Short Term Cash - Often a Payday Loan Makes Good Sense

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Frequently Asked Questions - FAQ

     When borrowing money, especially from an advanced/payday lender, there are some basic questions which should be dealt with.
  Here are a few which might help your peace of mind.

  1. What is a payday loan?
  2. What requirements are there for a short term cash loan?
  3. How much does a fast cash loan cost?
  4. How can I qualify for a fast cash advance loan?
  5. How long is the process to get approval from the short term cash lender?
  6. Will bad credit, bounced checks, bankruptcy or other credit problems keep me from getting my loan?
  7. Why do the fees and changes seem so high for a payday loan?
  8. Do I need collateral for a payday loan?
  9. How much can I borrow with a quick cash loan?
  10. When do I have to pay back my quick cash loan?
   

Answers to FAQ


1.  What is a payday loan?

    A payday loan is a small (up to $1500) unsecured loan made for a short term period, usually 2 weeks to one month.  It is designed to
 bridge an unexpected shortage of on-hand cash and generally must be paid back on your next payday.  A payday loan is designed to be a fast,
no hassle loan to cover emergencies that  you don't want on your credit card or can't wait for slow bank to approve.

 Each lender will have different terms, conditions and fees usually dictated by the laws of the state you reside in, so be sure you fully understand
them all before  obtaining the loan
            
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2.  What requirements are there for a short term cash loan?

     Requirements vary from lender to lender, but most have at least these basic requirements.     
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3. How much does a fast cash loan cost?

Each lender must follow the laws of the state they do business in.   Generally they charge an upfront fee of $10 to $25 per $100 lent for a 14 day loan.  
They also charge an interest rate up to 36% APR but since theses are short term loans of 2 weeks to one month the interest rate is insignificant.  There are
 other small fees also such as taxes.  But before you sign the bottom line your total cost will be very clear. There are no hidden costs.

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4. How can I qualify for a fast cash advance loan?

 The requirements for a payday loan are much less stringent than any other type loan.  It is an un-secured non- collateral loan with very few qualifying
requirements.  You need to be at least 18 years old, have a residence, a job or source on income at least $800 per month, and a valid bank account.  
But because of their state laws, other requirements  are possible.  Check with your lender to be sure.

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5. How long is the process to get approval from the short term cash lender?

After applying for your loan you can get approval in minutes up to several hours.  You can usually get the money the next business day deposited to your bank account.
 

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6. Will bad credit, bounced checks, bankruptcy or other credit problems keep me from getting my loan?

    No! These problems will not affect  you getting approval for your loan.  The only collateral considered is you paycheck.  And so unlike other lending institutions credit
problems do not affect your approval.  

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7.  Why do the fees and changes seem so high for a payday loan?

 These loans are made with no collateral, bad credit, previous filing of bankruptcy, low income and previous bounced checks.  This is why a fee of $10 to $25 per $100
for a two week loan and a high interest rate is justifiability charged by the lender to provide these loans.  They take a chance on people, people who may seem to be a
great risk, may be temporary down on their luck and need a little help to get by a bad situation.  Ninety nine percent of borrowers take care of their obligations but a few
don't and these few few
 
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8.  Do I need collateral for the payday loan?

No
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9. How much can I borrow with a quick cash loan?
The amount you can be approved for when applying for a quick cash loan depends on your current income and other questions that may be asked by the lender.

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10. When do I have to pay back my quick cash loan?
A quick cash loan is a short-term loan. It should only be used when you are short on cash between paydays because of unexpected expenses or emergencies.
A quick cash loan should be paid back on your next payday. Every lender has different terms and conditions for their payday loan, and different timelines for paying
back the cash loan. Typically, the time is no less than 7 days and no more than 18 days. Make sure you fully understand your repayment plan before you borrow from a lender.

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