or payday loan? If this sounds like your life right now you should know that there are companies out there that can help you even though you may think your situation is dire. It can be relatively easy to get a cash advance or even a payday loan if you meet a few qualifications. If you are a first time customer you may be able to find a payday loan company that will loan you the money without paying anything extra.