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What is a Payday Loan?
What a glorious Saturday morning! Not a cloud in the sky, the thermometer records a near perfect early autumn temperature of 69 degrees. You’ve just returned from the market with soft drinks, beer and a sack full of munchies. The new big-screen LCD TV is beautiful, and the first college game of the day starts in a couple of hours. Your brother is on his way to watch the game with you and the last time you spoke, he was only about 100 miles from the state line. He should arrive just in time to grab a cold one for kick-off. Then you get the dreaded call. Just as he was about to cross the state line, your brothers water pump decided to take early retirement. He lacks $150.00 for the repair. Since you spent the last of your cash at the market, and your checking account balance has been offered the starring role in the how-to documentary “Failures in Money Management”, you need to find some quick cash. Your friends are all at the game, and your parents are on a Caribbean cruise, so getting a loan from one of them is out of the question. You pass that cash advance store every day on your way to work, just run down there and get a payday loan. Just how does that work, you ask. Payday loans are small loans, normally from $100.00 to $500.00, which you secure by writing a post-dated check. These are short term loans, usually due on your next pay day, normally no more than two weeks in length. They are usually easy to get and can be the solution to emergency money needs. They can also be quite expensive. Fees can range from $12.00 to $35.00 per hundred, depending on the limits set by the jurisdiction in which you live. You should definitely compare rates before you choose a lender. Many payday lenders operate on the internet and most have their fee schedules and other terms posted on their site. You would not have access to the loan proceeds during non business hours, as once they approve you; the money is electronically deposited into your checking account. Before you take off for the check advance store, be sure to know what you need to take with you in order to get your payday loan. I would call the lender to be sure I had all the necessary documentation when I got to the store. You can be sure that you’ll need proper identification. Along with your ID, you’ll need recent pay check stubs to prove your income, some proof of residence; normally recent utility bills in your name are preferred. You will be required to fill out an application, normally much less complicated than forms used by banks and conventional loan companies. The lender will prepare a basic contract spelling out the fees and the payment details. You give them a check for the amount of the loan plus fees. They give you your cash, and you’re on your way to take care of your business.
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