Payday Cash Loans

A payday cash loan is just what it’s name says.  It is a loan that is to be paid back by the borrower on her next payday.  These types of loans are used for any type of financial emergency.  Everyone has had a financial emergency at one point or another.  A payday cash loan gives you the money without overcharging the bank fee. Most payday cash loans have very reasonable fees.  The best thing to do is just check a few different sites to find the best one.

I have actually found myself in need of a payday loan once before.  I had just paid all of my bills leaving me with only $45 in my account when a pipe burst in my basement.  I needed a plumber and I had no money.  After the plumber looked at the problem he saw several problems that if they did not get repaired immediately, I would have another pipe burst.  The fee was $1000 and he needed the money when the job was finished. 

"That was a lot of money and I knew that my family and friends would not have that kind of money to lend me.  I had used a payday cash loan service before due to an outstanding electric bill so I thought that I would try again."

What are the requirements of a Payday Cash Loan?

The requirements of a payday cash loan are pretty simple.  The requirements of the loan first stated that I have some source of income that is more than $800 per month.  This income has to be direct deposited into my bank account.  It is required that the bank account had been open for at least ninety days.  I thought about everything and I did meet all of the requirements just like I did the last time. 

My income had changed, therefore, I had to look under the FAQ section of the website and see if I still qualified.  The first time that I received a payday loan I was working full time.  This time, I was collecting temporary disability insurance checks and child support.  I looked at the FAQ section of the site.  The incomes allowed for the payday cash loan were wages from a job, Social Security, unemployment, child support, and temporary disability insurance checks.  The incomes that are not allowed were Social Security in your child’s or anyone else’s names or a state welfare check.  I met that requirement so I moved on. 

The borrower had to be at least eighteen years or older and I definitely met that requirement.  Since my bank account was open since my last payday cash loan I met that requirement.  This time was different, however.  Since I had a payday loan from this company already, I would not need to fax my information. The FAQ section on the website stated that faxing was only necessary if you were a first time payday cash loan user.  Normally, a first timer would be required to fax over a copy of the most recent bank statement and a voided check.  This time I was able to skip this part because they had my information on file.  If I had switched banks, I would be required to fax the information again.

What are the Terms of  the Payday Cash Loan?

The terms of the payday cash loan are simple.  The loan is a short term loan.  I was able to choose how long I wanted to keep the loan out for.  My choices were either seven to fourteen days or fourteen to twenty-one days.  Because I needed so much money this time, I chose fourteen to twenty-one days.  The last time my amount borrowed was much less so I used the seven to fourteen-day loan.  The amount of the loan can be anywhere from one hundred to one thousand dollars.  The loan stated that I could choose the amount that I wanted to borrow under a certain condition.  If I only made $800 per month, I would not be able to borrow $1000. 

In order to borrow $1000, your income level had to be more than $2500 a month.  A person who only had an income of $800 would be allowed to borrow up to only $200.  Along with repaying the loan, you will also be required to pay a loan fee.  The fees are set up depending on how much money you borrow.  I was looking to borrow $1000, so my loan fee would be $185. 

The lowest fee is $18, and that is for someone who borrows only $100.  The more that a person borrows, the more he has to repay.  I was prepared to pay the $185 fee, I was desperate.  If the repayment money was not in my bank account by the time, the loan was due, I would be required to take out an extension.  With the extension I would pay my loan fee plus another for each week the money is not in my account when the lender tries to withdraw it.  After three weeks of extensions, I would be required to pay a penalty.  The penalty is, for my loan, one hundred dollars on top of the loan fee.  If my loan had been for less than $600, I would have only had to pay and extra $50.  For a loan more than $600, the penalty is $1000.  The loan could have become  really pricey if I didn’t pay it in time.

"When I entered my name, a message came up on the screen telling me that my information was already in the system. I looked over the information and nothing had changed so I continued..."

The Process

        
How Do I Apply for the Payday Cash Loan?

Applying for the payday cash loan was very simple.  I went online and I filled out all of my personal information.  I had to give my name, my address, my phone number.  All of the standard questions.  When I entered my name, a message came up on the screen telling me that my information was already in the system.  I looked over the information and nothing had changed so I continued.  After that I was asked to choose my loan amount desired and the length of my loan.  When the application asked me for my income information, they had my old information listed.  I went in and changed it.  After it was all filled out, I waited about thirty seconds for the decision on my loan.  I was a bit nervous that I didn’t get approved because my amount was so much.  Soon, a message popped up on the screen, I was accepted. 

How Do I Get my Payday Cash Loan? 

There is a rule on when you will receive the money.  If the loan application is processed before 7:00pm EST or 4:00pm PST, the funds would be available the next day.  If not, it would take two days.  I submitted my application at 1:00pm EST, therefore, I was all set.  The loan company electronically deposited the money into my account.  When it was available, I took it out and I paid my plumber.

How Do I Repay my Payday Cash Loan?

When my loan was due, all I had to do was make sure that my money was in the bank.  The lender electronically withdrew my loan amount along with my loan fee.  It was that simple. I did not have to do anything.

What are the Risks?

There are no risks involved in the payday cash loan.  As long as the money to repay the loan is in the account, there are no extra fees.  If you do not have the money in time, you will incur extra loan fees until the money is there.  If you do not have the money, it could end up costing you an awful lot of money.