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A History of Lending and Cash Advances The ability to get an online cash advance is a relatively new phenomenon when you consider civilizations planted the roots of modern day lending thousands of years ago.  As long as humans have been trading some sort of currency in exchange for needed or wanted goods and services, there have been those who needed to borrow for what they could not afford.  This began as simple, often interest-free loans from friends or family, and grew into the complex and wide-spread system with endless borrowing options that we know of today.  This article will look at some of the ways different societies over different times provided financing to those in need of a cash advance, and how that led us to the modern era of lending.  As mentioned before, the first cash advances came in the form of loans between family members or friends.  Throughout thousands...

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Mypaydayloan.com is proud to offer payday loans or cash advances in several states around the country.  From Alabama to Wyoming and Alaska to Hawaii, Mypaydayloan.com offers a quick and easy way to get the cash you need when you need it.  Mypaydayloan.com adheres to the laws of each state it lends in based on each states licensing requirements and payday lending regulations.  At Mypaydayloan.com, we are always following the constantly changing laws and regulations to ensure we can offer online payday loans to as many customers in as many states as possible. There are still states where online payday advances are not permitted, as some legislators are weary of putting their name on legislation allowing payday loans, fearing negative repercussions from supporting a type of loan that can have a negative connotation.  However, what many lawmakers in the states we service recognize is that large banks and other traditional lenders...
Trying to prepare for costs that might show up in future can prove difficult. You can put money away for the emergency room visit that might take place, or you can put money up for the inevitable car repairs. However, there is another cost that might take you by surprise and it includes your favorite companion who wags their tail or meows the moment you walk in the door. Having pets can come with costs that you did not expect. Maybe you are already a pet owner. Maybe your family has decided that it is time to get a four-legged friend. It does not matter what animal you get. Maybe you do not want the usual cat or dog. Perhaps you want a lizard, snake, hamster or bunny. Or, could it be that beautiful white and yellow Cockatoo that stole your heart with his dance? Either way, you need to prepare...

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When it comes to educating our children, we go above and beyond. We want them to have the best tools to make education as fun as possible. We urge our kids to get excited about school shopping so that they will be ready to learn. Personally, my kids like to go for the cool looking book bags that run anywhere from $40 to $80. Then they are picky when it comes to what pencils and pens they like for the classroom. If you think about, we as adults are the same way. You find a great writing pen and the last thing you want to do is let someone borrow your good pen. Before you know it, you’ve racked up a hefty bill that is as much if not more than a weekly paycheck. According to Forbes Magazine, they revealed that for the 2015-2016 school year, teachers alone spent around $500...

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In today's world, surprise expenses are everywhere we turn and not all of them are enjoyable. Surprises can include an unforeseen emergency room visit, an unexpected move, or even an untimely death. When the unpleasant surprise happens, bills can get behind creating a financial hassle most try to avoid. The biggest hassle is the late payments and overdraft fees that can accrue, causing your finances to become messy. Not only can late payments create hefty fines, but they can also add stress to an already stressful life. Even if you financially plan ahead, one day something is going to happen that will leave you needing monetary help. Consumers who find themselves in a financial bind tend to make undesirable choices. For instance, consumers try cutting back on other expenses, rely on family and friends, sell personal and non-replaceable possessions, or neglect to pay their bills until a later date. According...

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Direct Payday Lenders vs. Pawnshops Thanks to the reality TV show, Pawn Stars, pawn stores find themselves in a good position. The show shows clients going into the Las Vegas shop and looking to have items appraised. Sometimes the people who have their stuff appraised find out that item is worth nothing because it is a fake. However, outside the reality TV drama, desperate people turn to pawn stores for quick cash. They pawn items that have value thinking that they will get it back with their next check. Pawnbroking began in ancient Greek and Romans times. The concept of pawn broking years ago was to aid people with funds using collateral and charging an interest.  Today, it works that same way. You run into a financial bind and you go through your items to see what you can take up to the pawn store and trade for cash. Most people...
When I think of summer, I think of family vacations or a lone excursion to somewhere away from everyone. Traveling to faraway places is an exciting adventure but can also be a culture shock as well. When traveling, knowing how much you will be spending is vital. You can take the cash you expect to spend, but sometimes it is not enough. Sometimes what you are used to paying for food at home is a drastic change when you travel. If you travel outside the country you can find the currency exchange rate favorable and sometimes not so favorable. Other fees that slip our minds is ATM fees. Not only will the ATM you use charge a fee, but your bank charges a fee for you to use the unaffiliated ATM. As you start your travels it is always wise to do your research. Knowing ahead of time that your average...
There are moments in life when unexpected events take place. You rejoice when they are enjoyable, but what about those moments that take you and your wallet by surprise? Planning for the unexpected can prove difficult sometimes when it is simply that – unexpected. And if that unanticipated event involves your finances, how do you handle it? Imagine that you are at your son's baseball game. It is the last inning, and your team is only two runs away from winning. Your son is up to bat. He hits the ball to the outfield. If he can make it to home plate, the game will be tied. Then it will be up to the next player to place a run on the board or go into an extra inning. He rounds first, then second. Defense is tossing the ball in, and it is a race to third. The third baseman catches...

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My friend Alex, he is one of those people who just can’t seem to get his finances in order; no matter how hard he tries.  I met up with Alex a couple of weeks ago so we could catch up and he could tell me about the new job he had started a couple of months earlier.  Alex was psyched about this new opportunity but was nervous because he was already feeling the pinch of the once monthly pay.   But that’s just part of Alex’ story. He was trying to stay current with his bills but didn’t have enough left in his budget to meet his upcoming rent payment after having to pay a $450 emergency veterinary bill for his dog that ate one of his socks, and his next payday was still two weeks away.  As we all know, the bills do not stop coming just because we are...

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Back in August, I hit a couple of milestones, one professional and one personal. On the professional front, I began a new job in a town about 40 miles from where I lived at the time, and on the personal side, I turned 30 years old. Believe me, both can be pretty scary endeavors. Fortunately, I quickly became too busy in my new position to have much time to worry about either. What I did worry about was the long commute I was taking every day. I soon began feeling the pinch of the extra gasoline and basic maintenance costs of putting the increased mileage on my car. My plan was to move closer to my new job to help curb these costs (and take back the hour and a half of my day I spent commuting), but I still had a couple of months left on my apartment lease, so...
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...

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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...

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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...

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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 an ABC News recent report hat 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 consumer...

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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 business 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 useful...

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Payday Cash Advance: Pros and Cons Nearly everyone has experienced a time when the money they need to make ends meet was greater the money they actually had.  Whether it’s from an emergency medical bill, a badly needed car repair, or just because budgeting isn’t your strong suit, you have probably felt the crunch of being short on cash.  Fortunately, there are many options available to help get you through difficult financial times like that.  This article is going to focus on the pros and cons of one of those options, a payday cash advance. What is a Payday Cash Advance?  A payday cash advance is a type of short-term loan, usually about 14 days in length, that is meant to help people get through a temporary financial hardship.  These loans are designed to help pay for immediate expenses and bridge the gap until your next payday, which is when a...
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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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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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...