When you hear the term payday loans, you probably think of getting emergency cash when you need it most. And you would be right. But there are a number of ways you can use your payday loan. In fact, you can use it anyway you want to.
Start by Setting Goals. People who set goals are remarkably more successful at anything than those that do not. They help assure success. Specific, measurable, and repeatable goals can help you accomplish a lot, fast. You can start by committing to pay off your lowest credit card debt in a certain time frame e.g., 6 months. Keep the card as closing the account will hurt your credit if you get the balance to zero. Just put it away, out of sight and not something you will use in the future.
If you have a passion or special skill, consider starting a small business to make extra money. Recessions are the best time to start businesses as opportunities are greater. Women own 40% of small businesses and growing. You could be one as well.
The federal government and every state have strict laws governing all lending including payday lenders. Most states require a lender to be licensed in that state to even operate. And most states have caps on both interest rates and fees that the lender can charge you. This protects consumers nationwide.
The most important factor in approval is your recent and future income. So be sure to provide accurate and true information. Any misinformation will potentially disqualify you from being approved for a loan. Lenders are not worried about your poor credit as most applicants have some credit issues.
Unlike traditional loans with weeks of waiting, tons of paperwork, and approvals only for people with high credit scores, payday loans are for the average American who does not have a lot of savings.
If you are searching for a cash advance online, your odds of approval can be relatively high with the right referral service, like CashinaSnap. As with all kinds of loans, cash advances should not be your first choice as they have high fees. However, read on to learn more about how they work and other information.
All cash advance loans (also called payday loans) are fee-based loans. That means you pay about $15-30 per $100 borrowed in most states. Every state has established its own limitations on what a lender can charge you in fees. Annual Percentage Rates (APRs) do not apply as these loans are short-term loans that never exceed a few months.
If your credit is good, your bank may allow you to overdraft or spend more than is in your account without a penalty. However, most people and several banks are not in a situation where this is either allowed or done without fees. The normal fee for a single check overdrawn on the account (overdraft) is $35. Again, this is per check! This implies that four checks equal $140 in fees!
All in all, the data shows that most Americans have more or less similar preferences for payday loans regardless of where they live, their ages, and their incomes. The only real variations were the underlying reasons that encouraged them to request a payday loan. However, almost all grounds were legitimate and not frivolous.
