Find Ease With Payday Advances Online
Most of us have faced a situation like this at one time or another
. While many people can turn to savings accounts, credit cards, or deep-pocketed relatives, the answer for growing numbers of overextended Americans has become the payday loan.Also called a paycheck or payday advance, deferred deposit, or post-dated check loan, it is a multi-billion dollar business that exploded in the mid-1990s.
Today you'll find payday loan stores cropping up all over the country. And, of course, on the Internet.
Payday advance lenders online offer the anonymity it affords people embarrassed by their need for some quick cash. In fact, several sits let you submit a loan application online.
Others require you to fax the application form and other documentation for loan approval. Regardless of how you apply, once you have been approved the paycheck loan sites all work in basically the same way.
The lender agrees to advance you a specified amount for a very short term, usually 14 to 15 days. Typically, the loan amounts range from $100 to $1000, depending on the lender and the state regulations.
The lender electronically deposits the money into your checking account. After the term of the loan expires, you repay the loan, along with a fee. Fees range anywhere from $10 to $25 for every $100 borrowed.
So it is in your best interest to find a very affordable loan for yourself. If you want a payday advance loan and don't wish to see or talk to anybody in person, the online option may seem ideal.
But consumer experts wave big caution flags at the notion of giving your bank account and sensitive financial information to vaguely identified companies on the Internet.
Some sites, do not list phone numbers, addresses, names, or any contact information other than an E-mail addresses on their Web sites. The thought of giving access to your checking account to a company with which you are unfamiliar and authorizing withdrawal from your account is an extremely risky thing to do.
You're putting out financial information in the ether of cyberspace and hoping somebody is going to protect it. Critics say that the fees payday lenders charge for short-term loans amounts to loan-sharking.
Some lenders let customers repeatedly roll over or extend a loan, while others also charge stiff penalties for bounced checks or late payments.
These practices place some borrowers in a state of perpetual debt.
Representatives for the payday loan industry disagree. Some argue the loan charges are service fees, not interest, and that they cost a consumer less than bank penalties for multiple bounced checks.
The debate has caught the attention of state legislatures and the Congress. Presently, about 13 states do not allow payday lending, while other states have varying restrictions governing its practice.
At least one bill under consideration in the U.S. House would set a uniform nationwide standard. The various payday loan sites reflect the legal muddle. Some will not provide loans to customers who live in states that don't allow this type of lending.
States that do allow payday advance lending need to adhere to the Truth in Lending Act. designed to protect consumers in credit by requiring clear key terms of the lending arrangement and all costs.
This requires that all payday advance online lenders list their fees clearly on their websites so that people looking to avail loans can make sure they are informed.
While legal discussions continue and some experts cry foul, a large number of people continue to turn to payday loan services when they're in a financial pickle.
If you're one of those people, or if you'd just like to find out more, simply do some research online and make the best decision for you.
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