A Guide to Payday Loan Companies
There are lots of payday loan companies out there these days. Some of them can be found in your local area, while others exist strictly on the Internet. These lenders promise fast cash regardless of credit, which is exactly what they provide. However, there are some drawbacks to these types of loans as well. Interest rates are very high on loans of this type, and although they vary from lender to lender it's not uncommon to end up paying a great deal more in interest rates than what you borrowed.
Payday lenders are popping up all over the place, and it's highly likely that you have at least one near you. At one of these companies, you can walk in and request a loan, and it's likely you'll get it if you meet a few requirements. Most of the time, you will need to have a steady income of at least $1,000. Some of these companies require you to have a checking account. In some cases, you will write a postdated check for the amount of the loan plus the fees charged, which will be cashed by the company in a week as specified by the agreement you sign.
Other companies don't require you to present a paper check, but handle everything electronically. While some payday lenders only allow you to keep your loan out for a week, most of them allow you to renew the loan. If you cannot pay the loan in full on the due date, they will have you pay the interest charge which will extend the loan. Often, the interest rates get bigger with every renewal. This is why at the end of one year, it's not uncommon for a person to pay an APR, or annual percentage rate, as high as 600 percent or even more.
If you don't have a lender of this type in your area, you can choose to use an online payday lender. There are hundreds of them out there, and most all of them work in the same way. You'll first submit an application and request the amount of money you need. Some online lenders will ask you to fax verification of your income and identity, others will not. If you're approved for the loan, the funds will be deposited into your checking account. When the loan comes due, you will be given the option to pay in full or renew. The payments are automatically taken out of your checking account on the date specified by the company.
Payday loan companies can be the only option for someone with bad credit who needs emergency funds. However, it's advisable to seek out other sources before turning to one of these very expensive lenders.
Copyright 2006 Jim Sterling - All Rights Reserved
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