A payday cash is a term used to describe a loan for short term cash flow of borrowers paid more than two weeks until his next and gets it. These loans are not banks, which offer only long-term loans for amounts over $ 1,000 tend to have. A payday cash is generally granted for a small sum of money, usually in the amount of $ 100 - $ 500, although it can sometimes be as long as $ 1500. The amount someone can borrow under the laws of the State in which the creditor is domiciled.
A payday cash can be in person at a branch of brick and mortar or online purchase from the site ready. The process of borrowing is essentially the same for both types of lenders. A customer needs to be a short-term loans to run to the store and provides the lender with the following:
* A driver's license photo ID other
* Proof of employment as a paycheck stub
* Evidence that the borrower has a checking account.
* A postdated check to the loan (to save loan) company for the amount of the loan plus interest
* Your bank account (online loans)
Most payday loan companies do not check with credit bureaus that the borrower has good credit or pay for favorable repayment of loans or accounts. Online lenders usually require that a document sent by fax, although some lenders even the public faxless payday loan lenders, borrowers, lenders simply fill out to request an online form.
In the case of a loan from a bank, the lender gives the borrower money only on the spot. In two weeks, the borrower should return and repayment of the loan in person. In the event that he or she can not, the lender's cash postdated check. In the case of online loans, the lender takes the money electronically to the account of the borrower.
What happens in case of non-payment, depending on the state. to allow in most states, the payday loan can "reverse" or reused by another two weeks. The borrower pays the tax a second time and is expected to be paid two weeks later. Some states do not allow any borrower to refinance their loans, these statements usually give the borrower a certain amount of time to pay without additional fees or interest.
The interest rates for both business and online payday loans cash are generally high in comparison to bank loans. While there is no interest in themselves, there are fees in the amount of loans borrowed by average allocated $ 15 per $ 100. When considered as an annual rate, these costs will amount to a speed of about 390% per year. Because of this high, some thirteen states ban payday loan stores, if these states are struggling to control their citizens' ability to borrow from lenders online.
