TIPS APPROVED IN APPLYING PAYDAY LOAN

Really need cash money to cover your financial need?
Let’s check out some tips for getting approved in payday loan.

1. Check the payday loan lender’s qualification policy to make sure you’re eligible. It’s actually wasting time to fill out an application if you know you don’t qualify. It may hurt your chances with another payday loan lender whose qualifications are more relaxed.
2. When shopping for payday loan, limit the number of applications you actually fill out and submit. Filling out multiple applications can result in being declined by most payday loan lenders. If you apply for multiple online payday loans, each loan application will be reported to a consumer tracking database used by banks and payday loan lenders, and may result in all applications being declined. If your payday loan lenders know a lot of your applications pending they assume that their risk is much greater. So, your loan will be rejected. It is better if you apply one payday loans only at a time.
3. Fill out your application completely and accurately. Don’t ever think that exaggerating for example longer time on job than you really do, higher income than you really have, etc., may help you. If a lender finds that you are exaggerating or laying they definitely will decline your request for a payday loan immediately.
4. When you talk to or send email correspondence to the customer service department, use formal language. Be polite and professional.

For more information please visit Short Term Payday Loan Center

What is Short Term Payday Loan?

Recently there is a popular loan that can be good alternative for people with short term financial difficulties. Instead of pawning personal property people now can take payday loan, a short term loan extended until your payday. Short Term Payday loans (also known as deferred deposit advances) are small-dollar, short-term, unsecured loans that borrowers promise to repay out of their next paycheck or regular income payment (such as a social security check).
Short term payday loans can be acquired by anyone, even those with a bad credit history. However, keep in mind that short term payday loans are meant to be paid back within a short period of time. The idea of a short term payday loan is that you receive a payday prior to receiving your pay check. Once you have received your next pay check you are expected to pay back your loan.
The amount of money you can receive depends on how much money you make. If you earn a high income you have a greater chance to have greater amount.. The amount of your short term payday loan is completely dependent on your income because that will determine whether or not you will be able to pay back your loan with the charge and in what amount of time. Usually the approved amount is between $100 and $500.
Since short term payday loans are meant to be paid back within a short amount of time, it is important to companies that they do not lend an employee more money than the person will be able to pay by their next payday. The borrowers also have to consider that they definitely can pay back in the certain time.
Short Term Payday Loans are usually priced at a fixed dollar fee, which represents the finance charge to the borrower. Because these loans have such short terms to maturity, the cost of borrowing, expressed as an annual percentage rate (APR), is very high. This is why the borrower must be careful using short term payday loan as an alternative. Currently, fees charged on payday loans range from $15 to $30 on each $100 advanced. In fact, it may be equivalent to an APR of almost 300%. This sounds high, but it may be manageable if the loan is repaid on time. Don’t ever think to take payday loan if you’re not sure can’t pay back on time.
However, when apply a loan people should evaluate the costs and benefits of all alternatives before borrowing. The key to success with a short term payday loan is to borrow only what you need to and repay it on time. That’s all.

For further information please visit Short Term Payday Loan Center and find useful resourses for you.

Information of Short Term Payday Loan

A Short term Payday Loan provides you with an unsecured, short-term cash advance until your payday. Person who choose payday advances to cover small, unexpected expenses while avoiding costly bounced-check fees and late payment penalties.
Recently there are plenty of online payday loan and you can have your advance electronically deposited to your checking or savings account easily.

The qualifying for a short term payday loan is now also easier than qualifying for traditional credit. Usually they does not perform credit checks. Your job and your paycheck act as your collateral. You only need to meet the following requirements:
• Currently have a job (or receive regular income)
• Make at least $1000 per month
• Are 18 years of age or older
• Have checking account or savings account with direct deposit

The process also doesnt' take long. You'll typically receive approval within hours of applying. Since the money is wired directly into your checking or savings account, you can usually have access to your funds the very next day

Thus, whenever an immediate or urgent need arises, payday loan is there to help. But, you also have to consider the interest charge. It is important to remember that a payday cash advance loan is a short-term answer to an immediate cash need. Payday loans are not intended for repeated use in supporting an on-going budget situation from payday to payday. Repeated use or reliance on payday loans can create serious financial difficulties.

The standard time for loan repayment is usually no less than seven days and no longer than eighteen days. Of course you may also pay back your loan at anytime without any prepayment penalties.

For more information please visit Short Term Payday Loan Center

The Dangerous of Online Short Term Payday Loan

When a customer wants to borrow some money by online payday loan then that customer have to send post-dated check the the lenders first. And then the loan is direct deposited into the consumer's checking account for the amount of the check minus the interest.

If consumers fail to have enough money on deposit to cover the finance charge or repayment, both the payday lender and the bank will impose insufficient funds fees.

Internet payday loans are dangerous for cash-strapped consumers because payday loans combine the high costs of iterest and collection risks of check-based payday loans with security risks of sending bank account numbers and Social Security Numbers over web links to unknown lenders.

For more information please visit Short Term Payday Loan Center

How online payday loan work?

Online payday loans are marketed through e-mail, online search, paid ads, and referrals. Typically, when a customer wants to borrow some money then a consumer fills out an online application form that requests personal information, bank account numbers, Social Security Numbers and employer information. And then borrowers fax copies of a post-dated check, a recent bank statement, and signed paperwork. The loan is direct deposited into the consumer's checking account for the amount of the check minus the interest.

Some lenders require applicants to agree to keep their bank accounts open until loans are repaid. And the others ask for "voluntary" wage assignments even in states where wage assignments are not legal.

For example, a person who wants to borrow $300 would write a check for $360 and date the check for two weeks from now. The customer gets $300 from the lender; two weeks later, the lender cashes the check and gets $360 back, for a $60 profit of finance charges.

Why We must be carefull on Payday Loan???


Recently a lot of people take payday loan to cover their expenses but they don't know the risk of payday loan. They don't know how scary is the interst rate of payday loan.

There are a lot of cases happen because they don't calculate the interest. for example some cases happen :
some one, who had couple loans from some payday loan store totaling $800. When he missed a couple of payments, these unscrupulous bill collectors sued him for the loan, including costs. Even though he has paid more than $3,000 in interest on his original loans, he is still being abused by these bloodsuckers.

another person who took out couple loans totaling $600 from payday loan stores to help pay educations fee. She would pay $120 twice a month. Once when she went to make a payment, she was late just for a couple of minutes and the bill collectors wouldn't open the door to allow her to make the payment. And finally she was forced to pay more than $3,000 in interest on a loan of $600.

Those it's better if payday loans and interest rates should be limited to a fair amount above the prime rate, lenders should be required to notify borrowers of debt-management services, and terms of the loan should be fully disclosed.

The Dangerous of Payday Loan

Payday loans are small, short-term loans and high-interest loans. Usually, a customer writes a post-dated check payable to the payday lender, then receives cash for the amount of the check minus the lender's fee, which typically is about $15-$30 per $100 loaned. The loan is due on the date that appears on the check, usually about two weeks later.

Problems arise when a borrower fails to pay back the loan within the agreed-upon time period and refinances over and over, racking up new fees.

Credit counselors and advocacy groups for the poor say that payday loans are designed to trap and financially drain the desperate or unsophisticated.

But payday lenders say they offer emergency help to people with no credit, and their loans are cheaper than paying fees for bounced checks or for restoring disconnected utilities.

At the other side, the borrower need it because they need money - now.Because they are vulnerable, they are susceptible to high fees. Because of the high fees, they are tempted to borrow again. For many, what began as a short-term problem quickly turns into a long- term nightmare.

About Payday Loan

"Need cash till payday? Get UP TO $500 instantly!"

No doubt you have seen newspaper ads touting fast cash to tide you over until you get paid. But if you think getting a loan against your paycheck is a good idea, think again.

Loan is a business that didn't even exist 15 years ago. But today, there are more than 10 payday-loan outlets opened. For many customers, these short-term, unsecured consumer loans that are repaid on payday, serve as a successful solution to cash emergencies, and an alternative to bouncing checks or borrowing money from family or friends.

But think again, In 2002, consumers paid $4.3 billion in fees to borrow about $25 billion from payday lenders. Such lenders typically charge service fees of 15% to 30% of the principal, says a report by Consumer Federation of America (CFA), an advocacy group in Washington, D.C. The group found that these schemes prey on cash-strapped folks who get trapped in a cycle of dependency on the loans.

In a typical payday loan transaction, a borrower writes a postdated check to the lender for the amount of the loan plus a fee usually $15-$30 for each $100 borrowed. The lender agrees not to cash the check for a short period, often two weeks, or in theory, the borrower's next payday.

But,
The trouble is that some payday borrowers take out more than one loan at a time and have difficulty paying them back. Others, unable to pay a loan back on time, hand over another fee to extend it. Fees for rollovers quickly can amount to annual percentage rates in triple digits.