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The payday loan industry has faced more than its fair share of criticism.  Critics often attack the industry by arguing that borrowers are not sufficiently educated about the borrowing process and what is required of them to successfully complete a short-term loan transaction. However, a recent study conducted by MicroBilt, a risk-management data provider based in Kennesaw, GA, reveals that the majority of surveyed consumers do understand how to use payday loans in a responsible manner and avoid paying the excessive fees that most critics claim. The fees associated with payday advances may seem quite high to some people, and for some people it is too high relative to their monthly income and what they can afford.  As with many other industries that provide consumer services, there are pricing options available to choose from and also a variety of product types to choose from.  Some other industry examples include mailing companies,...

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  In recent years, payday loans have received a significant amount of media attention, much of it negative. These small personal loans have been criticized for their high interest rates, which have the potential to contribute to long-term debt. Some critics claim that payday advances are "predatory" because of their high APRs, especially since so many people who use them are already at risk for debt. Pundits argue that check advances are a financial detriment to consumers because they have the potential to result in an unmanageable downward spiral of debt for borrowers. In reality, much of the criticism of paycheck advances fails to place these useful short-term loans in the proper perspective. All too often, critics fail to acknowledge that payday advances are a valuable financial resource for the underbanked. For the many people who do not use mainstream banks--usually due to low credit scores and an unsatisfactory financial history—a check advance is a...

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Not All Payday Loan Lenders Are Created Equal - Tips on Finding the Best Company for Your Needs When you need a little extra money to cover expenses between paychecks, you should find a payday loan company you can trust. Keep the following criteria in mind to find the right payday lender to suit your needs. What to Look for from a Payday Lender Full Disclosure All transactions between the lender and customer must fully outline the terms of the paycheck advance agreement. Lenders must disclose the cost of the service fee both as a dollar amount and as an annual percentage rate (APR). A reliable company also ensures full disclosure by making rates clearly visible to customers before they enter into the cash advance transaction process. The loan application and contract should contain no hidden fees or difficult to understand fine print. The customer should fully understand the payment details of the check advance....

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      Consumer advocate groups routinely scrutinize the payday loan industry, claiming that it uses a predatory business model. Payday lenders are criticized for charging high interest rates for short-term cash advances. However, consumer advocate groups tend to turn a blind eye to the high NSF fees that are common among mainstream banking institutions. Banks reap huge profits from overdraft fees, which can total hundreds of dollars if consumers fail to monitor their accounts carefully. Even if an account holder is only slightly overdrawn, banks typically charge between $30 and $40 in NSF fees per transaction when there are insufficient funds to cover a purchase. The Consumer Financial Protection Bureau (CFPB) highlighted this unscrupulous practice in a recent report that revealed that banks deliberately allow customers to become overdrawn so they can collect overdraft fees. In fact, the CFPB found that overdraft and insufficient fund fees account for 61 percent of bank profits from...

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Payday loans have received a fair amount of criticism in recent years. Payday lenders are sometimes portrayed as deceptive “loan sharks” who trick innocent consumers into high-interest loans. As with any business, some cash advance companies have questionable business practices, while others maintain high standards. In fact, all lenders, including online payday lenders, are required to disclose the cost of a loan in writing before any agreement is signed. Reliable companies such as Mypaydayloan.com offer full disclosure of the finance charge and APR associated with a payday advance, so there are no hidden costs. Most of the criticism of payday loans concerns the interest rate that lenders charge. Although the APR on a paycheck advance might seem expensive, it should be remembered that this type of loan is only supposed to be taken out for a short period of time, ideally no longer than 28 days. Therefore, the high APR that critics...
There has been a great deal of negative publicity over payday loans, much of it centering on their high interest rates. What is often ignored, however, is the positive impact these small personal loans make in so many communities across America. For instance, recent studies have shown that after some states have taken the extreme measure of banning paycheck advances, consumers have fared worse instead of better. With fewer options to borrow money in an emergency, people with poor credit or low income often have nowhere to turn when these short-term loans are eliminated. Studies have also shown that after a natural disaster, communities with access to payday loans experienced lower rates of housing foreclosures and treatment for substance abuse than communities where they were not readily available. In recent years, some legislators and policymakers have taken a knee-jerk reaction approach to payday lending. Instead of addressing the root causes underlying the...

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Payday loans are often criticized for their high interest rates. However, these small personal loans are an affordable option for people who are unable to take advantage of mainstream bank loans. Most people who use payday advances are successful at sticking to a budget and managing their finances, but unexpected expenses can throw their budget out of whack. Payday lenders help hardworking folks who have a hard time paying for groceries, gas and other routine expenses in a given month due to emergency expenditures that are out of their control. Sometimes a check advance is the best solution to help make ends meet between paychecks. If emergency expenses make it difficult to keep up with monthly bills, most people with poor credit have limited options. One choice is to mail checks for bills even if the funds are not available in your bank account. It is possible that some of the...

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There has been much talk in recent years about a perceived need to regulate or even eliminate the payday loan industry. According to several new studies, consumers agree that some changes should be made to payday advances. However, these studies also show that consumers overwhelmingly want paycheck advances to remain available to them, even if they remain unchanged and unregulated. Legislators and consumer advocacy groups should consider this valuable consumer input before they propose new legislation to regulate payday lending. The Pew Charitable Trusts’ latest report on payday lending in America, which was released in February 2013, found that even if no changes are made to payday loans, 3 out of 5 payday customers will continue to use these accessible short-term loans to cope with tough financial situations. The majority of storefront and online payday advance borrowers informed the Pew researchers that they would be likely to take out another payday advance...

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Although payday loans are still available in most states, in recent years, some states have passed regulations restricting them. Cash advances, as they are also commonly known, provide access to capital to individuals who often don't have anywhere else to turn in a financial emergency. State restrictions on payday lenders often result in fewer options for hardworking Americans with less than perfect credit. Mypaydayloan.com recognizes the continued need and demand for short-term capital, which is why we support the ongoing legislative efforts of the Online Lenders Alliance. As an OLA member, we sympathize with our customers’ need for credit and continuously stand behind the OLA in educating our critics and state lawmakers. Our goal is to show the positive side of the payday lending industry and explain how we've helped hundreds of thousands of people over the years. Regulators should not make payday loans unlawful for consumers especially in this...
Mypaydayloan.com values our customers and we reward them throughout the year by offering special incentives and promotions to show them our appreciation.  As a loyal customer here are some of the ways we thank you for your business:   Birthday Bonuses – During the entire month of your birthday, if you apply for a renewal and are approved you will receive a $50 cash bonus.  Getting your birthday bonus is really easy – just monitor your email for the birthday promotion, click the link within the email to submit your application, and you will receive the bonus in your checking account at the same time your loan is funded.  This is our way to wish you a very Happy Birthday and give you a little extra spending money for your special day! Who is Eligible:      Returning customers who have successfully paid off all previous advances Minimum Loan Amount:  $300...