Payday loans

How’s A Payday Loan Interest Rate Calculated

Payday loans are the easiest, fastest, and most convenient ways of raising cash when someone is in a tight financial situation. They’re easily accessible, and the lending requirements are relatively lenient in comparison to traditional banking institutions. This option is often attractive for users with bad credit scores and those who can’t find reprieve elsewhere.

Payday Loan Interest

But as with any loan, it’s essential to learn how interest rates work and how they’re calculated. Interest rates are the most important thing to look at when considering a loan. An understanding of how lenders calculate interest rates puts borrowers in a better position to negotiate or minimize the interest amount payable. For this reason, here’s some insight into how payday loans are calculated.

How do Interest Rates Work?

When a payday lender quotes an interest rate, they’re likely referring to the Annual Percentage Rate (APR). Generally, the interest amount payable is determined by three factors:

Annual Percentage RatePrincipal (amount loaned)Repayment period

For example, an amount of $1,000 with an APR of 120% and a three-month repayment will attract a total of interest of $206.33. But if the same loan amount under the same APR is paid with one month, the total interest payable will drop to $100. In other words, the three variables are directly related, and a change in one of them affects the interest owed.

What is the Typical Interest Rate on Payday Loans?

The Annual Percentage Rate for payday loans varies depending on the applicable legislation and the specific state. But based on the requirements of the Uniform Small Loan Laws (USLL), the average APR should fall somewhere around 40%—subject to other contributing factors.

Are Payday Loans Available Throughout the U.S.?

Different states have different regulations regarding payday loans. In some, [...]

By |September 7th, 2020|Payday loans|Comments Off on How’s A Payday Loan Interest Rate Calculated|

How Payday Loans Can Help In An Emergency

It’s normal for some people to find themselves short of cash towards the end of the month. Sometimes an unexpected expense happens. It becomes embarrassing to borrow when people know you have a job. If you ever find yourself in this situation, a payday loan might be just what you need. A quick payday loan saves you from the shortcomings of having to borrow from friends and relatives. For any of your financial emergencies, payday loans always swoop in to save the day. Below are different ways on how payday loans can help you out in a crisis.

Flexible Repayment Schedule

Taking a payday loan doesn’t mean all your financial troubles are over. While it might take you some time to get back on your feet, the payday loans will help push you out of a financial hole. The lender understands your situation, and this is one reason the payday loan comes with a flexible repayment plan. It’s upon you, the borrower, to schedule a payment offer that will stretch and cover the troubled times.

Quick Cash

When financial emergencies arise, quick cash is the only thing that can help you out. With payday loans, you receive money on the same day, depending on the amount and the terms for the specific money lenders. Some directories offer information about different lenders and their terms and conditions as well.

No Need to Worry About Credit Score

With payday loans, you only have to be worried about the terms and conditions of the lender. You don’t have to be bothered about your bad credit score. Payday loan providers only take into consideration the repayment plan. The lender doesn’t mind if you have a low or bad credit score as long as you [...]

By |August 17th, 2020|Payday loans|Comments Off on How Payday Loans Can Help In An Emergency|

Why Use A Direct Payday Loan Lender

Surviving paycheck to paycheck is never easy, but it is hard for many people and families. However, in the event of an emergency, anyone may find themselves strapped for the funds they need to resolve the crisis without falling into financial ruin. In such a crisis, a stopgap measure may be the difference between financial safety and disaster. In such situations, payday loans from a direct payday lender might do the trick.

Why a Payday Loan?

Payday loans are fast ways to get a quick financial stopgap in the event of a financial emergency between paychecks. Working with a direct payday lender is a fast and easy way to cover emergencies since banks or third-party lenders do not handle them. Those in need of a payday loan can get them fast without agonizing over bad credit or long bank delays.

There are other benefits to direct payday loans as well. For one, repayment of the loan is just as easy as getting the loan itself. This ease is because, just like the payday loan comes directly from the lender, payment is also direct. As a result, the loan process is quick and easy. Payday lenders often respond to loan applications with a day, rather than days or weeks banks or loan companies can take. For money needed in a hurry, this makes payday loans ideal for those who require cash fast.

Payday loans also utilize far less personal information than traditional loans. Payday loans do not increase the risk of identity theft or having private data sold to advertisers. Banks and other third-party lenders are notorious for selling such information, and being unable to keep it secure from identity thieves.

Contacting payday lenders is much easier than dealing [...]

By |August 3rd, 2020|Payday loans|Comments Off on Why Use A Direct Payday Loan Lender|

Traditional Banks Vs. Payday Lenders

People in difficult financial situations—including those with bad credit—typically endure an uphill battle in finding viable financial solutions. In such cases, the most common options for short-term loans are payday lenders or traditional bank overdrafts.

Unfortunately, consumer advocacy groups tend to paint payday lenders as the bad guys due to their high-interest rates for payday loans. But by looking at financial data, this criticism is more-or-less unwarranted with what banks charge for overdrawn accounts.

The Hidden Truth of Traditional Bank Overdraft Fees

A rarely discussed topic among consumer advocacy groups is traditional banks raking huge profits from unscrupulously high fees on insufficient funds. According to data from the Consumer Financial Protection Bureau (CFPB), banks make more than $17 billion annually from insufficient funds and overdraft fees.

Unless consumers take an active initiative to monitor their bank accounts consistently, insufficient fund fees can quickly add to exorbitant amounts. For example, let’s assume that a bank charges an average fee of $35 for every transaction that exceeds the level of funds in a checking account. A slight $10 overdraft could result in a $35 NSF fee, equating to an interest rate of 350% (per transaction).

To make matters worse, news reports—and even lawsuits—suggest that some traditional banks purposively manipulate the system to claim more overdraft fees. The prevalence of these overdraft practices is reiterated by articles appearing in Forbes and ABC News. The subject of burdensome overdraft is even touchier today amid the COVID-19 crisis as banks capitalize on unsuspecting account holders to make huge profits.

The Less-Discussed Benefits of Payday Loans

Contrary to traditional banks’ overdraft facilities, payday loans are structured to be transparent and upfront with their fees. Sure, the interest rates may be higher than the average APR of credit [...]

By |July 20th, 2020|Payday loans|Comments Off on Traditional Banks Vs. Payday Lenders|

Pros and Cons of Payday Loans

It’s rightly said that life is a rollercoaster ride, and the unexpected twists and turns can pop up at any time. Sometimes those instances result in unanticipated expenses that can place a short term strain on a household’s cash flow. Options are available to the general public to deal with financial uncertainties.

Payday loans are one such provision to meet the short term obligations. While the interest rate is high, these loans can be a tool to fill a short-term gap. While the option of payday loans may seem attractive, they need to be approached with some caution. Here we have compiled both the benefits and the risks of payday loans to give you a clear picture.

What Are Payday Loans?

Concisely speaking, payday loans are short-term high-interest loans. The borrowing amount ranges typically between $1000- $5000; they can go as high as $10,000. The paying tenure is between 16 days to 1 year based on the amount, paying capacity, and a range of other contributory factors.

Pros Of Payday loans

In situations that you cannot shoulder immediately like an unexpected medical emergency, payday loans can be beneficial. Given below are some of the pros of payday loans:

Instant cash: While banks require a lot of documentation and processing time for a loan, you can receive the money the same day with payday loans.

Ease of payments: Payday loans are effortless to settle too. The payment is automatically deducted from your salary account on your paydays or an agreed-upon date.

Cons Of Payday Loans

While your immediate obligations may be covered with a Payday loan, new debt is added. This debt can be scarier because of the relatively short time required for repayment. Some of the cons associated with a Payday loan are:

High-interest [...]

By |July 6th, 2020|Payday loans|Comments Off on Pros and Cons of Payday Loans|

Why Choose Cash Fast Loan Centers for a Payday Loan

There’s more than one option available if you’re seeking a payday loan. So why choose Cash Fast Loan Centers? Below are five good reasons why you should pick us for your next payday loan. 
We make it fast and easy to get the money you need 
When you come see us for a payday loan, you’ll be in and out in less than 15 minutes. Just bring the following items, and if you’re approved, you’ll walk out the door with cash in hand:

Your most recent checking statement
Driver’s license
Social Security card 
Checkbook
Your most recent pay stub 

We don’t even run a credit check as part of the loan process. After all, we don’t call ourselves Cash Fast Loan Centers for nothing.
We’re a reputable lender 
We’re a proud member of the Community Financial Services Association of America’s Best Practices. What does that mean? It means we’re required to follow strict standards that ensure responsible lending practices and protect your rights. Not all payday loan centers can be trusted, and we choose to hold ourselves to a higher standard.   
We guarantee the lowest rates in the area 
You won’t find a lower rate for a payday loan in the area. At Cash Fast Loan Centers, we offer the lowest rates — guaranteed. 
We keep your personal information confidential 
At Cash Fast Loan Centers, your personal information belongs to you. We don’t share your information with any other parties, and the entire process remains confidential. 
We’re conveniently located
We proudly serve the areas of Charlotte, Concord, and Gastonia in North Carolina, along with Rock Hill and Fort Mill in South Carolina. Our locations are open six days a week and [...]

By |October 31st, 2019|Payday loans|Comments Off on Why Choose Cash Fast Loan Centers for a Payday Loan|

5 Ways to Avoid Being a Victim of a Payday Loan Scam

A payday loan is a good way to get the money you need when you need it and get yourself out of a bind. But it’s also a good way to fall victim to a scam. 

Below are some helpful tips to protect yourself from payday loan scams. 
Don’t do business with anyone who initiates contact with you
One of the more common payday loan scams happens when a person is contacted by a “payday loan company” by phone or email. The scammer pretends to be a representative of the company and offers the person a loan or claims the person owes money for a previous loan and tries to collect on it. 

These fake companies often use non-business email addresses like Yahoo, Hotmail, or gmail and may contain broken English or spelling or grammatical errors. They may also threaten to sue you, arrest you, or garnish your wages in an effort to scare you into paying up.   

If you receive a call like this, ask for the phone number and address of the company. A scammer will not want to give out any such information, but a reputable company gladly will. Better yet, only get a payday loan from a company for which you make the first contact.  
Don’t send any money in advance
If a company asks you to send money in advance for “taxes” or “processing fees,” it’s more than likely a scam. Reputable payday loan companies collect all fees at the time your payment is due. 
Check with the Better Business Bureau 
Before doing business with a payday loan company, check their rating with the Better Business Bureau. This will give you an indication of how trustworthy the company is. 
Check to see [...]

By |September 30th, 2019|Payday loans|Comments Off on 5 Ways to Avoid Being a Victim of a Payday Loan Scam|

How to Back to School Shop on a Budget and Payday Advance

A new school year is here, and with it comes the hope of a fresh start for our young, wide-eyed scholars. But getting the supplies needed to make it a successful school year can be tough if unexpected expenses pop up around the same time. Read on to learn how to back-to-school shop on a budget — and how to secure a payday advance when you need it.

5 Budget-friendly Back to School Shopping Tips
Stick to what’s needed
Sit down with your child and figure out the necessities for the upcoming year. Most teachers provide lists of the supplies that each student will need, including notebooks, loose-leaf paper, pens, and more. Stick to these lists, and avoid the fancy, trendier items that might go unused during the year.
Take advantage of end-of-season sales
In North Carolina, it stays warm well into the fall. That’s why purchasing polos and blouses at late-summer prices is a cost-effective way to supply your kids with stylish, professional attire for the school year.
Participate in back to school swaps
Meet up with other parents and trade clothes, toys, and books.
Let them express themselves
Who needs a fashionable binder that may be out of style by the time the homeroom bell rings? Pick up a plain white binder and have the kids raid the art supplies and photos around the house to give it a one-of-a-kind look.
Prepare homemade lunches
Skip the lunch line and save some dough by packing your kid’s meals at home. Some backpacks come with a lunchbox already. Adding an ice pack, sandwich, and fruits or veggies is a sure-fire way to save money while ensuring your child gets the nutrition he or she needs [...]

By |September 6th, 2018|Payday loans|Comments Off on How to Back to School Shop on a Budget and Payday Advance|

5 Times When a Payday Loan is Your Best Solution

It isn’t pleasant to think about, but we can’t always control what happens. Sometimes expenses can pop up out of nowhere and derail your financial plans. If you’re worried you won’t be able to make ends meet this month, a payday loan may be the best choice for you.

Here some reasons you might consider looking for a payday loan center near you.
5 Situations Where You May Need to Visit Your Nearby Payday Loan Center
Emergency Medical Costs
Whether it’s from an accident or sudden illness, medical costs add up quickly, especially if hospitalization is required. If you need cash quickly to take care of medical expenses, a payday cash advance can help.
Cover Basic Expenses
Even small expenses can throw off your budget. Sometimes you find that you’re completely out of money by the end of the month, but you still need to buy groceries or pay utility bills. If you can’t put these expenses off, a payday loan is your best choice.
Car Troubles
If you’re like most Americans, you use your car to get to work every day and you can’t afford to postpone auto repairs. However, mechanic bills can put a major dent in your budget. A payday loan can help you get your car back on the road.
Pay Time-Sensitive Expenses
Emergencies aren’t the only reasons to get a payday loan. Sometimes time-sensitive opportunities like special deals, rare items, or limited events present themselves. If you don’t have the money, a payday loan can keep you from missing out.
You’ve Failed to Acquire a Bank Loan
Sometimes your credit score may have been brought down by emergency debt. Although it isn’t anything to be ashamed of, it can [...]

By |February 22nd, 2018|Payday loans|Comments Off on 5 Times When a Payday Loan is Your Best Solution|
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    Make Your Own Holiday Cards (or Just Get an Easy Payday Loan)

Make Your Own Holiday Cards (or Just Get an Easy Payday Loan)

The only part of a holiday card that isn’t such a joy to read is the price that’s printed on the back. Holiday cards have seemingly become so expensive in recent years and have left many shoppers wondering if there is an alternative.

If you have a lot of people to get cards for but not a lot of cash to do it, you have two options: Tap into your creative side and make your own or get an easy payday loan to help you stay afloat during the holiday season.
Make Your Own Cards
You don’t need any real artistic skills to save money by making your own holiday cards. Consider the following tips:

Cut out words or images from last year’s holiday cards to make a holiday card collage.
Use holiday stickers to decorate a card without having to draw anything.
Use holiday photos and images from the internet that can be printed off for use on a card.
Things like felt, buttons, cotton balls, glitter, and even small twigs from your Christmas tree can all be attached to a card to give it some texture.
Try personalizing the card. If the person you’ll be giving it to has a particular thing they love like basketball or cats, try working that into the theme of the card.
Pinterest is loaded with many examples of homemade cards and how to make them.

Get a Loan to Buy Cards
If you come to the realization that you just don’t possess enough talent to make your own cards, you aren’t entirely out of luck. An easy payday loan can help you survive the holiday season by giving you the cash you [...]

By |December 8th, 2017|Payday loans|Comments Off on Make Your Own Holiday Cards (or Just Get an Easy Payday Loan)|