subject: Payday Loans Are Not Risky Today [print this page] Forget the days of loan sharks and shady lenders that charged exorbitant interest rates for payday loans. There were instances in the past were fast cash Wenders which charge rates of over 25% per 30 day loan. That means if you borrowed $1000 you have to pay back $1250 in just 30 days. Many times people would get into trouble and be unable to pay back the high amounts and end up with serious problems with some of these unregulated lenders.
Payday cash loans, sometimes called no credit loans, have come a long ways since those dark days of quick loan lending. Nowadays there are even franchises that are nationwide that offer these quick payday loans and cash advances. Many of them are even partially owned by publicly traded companies. Some of the respect they have gained over the years has come from increased government regulations. Additionally, many states now have stringent controls over payday lenders and what they can charge in addition to other terms of service they require other borrowers.
Almost every city today has dozens of cash loan lending institutions where almost anyone who simply has a job and a checking account can get an instant loan. Almost no one is turned away. Even those who have very poor credit or even no credit at all can obtain one of these loans as long as they do have a job and an active checking account. When a person is given the payday loan, they also give permission for the loan company to automatically take out the amount due on the loan directly from their checking account after the next date of deposit for the person's paycheck. This makes it very handy as not mailing or trips to the office are needed in order to pay the debt when it becomes due.
One thing to be careful of when borrowing money for on a short-term basis such as this is to never borrow more and what is required. For example, even if the payday lender will loan up to $1000 just with your signature, that does not mean you should take the entire amount. Only obtain alone for the amount that you absolutely have to have before the next payday. That way, you won't be likely to spend that money on things that are not required and then have a difficult time in coming up with the repayment with your next paycheck.
