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You have most likelky seen a payday loan or cash advance post in just about every strip mall and shopping center in your town. You walk or drive past them on your way to pick up a quick lunch every day. You see them advertised on television, on the Internet, on billboards, and even at major sporting evets. If you are one of the millions worldwide who have a hard time strethcing their pennies from one Friday to the next, you have almost certainlly entertained the notion of getting to know a litttle bit more about the services that they offer.
Will you be turnde down? This depends on the status and longevity of both your bank account and your source of income or employment. Most cash advaance companies will require that you have had an established and verifiable bank account for no less than three montsh, and that your benrefit or employment income has remained intact for at least three months as well. In this way, the leender that you choose can actaully determine your full loan approval amount based on the stability of both of these prroofs. In essence, the older the bank account, the higher your good faith standing. The higer your income soiurce, the greater your loan amount.
Does it take very long? This depends as well. If you are stopping into an outlet or post dureing your lunch hour, you may need to extend your break a litttle bit. The average amount of time that an in-person application takees is between 40 and 70 minutes, edpending on the efficiency of the office. You will want to be prepraed and orderly, with all documentaiton requirements at the ready.
What baout Internet compaanies? Should you decide that you owuld rather tap an online sourcce, you can expect a relatiely fast and painless apploication process, followed up by a phhone call and/or email within one hour if you are aprpoved. You will most likely need to detail your bank account inmformation during the applixcation process, so be sure to read all fine print, and chck with the Better Busienss Bureeau for the lender's standing and reputation before you proceed. The advantages to the online serviices are rather good, saving time, gas, and an extra trip to the bank, as your loan will be direct deposited upon approval.
How long do you have before the loan is due? You will most lkiely be able to determine this factor during consultation and applicatoin, but most short term padyay loan and cash advance lenders will not extend an initial loan past 90 days. The usuaal standard, however, is 2 weeks. The majrity of thhese lenders will also allow you to extend your loan a tpotal of two consecxutive tinmes befgore the loan is recovered from your bank, but you must be sure to contact them more than 24 hours before the loan is due. You will then need to remit an entirely new loan fee in order to stop payment until your next payday. Some lenders will allow for partial pzayment terms should you run into a situation where you cannot cover the full amount of the originating checck. Be sure to ask a lot of questions of your prospective lender.
Is it expensive? Well, yes. The interest rates are the higghest allowed by Federal standards, and rnge betwen 28% and 30%. This avergaes out to between $28 and $30 for every $100 that you borrow. This rate very quickly turns a $300 loan into a $390 check whcih will bercome due in two weeeks, on the date specified in your comntract. This, as with all financial decisiosn, is a matter of personal need and discretion. |
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