A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a small, short-term unsecured loan, "regardless of whether repayment of loans is linked to a borrower's payday." The loans are also sometimes referred to as "cash advances," though that term can also refer to cash provided against a prearranged line of credit such as a credit card. Payday advance loans rely on the consumer having previous payroll and employment records. Legislation regarding payday loans varies widely between different countries, and in federal systems, between different states or provinces.
As a legit online loans direct lender, we understand your instant need for money and value your time as well. Hence, we have structured our installment cash advance loans with no hard credit check to considerably reduce the time and efforts required to apply, get approval and receive funds. Our flex pay loans online platform is user friendly, quick, highly secure, 100% paperless, and can be accessed 24/7 even from your mobile device. In addition, the electronic transfer of funds via ACH makes the small loan process even more convenient.
Non-payment may involve debt collection practices as it is set by applicable law. The majority of the lenders in our network do not intend to sell your debt to outside collection agencies. Instead, they will attempt to collect the debt in-house via telephone, email, postal mail or even text message. Similarly, they will not threaten criminal charges or sue borrowers; they will generally offer debt settlements over time instead. Every lender in our network is required to adhere to the Fair Debt Collection Practices Act, which protects consumers from being abused or harassed by debt collectors.
The size of same day payday loans differs by lenders, borrower’s requirement and the monthly income of the borrower. Generally, the loan amount ranges between 100 dollar and 1000 dollar. However, the size of the loan may vary. The lenders usually require the borrowers to pay back the entire loan amount on the due date, i.e., the next payday. However, sometimes the lenders consider and extend the repayment period, depending on the borrower’s financial health and the loan amount. If lawful, the loans may be rolled over for another 2 weeks or longer. The interest or Annual Percentage Rate (APR) charged on the loan vary from lender to lender. So a borrower must check what his or her chosen lender levies before signing off on the loan agreement.
Ashley Dull is the editor-in-chief of BadCredit.org, where she oversees a team of finance experts and journalists who develop in-depth industry profiles and advice articles read by more than 15 million Americans. Her years of experience reporting on consumer credit scores and reports positions Ashley to make smart recommendations on ways to improve one’s credit and avoid predatory lending. She is often asked to serve as an expert source on financial topics for national media outlets, including CNN Money, MarketWatch, Money Matters, ABC News, and NBC News, and is a regular contributor to several leading finance websites. Connect with Ashley on Twitter and LinkedIn.
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In Store Loans: Approval depends on meeting legal, regulatory and underwriting requirements. Cash advances are typically for two-to-four week terms. Some borrowers, however, use cash advances for several months. Cash advances should not be used as a long-term financial solution, and extended use may be expensive. Borrowers with credit difficulties should seek credit counseling. All product and service options subject to change without notice. Cash advances subject to applicable lender's terms and conditions. California operations licensed by the California Department of Business Oversight pursuant to the California Deferred Deposit Transaction Law and the California Financing Law. Principal address 7755 Montgomery Road, Suite 400, Cincinnati, OH 45236.