Monday, February 17, 2014

Payday Cash Loan Basics

Unless you have inherited a substantial amount of money or have managed to make a fortune on your own, you are likely to be working for a living and trying your best to cover all your expenses and better yourself at the same time. And no matter how hard you try and how carefully you plan your finances, there are times when you can find yourself in need of cash and for some unknown reason this almost always occurs when you are between paychecks.

Situations where you have to meet unexpected medical and dental bills or make an emergency repair of your home do occur, and you might find yourself in the need of relatively small amount of money that is not worth even mentioning to your bank manager. This is where a payday cash loan, also known as payday cash advance, comes into play: this is a form of short-term loan, which is easy to take, does not require collateral, and having a bad credit does not prevent you from qualifying for such a loan.

The ease, with which you can apply for a payday advance online, is what makes the whole process so much simpler than turning to the traditional financial institutions. Of course, you will have to meet certain criteria in order to be eligible, but as long as you earn $1000 or more per month, have a checking account and US citizenship, you are likely to find a lender easily.

How does a payday cash loan work?

This is a loan, which you draw against your next paycheck and for which you will have to pay an interest rate and fees; the money can be deposited directly into your checking account the same day or one business day after you are approved by the payday cash advance provider. The loans typically mature one day after your payday and the money is automatically deducted from your checking account.

Payday cash loan legislation varies from state to state and while in some states it is completely outlawed, in most the terms and conditions are regulated in order to protect the borrowers from predatory lending practices. The maximum payday cash advance amount also varies and while the most states permit borrowing anywhere from $100 to $500, some states allow a maximum amount, which cannot exceed certain percentage of the gross or net income of the borrower.

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