Do you owe money to someone, yet you haven’t gotten your paycheck yet? Are you in dire need of a quick fix to help temporarily cover a few of your financial needs until you are able to take care of them yourself? Well, you’re in luck; also called a “paycheck advance,” A Payday Loan, also called a “paycheck advance” is a small, short-term loan that is designed to help people with their financial needs until they receive their paycheck. With many options available, payday loans are a great way to protect yourself from falling into a financial slump, if only until payday.
How It Works
Payday loans are similar to any other loan. You walk into a place that offers them, sign some papers, verify some things, and get your loan. Typically, for these loans, you’ll have to be able to pay back the entire loan with your next paycheck. This process usually involves handing the lender a postdated check, which includes the entire loan amount, plus loan fees. On the maturity date of the check, which should be sometime shortly after payday, you are expected to return and repay the loan. If you fail to show, the lender has the right to cash your check for the money. If your bank account has insufficient funds, your check will bounce. This will result in an added bounced check fee from your bank, along with any possible extra fee charges from the lender.
Online Payday Loans
There are other options available for these loans. One of these options is online payday loans. As the name suggests, these are payday loans that you get online. Much like traditional payday loans, online payday loans require the same application to be filled out. The only difference is that it is online. Online payday loans use direct deposit to transfer loan amounts to your bank account electronically. Then, on your next payday, the lender withdraws what you owe.
USA Payday Loans
In the United States, payday loans follow the general description of a traditional payday loan. You walk into a place that offers them, sign some papers, verify some things, and get your loan. However, U.S. payday loans have a few other specifics. One of these is the process of extended payment plans. Basically, if your lender is a member of the National Trade Association (or if state law requires it), then he must offer you an extended payment plan, which allows you extra time to pay your payday loan back, for no extra fees.
Since U.S. payday loans are processed in the United States, each state has their own regulations. Some states, such as Georgia and New York, have made payday loans illegal. This is mainly due to the fact that some states have laws that limit how high interest rates can be, and some states find the interest rates of payday loans to be too high.
California Payday Loans
There are plenty of states where payday loans are legal, however. One notable example is California payday loans. In the state of California, payday loans are supplied specifically by companies who are licensed by the Board of Corporations. Because of this, California payday loans provide a guaranteed, safe opportunity for customers.
One highly important aspect of California payday loans involves credit. Most companies who offer California payday loans don’t care how good your credit is. There are plenty of other advantages of California payday loans, as well as payday loans in other states. If you’d like to know more about your own state’s payday loan options, contact a loan office today!