Frequently Asked Questions About Payday Loans

You may be applying to a payday loan company for the first time and you are not sure of what to expect. There are horror stories on the internet that proclaim that all payday loans are bad. You need the money and you know that payday loans are your only option and you intend to pay back the loan quickly.

There is no need to worry. Payday loan companies also follow the same financial rules and regulations set for banks and they make sure that their customers are satisfied. In fact to assure you of their quality and customer service we’ve created a short FAQ guide to what you can expect with payday loan companies and payday loans.


So here goes.

1. Are all payday lending agencies the same? — No they are not. Some companies specialize in short term loans while other payday lending agencies only provide weekly loans. We recommend you check the details given on the website before you actually ask for a loan. If possible Google the name of the company online and evaluate its reputation before finally getting the loan.

2. How do I apply for a loan? — All payday agencies have an online application process. That means you have to fill in the online form with personal details and your loan amount and the company will get in touch with you. Make sure you fill in the form correctly or the company will reject your loan application. Some good info will be found in this site.

3. How much cash can I get? — Initially all agencies sanction only 20% of your paycheck to ensure that you can repay the amount. However some companies may lend you more based on other factors. Take the time to read the TERMS AND CONDITIONS of all websites before you ask for a loan. In some cases the company may provide a larger amount to customers.

4. How long is the application process? — Payday lending agencies pride themselves on the fact that they respond in less than ten minutes to each loan application. Applications are approved in 15 — 30 minutes and the entire process may take less than 5 hours.

5. Are agencies open on weekends? — Yes they are open on weekends as well and some agencies are open 24 -7. Some companies also specialize in providing overseas loans to local citizens.

6. How does the repayment process work? — You can repay the loan in any way you want like cash check card etc. The payday agency will specify the lending process on the contract and they will list the repayment process they offer.

7. I cannot repay my loan this month. What can I do? — Lending agencies offers customers a roll-over option in which they can extend the loan to another month to pay the loan. This does mean that your repayment amount will increase. Make sure you calculate the amount before you rollover the loan.

8. Will my information be private? — Yes payday agencies are not allowed to share your details with any other third-party agencies until you give your express permission for the same.

In the end it all comes down to research. If you borrow from a reliable website like you have nothing to worry about. The company is trustworthy reliable and follows ethical lending procedures that protect the consumer. Apart from this the company also ensures that customers are given the utmost privacy and consideration while collecting the loans and closing the loans. The company has never had any complaints and we recommend you try out their services before you go anywhere else. You have nothing to lose and everything to gain.

The Auto Title Loan Goes High Tech

Auto title loans have been around for ages with offices in many states across the country. This sector is currently undergoing a revolution and embracing technology to the hilt. A lot of providers have now put up their own websites to reach out to a broader clientele. These sites don’t just give information but also allow people to apply for a loan in the comfort of their own homes. This is convenience at its best. What’s more some have also been launching their own smartphone apps that enable potential clients to see how much they can borrow for their car as well as the payments they would have to make per month.

Auto Title Loan in Detail

Let’s step back a little bit and specify what a title loan actually is. It is in essence a form of secured loan. The lender provides a certain amount to the borrower and is in turn given an item of value as security. In this case it is the title of a car which serves as collateral. The loan must be paid back in order for the owner to reclaim the title. Failure to do so could result in the repossession of the vehicle. In practice repossession happens rarely. People are generally given the chance to extend their loan — a process called “roll-over” – though they will incur substantial fees as penalty. More tips can be read here.

Laws on Auto Title Loan

Consecutive roll-overs could snowball into an impossibly large amount so some states have placed a limit on the number of times that this can be allowed. Without this limit borrowers could get buried in a pit of debt for life. If the debt is still unpaid by the time that the limit is reached then the lender will have no choice but to recover the car and try to sell it to get their money back. This is a stressful process on both sides which should be avoided as much as possible. Fortunately repossession actually occurs quite infrequently in practice based on studies.

Remember that in order to be eligible for this loan the car must have already been fully paid. One that is still in the middle of financing will not be accepted. The borrower must prove personal ownership of the vehicle by providing a copy of the vehicle registration and other related documents. The car must be insured in accordance with state requirements. Not all states permit the operation of title lenders because of the high interest rate they impose. Some reject these loans outright while others regulate them. Only about 20 states let the lender carry on in their jurisdictions.

The secret to a successful auto title loan is to borrow small and pay fast. Even if the value of the car allows a much bigger loan stick to the immediate financial need and repay the lender at the earliest possible time to avoid costly penalties.

Straight to Direct Payday Loan Lenders

When an individual is short on cash but his next paycheck is still days or weeks away he usually goes to the process of taking out a cash advance from business entities engaged in this form of commerce. The presence of direct payday loan lenders is a convenience to those who need to get by until the next payday. The services offered by these financers are helping a lot of individuals be able to subsidize some unexpected expenditures.

A direct payday advance is a short-range credit that enables an individual to have access to a certain amount of money due or payable on a brief portion of time. Upon the approval of the application the money is then deposited into the borrower’s bank account. The process for such an advance is fast and straightforward.

Direct payday loan lenders are those who grant and control the total balance of a debt using his capital or funds. The borrower can only request for an amount within the limitations of his salary. However even if he has any ongoing financial status checks he can still avail of the benefits of this classification of credit.

The process of applying and obtaining this type of financing has been outlined to be uncomplicated and quick. The applicant will be asked to supply the creditor some essential personal data and other relevant information. He is also required to submit identification and home address documentations along with his proof of income to be considered for evaluation. Financers can also demand a photocopy of the applicant’s latest checking account records for the approval of such a request.

During sudden crisis requiring cash an individual can rest assured knowing that he can cover these expenses through the services of these moneylenders. Getting a cash advance from these companies is one of the fastest means to attain a specific amount of money with minimal requirements. The existence of these financers is just like having a monetary reserve in case of cash emergencies.

Obtaining monetary credit straight from these entities reduces the borrower’s exposure to the risks of personal information theft and violations. Bank account and other required personal data are limited only to the use and access of the moneylender. Acquiring an advance from these companies is a safer method compared to a loan attained from other financing facilities.

The approval rate in this sort of credit is high. The prerequisites are specifically detailed and clearly stated for the borrower to evaluate and scrutinize. Once the applicant has complied with the conditions to the satisfaction of the financer the request for a cash advance is granted.

See also Forbes for more news.

The reasonable interest rate is another favorable factor for the borrower. Since the transaction is done directly with the financers one does not incur any additional expense with having to pay a go-between facilitator to bring the business deal into operation. The cost for an intermediary is cancelled since the contract is exclusively between the debtor and the creditor.

An individual can still avail of an advance fro these firms even if he has a negative credit status. Despite this unfavorable reputation in repaying debts these financers will still give the borrower the chance to get monetary assistance during desperate times. This feature is another advantage when one secures a loan straight from the source.

This particular kind of credit is not only speedy and convenient but also highly accessible. The technology of the World Wide Web has made it possible for a borrower to apply online. Through the internet an individual can now visit the websites of these companies and do his business without having to go the office of these moneylenders.

A borrower can simply provide all needed information in the online application forms and the process begins. The approval notification is also posted in site’s pages along with the other pertinent details. The application is simplified and made more trouble-free through the companies’ online websites.

It is a fact of life that there will always be days when one becomes unable to meet the cash demands of daily expenditures. The accommodations rendered by direct payday loan lenders can ease the anxiety and panic of one who is in immediate need of finds. The relief offered by these creditors must not always outweigh prudence and sensibility.