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 payment on...
Continue reading
  2985 Hits
2985 Hits

Payday Loans: Resources for Underbanked Consumers

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 unsatisfactory financial history—a check advance is a useful financial tool. In many cases, a...
Continue reading
  7035 Hits
7035 Hits

Short-term Loan Borrowers: Why They Choose Payday Loans

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...
Continue reading
  8176 Hits
8176 Hits

Payday Lenders vs. Traditional Banks

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...
Continue reading
  12201 Hits
12201 Hits

The Payday Loan Industry: Much More Positive than Predatory

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 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 endemic poverty...
Continue reading
  8423 Hits
8423 Hits

Not All Payday Lenders are Created Equal

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...
Continue reading
  9152 Hits
9152 Hits

High Interest Rates of Payday Loans Explained

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 bad 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...
Continue reading
  17377 Hits
17377 Hits

Payday Loans Remain a Popular Option for Consumers

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...
Continue reading
  11815 Hits
11815 Hits

Mypaydayloan.com Customer Incentives & Holiday Promotions

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: ...
Continue reading
  7231 Hits
7231 Hits

Online Payday Loans

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...
Continue reading
  6197 Hits
6197 Hits

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 of years of change and...
Continue reading
  1832 Hits
1832 Hits

Are Payday Advances a Good Option for You?

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...
Continue reading
  1256 Hits
1256 Hits

Emergency Bills Can Be Costly but Mypaydayloan.com Is There for You

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...
Continue reading
  1158 Hits
1158 Hits

4 Reasons You Should Choose Mypaydayloan.com For Same Day Cash Loans

When it comes to same day cash loans, you’ve got quite a few options. You can head to your nearest local cash advance office – but that will usually require quite a bit of paperwork, and even credit checks and background checks. Alternatively, you can choose an online provider of same day cash loans. But many online lenders are predatory and offer extremely high APRs and unreasonable repayment schemes – and may even have security vulnerabilities that could lead to identity theft.  So what’s the best choice for your same day cash loans? Mypaydayloan.com, of course! We’ve been in business for years, and offer same day cash loans of up to $600 to approved borrowers! Need another reason to choose us for your same day cash loans? Here are four of them! 1. We’re A Member Of The OLA We’re proud to be a member of the Online Lenders Alliance...
Continue reading
  1413 Hits
1413 Hits

Need Payday Loans Online With Same Day Deposit? Learn More Now!

  When you need emergency cash, you need it fast. That’s why choosing payday loans online with same day deposit is the best choice when you need money to make it to the next paycheck, or for an emergency like a car repair. So, how can you get payday loans online with same day deposit? What do you need to be eligible? What companies offer same day cash for your payday loan? Learn everything that you need to know now! How Do Online Payday Loans Work? Online payday loans work the same way as any standard payday loan or cash advance . The difference is that you don’t have to bother coming into a payday loan office, filling out complex forms and paperwork, and spend hours sitting around or waiting in line. Instead, you can qualify for an online payday loan simply by applying online and filling out some basic...
Continue reading
  230 Hits
230 Hits