June 2016

Cash advance lenders are payday loan providers. There are direct lenders and there are brokers, facilitators or aggregator websites. It is better to avoid all indirect lenders and to speak with cash advance lenders directly. Wherever you get the slightest indication that you are talking to a third party consultant or a company that is not the one lending you the money but merely facilitating it, you should opt out.

When you deal with cash advance lenders, a lot of factors will influence your pondering. You may focus more on the cash or the ease of application. You may focus on how long it would take for you to get the cash. You may have bad or poor credit and thus a lender that doesn’t conduct a credit check will be more relevant for your quest. Whatever is the primary and secondary objective, the various factors influencing your choice and the compulsions you have, you must focus on the fine print of cash advance lenders.

Here are a few reasons why studying the fine print is so important.

– You should get to know the minimum and maximum loan amounts that the lender will approve. Get to the policy that determines the minimum and maximum amounts. A company has its right to not disclose its discretionary powers or policies. However, credible cash advance lenders will adhere to state and federal laws. They would not offer a loan amount greater than the stipulated maximum. There are state laws pertaining to the same. Also, the company must have a reason to set aside a lowest amount. The loan amount that you qualify for will depend on your ability to repay. Hence, the company should have a policy where only your ability to repay matters and not the discretion of the loan officer. Some lenders may reduce the loan amount you qualify for despite having the necessary income because of a poor credit history. That shouldn’t happen.

– Check out the processing fees. Some cash advance lenders have a loan disbursement fee, some charge processing fees and some combine these types of charges. Some cash advance lenders charge insignificant amounts while some may charge hefty amounts. You should know what charges you are paying, why, when and then assess if they are reasonable.

– Focus on the late payment charges, penalty and the legal implications of breaching any clause of repayment. The rate of interest is not the only number that matters. You must know what you are liable for should you miss the repayment date or have some trouble with the cash advance lenders in the future.

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When you check out payday loans, you would come across various messages. Some lenders will tell you that they offer guaranteed payday loans. Some will harp on the hour or two they take to approve a particular loan. Some lenders will advertise that they don’t perform any credit check or that they offer payday loans to people with bad credit. In a given scenario, payday loans with not checking your credit and payday loans for bad credit must imply the same thing. It should be two ways of saying that both are available for people who have poor credit because the lender is not checking their credit. The crux of the matter is that the lenders don’t consider the credit score or credit history while approving or rejecting a loan application.

The reality is not that simple. Payday loans that don’t check your credit are different from payday loans for bad credit. Let us illustrate the subtle, at times inconsequential but at times significant difference that has an impact.

Payday loans that don’t check your credit convey a simple message. You don’t need to declare your credit history, if you are aware of it. The lender will not trace your credit history with any of the bureaus and you would be approved or turned down solely based on your loan application, proof of identification and source of income. You may be turned down because you ask for a very high loan amount. Your proof of identification or source of income may not be convincing enough. There can be some grey areas. There are the basic qualifying factors that would lead you to approval or rejection. The credit score will not be party to either of the two consequences.

When a lender says that you would get payday loans for bad credit but doesn’t explicitly say that the lender is not checking your credit, then you are going to be subjected to a credit check. That may lead the lender to your poor credit history. If it is acceptable to the lender, your application may get approved. If the credit history is too poor, then the lender always reserves the right to reject your application without even providing you with a reason. How do you know if you got turned down for your credit history even though the lender claims that you would get the loan despite bad credit?
Opt for payday loans that don’t check your credit to be sure.

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How many people have excellent credit in the country? It is difficult to say for certain because the definition of excellent credit or credit history is itself inconsistent. Some banks consider a score of eight hundred to be good enough. Some would be willing to offer home loans to those who have seven hundred or above. Some premium services providers will only offer their packages or luxuries to those who have a credit score of nine hundred and above. For ordinary people, being free of debt is a good enough credit history.

At any given point in time, more than half of the working population would have a credit history that can be considered poor, bad or any other synonym of the two words. This has been the case throughout history, ever since modern economics have dictated the terms. This will remain the reality as long as people run into debts. When you don’t have a good enough or acceptable credit score, how can you meet sporadic, unexpected, uncertain and substantial expenses that you haven’t prepared for or cannot afford. You cannot go to your bank and ask for a loan. You may not have a security or any collateral to use to get a loan. You would get turned down by every traditional lender. They all would suggest that you repair your credit score but that is not happening for a while now. It takes years to repair credit.

This scenario is the reality for millions of Americans. Even Britons, Canadians or Aussies are not experiencing it any other way. The reality is at the crux of why payday loans with bad credit have become popular. They aren’t just an option at your disposal. Payday loans with bad credit are the only choice for millions of people who need some short term loans.

There are many private lenders that claim to offer you loans despite poor credit. However, many of those lenders conduct a credit check. Such checks often reveal a very poor score and the applications may get rejected. In case of payday loans with bad credit, there is not a check on your credit. You don’t need to furnish your credit history. You don’t have to worry about a purchase gone wrong or a certain debt settled in a rather complicated way. All you have to be is employed and must have proven income to get payday loans with bad credit.

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Finding yourself in a situation where you need money is not ideal. It can be difficult to come up with the cash that you need in a hurry. You never quite know when an expense will surprise you and pop out without a lot of notice. Trying to keep up with never ending bills is not just difficult, but it can sometimes seem impossible. Even in the best of times, it can be hard to balance your budget, but when you are dealing with additional expenses it can be almost impossible. When you need money, you likely find yourself desperately needing a loan. A loan can be a great way to try to help yourself climb out of debt, but it needs to be the right kind of loan. Not all loans are the same or the right choice for you when you desperately need a loan.

Cash Advance Loan

The great thing about the world of loans is that there are many types of loans that you can choose from. This means that when you find yourself desperately needing a loan, you can choose from the many alternative loan options that exist.

Your Credit History Doesn’t Matter

When you are trying to qualify for a traditional loan your credit is one of the deciding factors in your approval for the loan, but this is not the case with an alternative loan. With an alternative loan, you do not have to prove that your credit is established. Even if your credit is bad, you still have the ability to qualify for a loan. Being able to bypass the credit check process when applying for a loan can be a huge benefit. When you desperately need a loan you do not want your credit history to hold you back. Now you can get a loan no matter what, which is ideal when you need it most.

Speed up the Process

It is also important to realize that when you desperately need a loan, you do not have a lot of time to waste. The traditional loan process can be very time consuming which means that you have to wait long periods of time before the money is in your hands. This is not the case when it comes to payday loans. This means that you can have the money you need quickly without a lot of hassles or delays that set you back.

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Paycheck loans are payday loans. In some cases, payday loans will get you paid in cash. You may have an online transfer crediting cash into your checking account. You may also get a check which you would have to cash in using your checking account. Paycheck loans are one of the many options at your disposal. You can always rely on credit unions, banks, traditional lenders, family and friends or even the peer to peer lending networks to get some cash. All these avenues will have some advantages and some shortcomings that you must deal with. In comparison, paycheck loans emerge as the most popular choice because of a few reasons. Let us explore those aspects.

  • Paycheck loans are available for any and sundry, as long as one is an adult and has a source of income. The source of income must be proven. It could be employment, self employment, business or even interests being earned from a capital asset or lump sum savings. This is the only criterion that matters as compared to the long list of eligibility factors posed by all other lenders. Credit unions require you to be associated with them or be a member. You may use referral but that would still not enable you to apply for whatever loan amount you want. Banks and traditional lenders don’t offer short term loans and they don’t entertain small loan amounts. Family and friends don’t always have the cash available to help you out even if they want. Peer to peer lending networks are unreliable, complicated and there is no telling that if you would actually get anything.
  • Paycheck loans are the best option from the perspective of credit score. You may or may not have an excellent credit history. Should you have a poor credit score, you cannot qualify for most of the traditional loans. Conventional lenders will not offer unsecured or even secured loans at times if your credit score is dismal. It is also possible that you don’t yet have a credit history worthwhile enough to be considered. Paycheck loans are your ideal option.
  • Paycheck loans are surefire, the entire process is simple and you get plenty of options at your disposal. There is hardly any other option that would almost guarantee you that your loan application will be entertained and no other source would offer you cash within an hour or two.
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The choice to get a payday loan is not always an easy one. There are so many things to consider and so much misinformation that is swirling around in relation to this type of payday loan. Deciding if a payday loan is right for you can be such an easier decision to make if you are fully informed. This means that you need to know what your options are when you are dealing with money problems.

Most people that require a payday loan are those that are strapped for cash. A payday loan is a type of short term loan that is designed for people that need access to fast cash, but do not have the ability to obtain a loan from a typical lender. This type of loan can be the solution that you have been looking for. Even though a payday loan is not an ideal loan for everyone, it might be a good option for you.

Here are a few factors that will influence your decision to get a payday loan:


One thing that you need to think about when it comes to a payday loan is the variable of time. When it comes to obtaining a traditional loan the application process can take weeks and it could be up to a month to get access to the money that you are trying to borrow. This is not true of a payday loan. This type of loan can be complete within hours. This means that you can have access to the cash that you need in a very short period of time. The application process is designed to be easy and you are only required to offer the most basic information.

The money is often deposited directly into your bank account same day. If you do not have a lot of time to waste, you should choose a payday loan. This is the loan that offers the simplest application process and is specifically designed to get the money that you need into your hands in the shortest amount of time possible.

Loan Amount

It is also important for you to consider the amount that you want to borrow when you are determining if a payday loan is the right choice for you. This type of loan is unique in the way that the sum of the loan is typically for a small amount. Most payday loans are not for more than $500 or $1,000 and can be done online with ease.

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