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Pay Day Cash Loan - All About Payday Loans - What is a Payday Cash Advance Loan?, Getting Cash Until Payday

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Payday loans are small loans against your upcoming paycheck. There is no need for a lot of paperwork and there are only a few conditions in order to qualify. These are mostly done by payday loan and cash advance companies rather than banks, although some banks do have their own payday advance programs for account holders. Payday loans tend to be approved quickly, and most companies claim the cash will appear in your account within one or two days. However, payday loans often come with huge interest rates and very short terms of repayment, which can lead consumers into an ever-increasing spiral or debt.

Getting Cash Until Payday

The process for getting a payday loan varies according to company or bank and depending on which state you live in. In general, customers do have provide proof of income, show a valid form of ID, and have a checking account. Cash advance stores may also ask for a phone number and email address. Some companies allow you to apply online, while others only take applications in person. Some allow you to choose which way you would like to apply and give you a choice of both. In-store applications are often faster, ask for fewer documents and are more trustworthy. You will have to sign a loan agreement, and all fees and charges should be explained to you. Pay close attention. After the application is approved, customers receive their loans. This may go straight into your checking account or be handed to you in person within a few minutes, if you are personally at a location.

Dangers of a Pay Day Cash Loan

While payday advances or loans may seem like a quick and easy way to get money, there are many dangers involved. First are the fees. Many payday loans have large charges for cash advances, especially online companies. My Payday Loan charges a $25 fee per $100 borrowed, and this is not unusual for a payday advance. Payday loan and cash advance fees are so high that the United States Federal Trade Commission has issued an official consumer alert urging potential borrowers to consider alternatives. There may also be interest rates in addition to these charges, leading people to take out more loans in order to pay off the previous one. Payday loans also generally have very short periods of repayment. Fourteen days is common, which, in theory, should cover consumers until their paydays. However, many find this period of time too short and can not pay back the loan, also leading to taking out more loans with more fees.

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