John has held down the same job ever since he was a high
school graduate. As a matter of fact, he has been in the
same position for almost 10 years. John makes a decent
living and lives a comfortable life but he did make some
bad decisions financially that left him with bad marks on
his credit report. John's brother just give them a call
and wants him to be the best man at his wedding and
although John is excited about it, he realizes he's going
to have a difficult time paying for the airfare. Since he
doesn't have a credit card and he doesn't have enough cash
on hand to pay for the plane ticket, he finds himself in a
situation that can be both embarrassing and also
devastating for his brother on his wedding day. Although
he considers asking a bank for the money, he realizes that
there's no way he will get the loan with his credit scores.
Unfortunately, far too many people find themselves in a
similar situation. Many of us live from paycheck to
paycheck and in the United States, that is becoming more of
a norm. Add to that the fact that we tend to be living
with an economy that is in a free fall and it just seems to
get worse and worse. Fortunately, we can do something for
these types of emergencies even if we don't have the right
scores on our credit report. As long as you have the
ability to repay a loan, you have access to quick cash in
many cases, even ones that are similar to the above
example. You can get this money through a payday cash
advance and almost have the money immediately in your hand
for these emergencies.
Where can you acquire a payday advance loan?
In order to get a payday loan, you are going to have to
meet certain requirements to qualify with the loan company.
Fortunately, these requirements are not too difficult to
meet.
* You must meet the minimum age requirement, typically 18
years in order for you to legally enter into a contract.
* You must also have a checking account that you have kept
clean for several months with no bounced checks.
* There is typically a minimum requirement as far as what
you earn. As long as you have had your job for several
months and earn at least $1000 a month, you can apply for
one of these loans.
Keep in mind, each company will have their own
requirements. These three requirements tend to be ones
that you will find, regardless of which company you choose.
It typically only takes a few minutes for you to go through
the loan process and to find out if you actually are able
to get the loan. Once that takes place, you usually have
the cash in your hands within 24 hours. The fact that you
can get this cash quickly along with the easy application
process makes this type of a loan one of the fastest that
is available in the industry.
Repayment terms for your payday loan
One thing that you should keep in mind is that you are
going to have to repay the loan sooner or later. As a
matter of fact, most of these loan companies have very
short terms as far as the payback requirements are
concerned. The terms of the loan will typically range
anywhere from two weeks to 18 days. Another thing that you
need to keep in mind is the fact that these lenders are
going to charge you a lot of money in order to give you a
loan. Most of these companies will charge $25 or more for
every $100 that they lend to you which calculates out to be
an astronomical annual percentage rate. Take a look at
these numbers in advance as each of these companies is
required to provide you with a copy of any fees associated
with your loan through the truth in lending act.
At the end of the loan contract, or around two weeks later,
you will be expected to pay back the entire amount of the
loan and any fees that were associated with it. These
companies will typically also give you the option of
rolling over the loan on to a payment plan. In an extreme
emergency, this may help you to overcome a problem with
being unable to pay back the loan but you should avoid it
if at all possible. This fees that are associated with
paying a cash advance loan back over time can be quite
astronomical.
Although these cash advance loans can really save you in a
bad situation, you need to make sure that you can meet the
requirements for repayment. If you're in a bad situation
now, you may only make it temporarily better and you could
end up in a worse situation than where you started.
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leading payday loan lenders as well as all of the
information you'll need to have a successful borrowing
experience.
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