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Online Payday Loans - How Do Online Payday Advances Work?

April 28th, 2009 by admin

If you’re having some financial challenges (and who isn’t nowadays?), you might be thinking about getting an online payday advance but you’re wondering how these online payday loans really work.

It’s quite simple, really. There are tons of financial institutions that will lend people money. And most of them will lend money without a credit check.

Online Payday Loans - Why Your Credit Score Is Not Important

Most lenders do not care about your credit score or your credit history. What they mainly want to know is if you have a job or some other source of income.

To get a loan all you have to do is fill out a simple application that includes your name and address, where you work, and your banking information. If you are concerned that they will look at your credit, check out their FAQs page before you apply. It usually says whether or not your credit history will be pulled.

Some of these applications are only one page long and take only about ten minutes to fill out.

Once you’ve filled out your application you’ll get a response, usually within thirty seconds, telling you whether or not you are pre-approved.

Online Payday Advances - Save Time With A Faxless Payday Loan Company

If you don’t want to spend time faxing over information, then apply for a loan with a faxless payday loan company. Then they will verify your income over the phone instead of having you fax things like your paystub and utility bills over to them.

After your information has been verified the money you borrow will be deposited directly into your bank account. Some companies do this within an hour while others electronically wire your money to you the next business day. Most online payday loans are wired into your account within 24 hours.

What’s The Downside To Payday Loans And How Can You Find The Best Payday Loan Deals?

All of this sounds well and good on the surface, but there is a drawback to online payday advances and that is the interest they charge is a lot higher than what banks and credit unions charge. And rates can vary quite a bit from one payday loan company to the next.

That’s why most people who get a payday loan online compare rates for free at a number of payday loan companies before they apply to the one with the lowest rates.

And you can find out more about how to get faxless online payday loans with the lowest rates and other free loan information about payday loans at http://www.PaydayLoanNoCreditCheck.org

(c) Copyright - Mike Irons. All Rights Reserved Worldwide.

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Overdraft

August 20th, 2007 by admin

      When the amount of money withdrawn from a bank account exceeds the amount of available money in the account, the excess is known as overdraft, and the account is said to be overdrawn. The overdraft is an amount agreed on by both the customer and the bank, by which his bank account may be overdrawn. Generally, the customer will be charged a fee for the overdraft facility and another fee when the overdraft occurs. Often, this fee is a high percentage of the total value of the overdraft.
      Overdraft protection is a financial service offered by many banks in the United States. This protection plan pays dues sent to a customers account when there is not enough money in the account to pay. Overdraft protection allows for fees to be paid as opposed to bouncing, which may cause the user to have a higher fee. This protection covers ATM withdrawals, purchases made with a debit card, electronic transfers, and checks.

Visit http://en.wikipedia.org/wiki/Overdraft for more information about overdrafts and overdraft protection.

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Consolidating Your Debt

July 24th, 2007 by admin

     Payday loans, also known as cash advances are small short term, high interest loans intended to cover vital expenses until the borrow receives his next paycheck. Because of their high interest rates, many people fall into even further debt using payday loans. It has been shown that the majority of profits that payday loaners make are from repeat borrowers who cannot afford to pay off their existing loans, therefore have to pay late fees each time. There are a few simple ways to consolidate this payday loan debt.
      The main, most efficient way to consolidate debt is to consolidate al debts into one single account. Next, you may meet with an adviser who will meet with a creditor on your behalf to negotiate debt management. Many times, these advisors can lower your debt by 30-50%, lower interest rates, and waive late and hidden fees. The remaining balance is paid back in monthly payments that make debt much easier to pay off.  One may also take out a debt consolidation loan which also combines all outstanding debts into one loan account. Credit counseling can also help you be debt free by working out payment plans with lower interest rates for you. With credit counseling, you do not consolidate your debt, you simply pay a monthly sum to the counselor who pays all of your creditors. These counselors are usually able to bring you to be debt free in about 5 years, while not lowering your credit rating.
      A credit union is another option when trying to eliminate debt. A credit union is a nonprofit organization that attempts to solve people’s debt problems by making sure that the owners and users of credit unions are the same people. The union is a group or financial organization of individuals with a common affiliation such as union membership, work, or living arrangement. They are community based and offer a wide range of services for members. Each member is a shareholder and is able to deposit, pay interest, and get consumer installment credit. Every member is able to obtain loans from the union’s combined savings. These unions generally have lower interest rates and fees on loans. Most likely, you will be able to join one through your employer or other organizations of which you are a member.
      Another advantageous way to get out of debt is to borrow money from your life insurance policy. This is useful because it will be at a very low interest rate and you do not have to pay the money back- it simply reduces your life insurance benefits by the amount that you borrow plus interest.
      Your last resort when it comes to debt should be bankruptcy. The main priority of someone in debt should be to avoid bankruptcy, but sometimes you have no choice but to file for it. It temporarily relieves the enormous pressures of debt, but creates a negative impact on your credit for the next ten years making it hard to get future jobs and loans. But sometimes, bankruptcy is the only decision when financial pressures are so stressful and you fail to meet ends.

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Online Payday Loan

July 12th, 2007 by admin

     Payday loans, also known as cash advances are small, short term, high interest loans intended to cover vital expenses until the borrow receives his next paycheck. These loans are usually high interest loans with interest rates up to 400-900% The characteristic loans are between $100 and $1500, and usually have to be paid back within two weeks, the time it takes for the borrower to receive his next paycheck.

     There are many places online that one can look for online payday loaners. Many sites online offer not only no credit background checking, but also instant approval. This makes getting payday loans and quick cash easier than ever!

     One example of an online payday loaner is http://123onlinecash.com/. At this site, you can apply online and hear from a representative within the hour to discuss your loan. There are no credit checks, nothing to fax, and easy to qualify. It is quick, easy, and the cash will be in your bank account the next morning!

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Advance Direct Deposits

July 12th, 2007 by admin

     Payday loans are a quick and easy way to get fast cash. The loan system is simple- a borrower goes into a payday loaner and borrows money while writing out an advance direct deposit to the loaner.
     A direct deposit is a method of payment in which the payer gives a check directly to the bank, which transfers the money straight into the receiver’s bank account. This type of payment cuts out the middle man that is usually involved in writing checks and giving them to the receiver to deposit into their bank account themselves. When using a payday loan, the direct deposit must be made in advance, when the loan is first taken out. This way, if the borrower does not pay back the money, the check that they already gave in will automatically transfer money from the borrower’s bank account to the loaner’s bank account. If an advance direct deposit check bounces in this situation, the borrower is forced to pay bounced check fees along with late fees on payday loans. One main advantage of direct deposits is the fact that the payer will never have an unbalanced checkbook, as opposed to if he handed the receiver a check, and he did not deposit it for a long while.

 Visit http://en.wikipedia.org/wiki/Direct_deposit to learn more about direct deposits.

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The Loan Process

July 12th, 2007 by admin

     Payday loans are a quick and easy way to receive quick cash. They are small short term, high interest loans intended to cover vital expenses until the borrower receives his next paycheck. The loan process for payday loans is a very simple and fast procedure.
     Borrowers go to a payday lending service to get a small loan, and understand that the payment must be paid in full within the next two weeks when he gets his next paycheck. The borrower then writes a postdated check with the amount that he borrowed plus interest and finance charges. Finance charges are usually around $20 per every $100 borrowed. When the borrower gets his paycheck he is expected to return to the lender and repay the loan in full in person. If he cannot repay the loan fully, the lender processes the already written post-dated check. Now, the borrower faces a bounced check fee in addition to the costs and fee of the late loan payment. Payday loans are easy to come by because loaners do not check credit history, but a borrower must make sure he is able to pay back the loan before he borrows it!

Refer to http://www.paydayloanmaker.com/payday-loans/ to learn more about payday loans.

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Consolidate Debt

July 12th, 2007 by admin

     Payday loans, also known as cash advances are small short term, high interest loans intended to cover vital expenses until the borrow receives his next paycheck. Because of their high interest rates, many people fall into even further debt using payday loans. It has been shown that the majority of profits that payday loaners make are from repeat borrowers who cannot afford to pay off their existing loans, therefore have to pay late fees each time. There are a few simple ways to consolidate this payday loan debt.
     The main, most efficient way to consolidate debt is to consolidate all debts into one single account. Next, you may meet with an adviser who will meet with a creditor on your behalf to negotiate debt management. Many times, these advisors can lower your debt by 30-50%, lower interest rates, and waive late and hidden fees. The remaining balance is paid back in monthly payments that make debt much easier to pay off.  One may also take out a debt consolidation loan which also combines all outstanding debts into one loan account.

 Visit http://en.wikipedia.org/wiki/Debt_consolidation for more information about debt consolidation.

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Credit Unions

July 12th, 2007 by admin

     A credit union is a nonprofit organization that attempts to solve people’s debt problems by making sure that the owners and users of credit unions are the same people. The union is a group or financial organization of individuals with a common affiliation such as union membership, work, or living arrangement. They are community based and offer a wide range of services for members. Each member is a shareholder and is able to deposit, pay interest, and get consumer installment credit. Every member is able to obtain loans from the union’s combined savings.

     Each credit union in the country is supported by a system of provincial credit union “centrals,” a nation central credit union and affiliate financial cooperatives. In order to borrow from a credit union you must be creditworthy. In other words, you must have good credit, and have a good history of paying off debts correctly. The character of a borrower is also often one of the most important factors in deciding whether or not to make a loan.  Credit unions are a great alternative because they charge lower interest rates than banks and payday loaners. Since they are a non-profit organization, they have no need to make money by charging high interest on loans.

Check out http://www.ncua.gov/ to find more information about credit unions in the United States.

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Alternatives to Payday Loans

July 12th, 2007 by admin

     Payday loans, also known as cash advancements, are small short term loans used to help a borrower between paydays. These loans are usually high interest loans with interest rates up to 400-900%. They lend without regard to credit history. Because these loans can be very costly after interest is applied, many people turn to alternative practices. These alternatives include, but are not limited to, credit unions, credit payment plans, overdraft protection, community assistance, consumer loans, or direct loans from family or friends.

     Credit unions are a popular alternative. They are non profit organizations that attempt to solve people’s debt problems by making sure that the owners and users of credit unions are the same people. Credit unions are a great alternative because they charge lower interest rates than banks and payday loaners. Overdraft protection is another popular alternative. With this option, the company pays for any bounced checks of ATM transactions exceeding your balance. This is a type of loan, and the company expects to be paid back within a set time with interest.

Check out http://search.dmoz.org/cgi-bin/search?search=payday+loans for more alternatives to payday loans.

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Unsecured Loan

July 12th, 2007 by admin

     A loan is a financial agreement in which a lender gives a borrower a certain amount of money, in which the borrower will repay within a certain amount of time. In other words, it is a temporary redistribution of financial assets. In many cases, the loan may be paid back in small regular installments called payments. The lender may ask for interest payments on the loan, and may assign penalties for late payments. There are two types of loans, secured and unsecured.

     Unsecured loans are those such as personal loans and corporate bonds, as well as those used when in credit card drafts or in bank overdrafts. This type of loan, also known as a signature loan, is obtained without security and the borrower agrees to pay back the loan within a set time and signs a document that states this. Banks and credit card companies offer unsecured loans only after assessing the borrower’s credit. The success of obtaining an unsecured loan depends directly on your credit history. Usually an unsecured loan is for a small amount of money, but the interest rates on these loans are usually higher than those of secured loans. The best rates for an unsecured loan are most likely offered through credit unions.

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