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Payday Loans And Their Options

Payday loans can save your life when you need money quickly, but high-interest rates and short payment terms can lead to a cycle of debt.

A payday loan is a short term loan for a small amount, usually $ 500 or less, which generally expires on the next payday with interest rates.

These loans can be marketed to bridge the gap between paychecks or to create unexpected costs. However, the Financial Consumer Protection Agency says that payday loans can become “debt traps”.Here’s why: many borrowers can’t pay the loan and fees, so they end up paying even more fees to delay the loan, “extend”, or refinance the debt until they end up paying more. interest rate pays as the amount they pay you borrowed first.

How Payday Loans Work

Payday loans can have different names: prepayment loans, delayed deposit loans, advance check loans or subsequent check loans, however, generally work the same way.

To apply for a payday loan, you may need to issue a check with a later date which extends the total amount of the lender plus the fees. Or you can authorize the lender to debit your bank account electronically. The lender usually gives you the money.

The loan usually expires on the next payday, usually in two or four weeks. If you don’t pay the loan plus fees before the due date, the lender can cash your check or debit your account electronically.

Many states that allow such loans set a limit on the loan amount and the corresponding interest rates. Depending on the state, businesses can charge $ 10 to $ 30 for every $ 100 borrowed.

 

Payday Loan Alternatives

Although a payday loan seems like a quick fix, there are other options that can help you stay out of a debt cycle. Alternatives include:

1.credit union credit

If you are a member of a credit union, you can access personal loans at lower interest rates. Federal credit unions can also offer “alternative payday loans” to members for amounts between $ 200 and $ 1,000. They generally have a maximum term of six months, filing fees not exceeding $ 20 and an annual interest rate not exceeding 28%.

2.preliminary examination

In some states, your employer can advance your paycheck at no additional cost. This may depend on the discretion of your company. Therefore, ask your manager or the HR contact person about your options.

3.Debt payment

A debt agreement can affect your balance, but it can help you settle your debt and start over.

4.Personal emergency loan

These can also have high-interest rates, but if you need a loan and you don’t qualify for lower interest rates, it is important to make comparative purchases. You may benefit from a slightly better price and longer terms than those offered by the company’s payday lender and you don’t know it.

You should seek credit from a lender who reports to the major credit bureaus. A positive history of one-time loan payments can help you accumulate loans so that you can ultimately qualify for loans with better interest rates.

 

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Disclaimer: This website does not constitute an offer or solicitation to lend. ExpressCash.com is not a lender and does not make loans or credit decisions. ExpressCash.com provides a connecting service only and is not acting as a representative, agent, or correspondent for any of the lenders we contract with. ExpressCash.com does not charge a service fee. ExpressCash.com does not control and is not responsible for the actions or inactions of any lender. ExpressCash.com does not endorse any particular lender or loan product. You are under no obligation to use ExpressCash.com's service to initiate contact, or request credit with any of the lenders. This service is not available in all states and the service availability and scope are subject to change without notice. Subject to our Privacy Policy, ExpressCash.com will transfer your information to lenders in our program and other service providers and marketing companies with which we do business who may or may not offer payday loans. ExpressCash.com does not guarantee that completing an online form will result in your being connected with a lender, being offered a loan product with satisfactory rates or terms, or a loan product of the requested sum or on the desirable terms, or receiving any approval from a lender in the first place.

Participating lenders may verify your social security number, driver license number, national ID, or any other state or federal identifications and review your information against national databases to include but not limited to Equifax, Transunion, and Experian to determine credit worthiness, credit standing and/or credit capacity. By submitting your information via our online form on this website, you agree to allow any and all participating lenders to verify your information and check your credit. Cash transfer times and terms may vary from lender to lender. Not all the lenders in our network can provide up to $1000. The limits and regulations vary from state to state. We remind that short-term loans are not a long term financial solution.