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A recent article in the Washington Times pointed out some serious concerns for states which have forbidden or severely constrained traditional payday loans. These loans are an independent financial venture, and have boomed in the past five years as the recession as driven bank accounts lower and lower and the need for emergency cash higher and higher. Currently, almost 70 percent of Americans do not have a savings account to help in case of an emergency. Instead, they use a payday loan, a short term loan which can help post-date a paycheck, with interest, so that the borrower can have hundreds of dollars that he or she would receive later right now.

These small loans only last a few weeks, and are available to virtually anyone because payday lenders do not normally check credit. Instead, they carry high interest rates as insurance from irresponsible and procrastinating customers. A payday loan can stay relatively cheap until the borrower begins extending his or her loan and rolling the loan over. These bad decisions can cost hundreds, and eventually thousands of dollars beyond what the client expected to pay.

Some states have outlawed the practice of payday loans or cash advances out of concern for customers who were not able to repay their loan and struggled through a debt cycle. Unfortunately, when states eliminate this outlet, it means that the men and women with bad credit now have nowhere to turn. These people are not able to get a loan from a bank or credit union. Their options are now restricted to over-drafting or maxing out a credit card to pay for whatever financial obligation has come up. These states who have destroyed their payday loan business are finding that desperate Americans are turning to the only payday lenders who can provide them the money they want. These are the companies that are owned by American Indian tribes. The Cloak of Sovereign Immunity states that American Indians have special rights which eliminate them from certain prosecutions. Many of these tribes now run payday lending companies in the places where other lenders have been banned.

In Montana, for instance, the state government determined that all payday lenders must adhere to a 36 percent interest rate cap last year. This led to an 83 percent drop in payday lenders in the area. American Indian tribes, however, are exempt from the interest rate cap, so they are able to sell payday loans in the state and make major profits from interest rates in the 300 to 400 percent range. States are concerned because they have no control over these lenders. Legal battles have been fought in California, West Virginia, Missouri, New Mexico, and Maryland over this issue. As well, a court case is currently raging in Colorado.

When you apply for a payday loan, you must make sure that you are siding with a company you can trust. Strive to pick a company that is licensed in your state, and is accredited. If you can trust your lender, you will be granted a worry-free loan. Make sure to pay your loan back on time to avoid serious roll over fees. It is best to avoid tribal-run payday loan companies if possible, because they are able to get away with a lot of subversive activity that you want to avoid. Find a reputable company and get started today!

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When it comes to choosing a solution to money shortages, some people will hesitate to get a payday loan. But in truth these loans are the ideal answer for those of us in need of fast cash.

Of course, like any other loan option, there are risks involved, and statistically they are amongst the most expensive loans in terms of interest rates charged. However, there are several advantages to loans approved ahead of payday as opposed to those that are repaid over a longer period of time.

We have put together a list of 5 reasons why this financing option, which are also known as a cash advance loan, are arguably the ideal fast-cash solution.

Emergency Cash

Life can throw up some unexpected and rather unwelcome situations, some of which can demand immediate payment. Medical emergencies, for example, can demand a significant payment almost immediately, and accessing the necessary cash is not easy for many of us. A payday loan can ensure that the funds are made available to meet this demand.

Loans approved ahead of payday are generally only as high as $1,500, so as to allow for the monthly pay check. After all, it has to cover the loan principal and interest - perhaps bringing the total repayment to $1,750. But crucially, they can provide funds that might otherwise be delayed by as much as 3 weeks.

High Interest, Low Payments

It has been argued that the rate of interest that these cash advance loans charge are very high. This is certainly true, with some lenders charging as high as 15%. However, the fact remains the amount of interest paid over the lifetime of the loan is minute compared to regular 12 or 24 month loans.

This is because, whereas the alternatives will see 12 individual payments per year, the payday loan has just one or two months. The actual amount paid in interest is low, maybe $200. And given any emergency, that may be acceptable.

Certain Access to Cash Fast

Applications for loans against the weekly pay check are rarely, if ever, rejected and are also issued quite quickly. The reasons for this are two-fold: firstly, the pay check is security; and secondly, the cash sum is usually small.

The fact is that loans approved ahead of payday are limited by lenders, ranging from $100 to $1,500. So long as the confirmed monthly salary is sufficient to cover the amount, there is little reason to turn the application down. Cash advance loans are as reliable, therefore, as a borrower could hope for.

Simple Application

Applying for this kind of loan is very simple, requiring less of the paperwork than regular loans generally do. There is no need to provide collateral and no need to show credit history.

Lenders providing payday loans really only care about the pay check, which means that proof of employment and confirmation of the monthly income is necessary, while a bank account from which to withdraw the repayment automatically is also necessary.

Once these three factors are provided, proving that repayment is possible, it is logical to see these loans approved ahead of payday.

No Credit Checks

Finally, lenders who specialize in cash advance loans do not waste time in checking the credit ratings of their applicants. The reason is the same as above, with the monthly pay check the only thing that really matters.

This means that payday loans are perfect for those likely to be rejected by banks, and provides an opportunity to improve their credit rating each time a loan is repaid.

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People with bad credit always assume that there is no hope for them to get a loan from the bank. They may have made a few unwise decisions in the past that have caused them to have a bad credit standing. Most people do not desire to have a bad credit record but there are times when you are faced with huge expenses that are inevitable and there is no way for you to pay it off immediately and as a result, you gained a bad credit standing. If your credit standing is no longer pristine then it will no longer be easy for you to get rid of the stigma attached to it. Banks always look at your credit record before they approve your loan so if yours is bad then borrowing money from the bank is out of the question.

Now, the bank is no longer the only place that you can go to for a loan. There are lots of companies out there that offer online payday loans. With online payday loans, the people with bad credit are on equal footing as those with good credit. Your chances of getting approved for online payday loans are not affected in any way by your bad credit standing. Online payday loans offer a clean slate for people with bad credit. You can finally be free from the shadow of your bad credit record.

The amount of money that you can borrow from online payday loans depends on how much you are earning. This is the reason why you need to present your most recent pay slip. The pay slip is one of their few requirements for loan approval because they will use this as a basis in computing that amount of money that you can loan from them. The money that you loan from them does not have to be paid in full right away. You can pay your loan in small amounts that would not put too much of a strain to your finances. Of course, there is an interest rate involved and the longer the term of your loan is, the higher the interest gets. When borrowing money through online payday loans, it is always wise to borrow only what you need. This will make sure that you can pay back the amount that you borrowed in the shortest time possible. The faster you get to pay back your loan, the lower the interest is.

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Looking for a wageday advance? You are not alone. With more and more people facing a tight squeeze on their monthly budgets many are turning to a temporary loan to get them out of trouble.

However before committing yourself to this solution there are number of points to remember. Although a wageday advance may seem like a quick fix to all your immediate money problems, you are advised to be cautious as some money lenders charge very high interest rates.

What To Look Out For

It is essential you make sure you know what you are signing up for when you accept a wageday advance from a lending company. Read the wording of the document carefully and if there is something you do not understand, ask to have it explained.

It is much better to know all the facts in advance rather than get a nasty shock after you have signed the agreement. Bear in mind, that some temporary loans on the market carry high interest rates.

Remember that a wageday advance is supposed to be a temporary solution, a loan that is repaid the next time you receive your wages. If you do not pay the money back in time back you will often accrue high interest rates and a penalty clause meaning that your debts can quickly spiral out of control.

It is always advisable to be realistic about your ability to pay back the money, plus its interest, in the time you have agreed to.

If you are unable to pay back your wageday advance in the specified time, in some cases you may be able to extend the period of your loan. However, remember you will be charged extra for this. Also, until the money is repaid in full, interest will continue to be added.

Also bear in mind that if you gave the lender your credit card details when you signed the agreement, the lender is likely to continue to charge your card, even if you have made the company aware that you cannot afford this.

So How Do You Find The Best Company?

There are many money lenders that offer a wageday advance. They offer varying terms and conditions, different interest rates and varying time spans and extensions. You need to find the best company who are going to suit your requirements. Your best bet is to find someone who knows all about seeking the best deals.

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Is your budget tight lately? Are you behind your bills? Does your payday feel like years away? An online payday loan is the answer to your problems.

Quick payday loans are one of the fast growing loan options. The basic concept is for a person to obtain the much-needed cash and for it to be deposited in his or her bank account. It allows them to get a loan immediately and cover it by the time their next payday comes. This is relatively easy to get.

One advantage of an instant payday loan is that it is very convenient. Many loan companies offer different loan options and they can decide depending on how much they need. A person is no longer required to go out of their house to get the loan. Payday loans online are also fast. All they have to do is to fill out a form online, give information such as citizenship, employment, checking account, driver's license and contact number. Some companies guarantee response within an hour depending on a person's qualifications and they could get the money within the same day. Another advantage is that they don't need to have collateral in order to get the loan unlike for secured loans. Which means none of their assets and properties are at risk of being repossessed if in case they were not able to pay their loan on time.

However, a person might be hesitating to obtain a payday loan because he or she is worried about his or her credit check. Good news, they can still apply for a loan even if they have a bad or poor credit score. This would not disqualify a person to obtain the loan.