WHY CHOOSE ICASHLOANS ? : When you need cash quickly you want to work with a service that is reliable and experienced in the payday loan industry - iCashLoans is both. We pride ourselves on connecting our customers with the best payday lenders to meet their needs. Why waste time visiting dozens of websites trying to figure out which lender will serve you best? iCashLoans is the only site that you need to visit when you’re looking for a fast, secure payday loan.

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About Us:

Our services are designed to help you find a reputable payday lender to work with. iCashLoans has a large number of lenders in our network, and we are confident that we can assist you in obtaining the best payday loan to meet your needs. Everyone hits a rough patch financially at some point, and payday loans are a great solution for short-term cash flow problems. You don’t have to worry about how you are going to pay an unexpected bill, or cover an emergency expense, between pay checks - iCashLoans is your source for finding payday loans. Using iCashLoans is 100% free to you - we do not charge any fees for our services. When you use iCashLoans you will save time and money. All you have to do is provide us with basic information and we will instantly search our network of lenders to find you the loan that meets your needs. At iCashLoans we pride ourselves on working with lenders that are fair and honest in their lending practices. Our main goal is to provide you with a great experience when searching for a payday lender. All lenders in our network are required by law to follow all of the rules and regulations related to payday lending. Don’t drive around town to visit payday loan shops, and forget about looking at website after website trying to find a loan with fair terms. iCashLoans is the only place you need to go to find a payday loan. We will search our vast netowrk of lenders instantaneously to find you the loan that you are looking for.

Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

Tuesday, September 24, 2013

The Payday Loans Market - Where Is It Going?

The Payday Loans Market - Where Is It Going?
We might think that this is a good direction. After all, being careful is not wrong. Well, it is not that simple. The fact that banks and traditional credit institutions don't approve credits with ease anymore allowed the short-term lenders to develop. Since the invention of capitalism, one of the basic laws of borrowing applied: shorter loans have bigger interests. In the case of payday loans or loans on a few months, the interests are huge, at least in the opinion of some. As the average American does not have another option to get money for daily expenses, the short-term loans with huge interests remain the only viable solutions.

Are the interests of short-term loans so high?

The average APR of a fast loan is 350%. This means that you will have to pay $3500 per year if you borrow 1000$ through a payday loan for one year. This is a rough estimation, and when a person thinks about a payday loan, he or she must not think about it in terms of APR. You can't take a fast loan for a year, so why would you think about how much money you need to pay in twelve months? When a person thinks about a payday loan, he or she must think about what debts could be covered with that money. If the loan is opportune, there is no reason for you not to take it.

Are there cheaper short-term loans?

You can find companies offering such loans with 300% interest per year, but no less. It is not possible to create a product of this type with a smaller interest, because of several reasons:

- The payday lenders are looking for high profits. As long as people are interested about borrowing money with this cost, they don't need to apply smaller taxes. Only the government can impose some restrictions, but the authorities prefer to close the short term credit institutions instead of regulating those

- The risks associated are high. The loans are approved fast, in the base of a brief verification. As long as the company has only a limited number of details about the client, the possibilities of that client to "disappear" exist. When you apply for a credit at a bank, you will have to give them many documents, including details about your family and friends. A bank has numerous possibilities of getting the money back in case you can't pay, while a payday loan institution can only record you with the Credit Bureau. High risks mean high interests in the financial world, and this is why the payday loans are more expensive compared with the common bank credits.

- The loans are approved on short terms. A payday loan company can only have profit if the interests are high for the credit facilities that it offers. Even if the company is fully based online, there are taxes to be paid, employees and running costs. Those can only be covered if the payday loan company imposes high interests

What is the future of this lending industry?

Even if the government and other institutions warned consumers about the risks associated with those loans, they will surely be successful in the future. The states imposed regulations to companies that want to offer payday loans on their territory, and it seems like the market is more stable today. Many people debate about interdicting those loans for good, but it is impossible, because this activity is not illegal. As long as we can't forbid cola only because it contains artificial sugar, we can't forbid payday loans only because they are expensive.

The problem is that people take loans of this type when they don't really need them. A payday loan is useful when the cost of not having that money is higher. Maybe you need to repair your car, as it is the only method for you to get to work everyday. If the alternative is taking a cab, borrowing some money until your payday to repair your own car is a better method to solve this problem. If your child needs a new cell phone just because the old one is out of date, you can't consider this as being a reason to take a payday loan.

The payday loans industry will continue to exist. Even if new laws and regulations would be imposed, reducing the access of people to those credit facilities, this industry flourish. It is not a bad thing, especially because clients of those companies will learn how this system works. If you want to take a payday loan, it is a good idea to compare all the options that you have at your disposal, to determine if it is opportune to take the loan or not, and most importantly, to think if you can afford to pay it back. The comparison websites are great resources of this kind, as here, you will find objective and documented reviews about all the payday loans that are available in your state.


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