Getting a
payday advance online is probably one of the easiest ways to receive a short-term loan that can help you pay your bills and cover some unexpected expenses. However, you should take the time to understand all the legalities, surrounding these loans and take a good look at the terms and the conditions offered by the lenders.
Great number of politicians and some consumer groups hold the extreme view that payday loans are harmful to the borrowers and these practices should be either heavily regulated or completely outlawed. Their claim is that a payday cash loan is too costly for most consumers and the borrowers are charged outrageous fees and interest rates. This has caused almost all states to pass legislation that caps the interest rates and the fees that the lenders can charge and make numerous provisions that are meant to protect the consumers.
However, these small loans provide a valuable service to many since trying to receive such a small loan from the banks is almost impossible and the few commercial banks that offer similar services, like overdrafts, charge high interest rates as well. The approval rates for a payday cash loan is also very high, which makes them accessible to almost anyone: the most common requirements for a US citizen is to have been employed for three months or longer, earn at least $1000 per month, have a US address, and be 18 years old or older. This allows people that are struggling to pay bills to borrow small amounts of money, which are then deducted from their next paychecks.
Getting a payday advance online is even easier and the application process hassle-free: the consumer has to fill out a simple form online, wait to be approved, which normally takes a few hours at most, and then receive their money in their checking accounts the same day or one business day later. If you are thinking of applying for a payday cash loan, then you should familiarize yourself with the legislation in your state. Some states limit the maximum amount that can be borrowed, with the most common being $500, and put a cap on the interest rates and the fees as well. Special provisions for military borrowers exist in a number of states and the Military payday lending act caps the interest rate of loans with terms of 91 days or less to 36% (MARP) interest rate, which serves to protect the rights of military service members and their dependants. In some jurisdictions, giving a payday cash loan is completely outlawed, while others have legislation that is more liberal and allow the market to regulate the interest rates, fees, and the loan terms.
Despite the controversy, surrounding these short-term loans, many consumers are taking advantage of them; they are also especially appealing to people with bad credit history since most providers, which offer payday advance online do not run credit or background checks.
If you find yourself in a money crunch and do not want to ask your family or friends for a loan, then you can easily apply for a payday cash loan over the Internet. Most lenders have a very simple two-step application process, where you have to only fill out an application, wait for the approval email, and finally receive the money in your checking account!
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