Payday Loan - Home Page
A payday check loan is one, which is paid in a short time at the end of the month. It is usually taken, if you find yourself short of cash to pay clear an emergency expense. A payday check loan is never more than $1500 at most. You usually need such small amounts to clear utility bills, insurance bills, medical bills, outstation bills, or outstanding credit card bills before the due date to keep your credit intact. A payday loan advance is free of credit inquiry and does not require a collateral security.
Before taking the option of going for a payday check loan try to explore all other options, like, your delaying payments on other non-recurring bills, borrowing from a friend, or taking advance on your pay from your employer. Shop wisely to find a lender on the internet if you have no other option.
-Deal with a licensed lender.
-Borrow only as much as you can pay off easily after cutting for monthly expenses.
- Make a budget to make sure you repay on time, to avoid penal charges.
- Look for low fee moneylender to avoid paying more than required.
The typical terms of a payday check loan are as follows:
Maximum term of loan: 30 days
Maximum amount of loan: $600
Maximum fee: 10% on first $500
A fee of 15% is charged above $500.
In the above example, you have to pay a fee of $50 + $15 = $65. The loan amount to be repaid will then be $665.
All payday check loan lenders are bound by the Truth in Lending Act, to give correct information of the cost of the loan and the APR i.e. the annual percentage rate charged for the loan. This rate should conform to the guidelines of your state. You should also be aware of your rights as a borrower to ward off undue harassment by the lenders of payday check loan. You can change your mind about the loan in one day if you do not want to take it. You can demand a payment plan, which is suitable to you. A future lender for payment of dues cannot threaten you. In short, if you use your rights and obligations wisely, you can easily meet your emergency financial crisis by a payday check loan and pay it off later on the due date as well.