Payday loans are small, short term cash loans that are given to customers between their paydays to help ease financial difficulties during that time. They are also known as paycheck advances or cash advances and are usually not in large amounts. Typically they are limited to amounts of $1,500 or less.
There is quite a bit of controversy regarding payday loans. The naysayer would claim that they are marketed to young and low income people who don't understand monetary issues.
Payday loan lenders have been dubbed loan sharks because they usually charge high interest rates. Loan lenders can charge anywhere from 250% and up. When you compare that to the interest rates of credit cards at about 25%, you can see that payday loans can be risky.
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On the flip side though, those who support payday loans say that it helps people when banks cannot. They argue that long term high principal loans are comparable to a payday loan. They also say that the fees issued when checks bounced or credit card payments are late can be worse than a payday interest rate.
The Federal Reserve Bank of New York reported that payday loans improve wellbeing of families who attain them. And these families usually only take payday loans for urgent and unexpected financial strains.
So you have determined you need a payday loan and are armed with information to make a smart choice. Where do you start?
When unexpected bills or debts come crashing your way, like a runaway train, it can leave you feeling panicked. Finding money to pay these unexpected monetary monsters can be challenging and take a lot of time. Payday loans are great options in comparison to traditional loans and can be received a lot sooner.
So where do you start? If you know where to look, it need not be so daunting.
Store Front and Telephone Loans
Store Front loans are probably the most common out there. They are easy so they are therefore popular. You speak to someone about the loan you need and you are set up with cash quite quickly.
Since you are face to face with the representative you are secure in knowing where your money is coming from. This can be a bit time consuming though, because as you shop around for the best deal, you will be driving from location to location.
Obviously with the internet and telephones at our fingertips, this can be much simpler. If you don't have a computer easily accessible, just flip through your local yellow pages.
Most representatives are willing to answer all your questions over the phone. Although, if you want to progress with a loan, most lenders do require paperwork to be filled out in person.
Online Lenders
As mentioned earlier, the internet revolution has made our lives very convenient. There are literally thousands of options and varieties of loans. There are opportunities to apply and receive your loan within 24 hours.
If you have a bank account, you can have it transferred there quite quickly as well. Online lenders usually have what you need to get you what you want quite easily. Sometimes the customer service can be even better than what you might receive at a store front.
Where to look online?
Go to your preferred search engine and type in "payday loans". If you prefer to speak to people face to face, this option may not be for you.
Another piece of advice would be to research a company or two that you feel you may choose to process your loan. In your search engine type in the name of the company plus the state, plus scam or bad experiences and see what comes up. It would look something like this, "Company Name+Your State+Scam".
When people have bad experiences with any company, they usually want to tell people about it, either to warn others or simply to vent. Follow your instincts and don't go with the first company you see.
Another way to research good companies in your area is by word of mouth. Talk to people any time you can to find out what their experiences were and where they went. Friends and family are great options for references to good lenders.
Everyone has different needs. There are pro's and con's to either method of obtaining a payday loan. Both methods still provide you the perfect opportunities to get you the money you need. Analyze your needs and desires then take action and get yourself some of the money you deserve.
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