It’s human nature to be in a fix. Every once in a while, it is possible to fall into circumstances that force you to need money now. Most of the time, this is not readily available. Statistics prove this and show that only about 25% of the American working class can meet urgent issues arising from their savings plan.
This has brought a surge in the quick loans industry. However, state governments have been reluctant to introduce the same. In states where quick loans are allowed, there are significant restrictions and caps in a bid to protect the consumers. This is primarily because such direct lenders offer short-term loans at ludicrous interest rates and fees. This leaves the borrower in an unending debt cycle once they cannot meet that liability at the end of the month.
That notwithstanding, the ‘same day loans’ industry has grown into a multi-billion dollar industry, and the projections are optimistic. On the top of the list is the fast approval payday loan. Payday loans work on a short-term basis from weeks to even days before paying back the loan. The short period of processing payday loans and the little regard for credit scores has made payday loans appealing in the American middle and lower working class’s eyes. Even with the steep annual percentage rates, the number of Americans seeking payday loans online is growing exponentially.
So, is it a sound idea to go for a payday loan with us? Read on to find out all you need to know about payday loans and then make an informed decision.
Payday loan organizations have tried to simplify the application process as much as possible. As it stands, most direct payday loan lenders are online. Online payday loans are quick to process as long as one has the bare essentials and meets the criterion laid down by the lender. These policies may differ from one lender to another.
Nonetheless, there are general requirements that you’ll need to have before you can apply for a payday loan online. We will discuss this further on and show you how to get a loan with us.
One feature that attracts consumers to this same-day loan is the no credit check payday loan. Since most lenders are not so concerned with your credit history (this does not mean it isn’t a consideration), most borrowers are likely to access payday loans.
Once a certified payday loan organization approves the application, the borrower signs an agreement to dedicate the next paycheck towards the loan payment. The consent may be given through payday loan apps or by visiting the payday loan organization.
However, if the borrower cannot pay up the agreed amount at the end of the month, the lender may consent to roll over the payday loan after payment of the fees or interest charge. This is how a borrower may find himself in a vicious cycle of unending debt. Considering the high APR levels associated with payday loans, one should consider payday loans a means of last resort.
States consider payday loans as that lousy wife who appeared charming initially but ended up being a dread. But why is this so?
The payday loan consolidation process takes months (at times years) for many people. The exorbitant interest rates on instant payday loans and other short-term loans push state governments into the offensive in a bid to protect civilians. For instance, most payday loans with no credit check will have an estimated annual percentage rate of 400%, with some exceeding this amount by a mile.
This translates into payments of four times the loan amount before the end of the year without having settled the principal charge. The outrageous fee is one fundamental consideration for clients seeking a short-term loan option.
That said, many states have placed stringent restrictions on the issuance of such quick loans. Some states have even gone to the extent of comprehensively prohibiting payday loan organizations in their states. Others will impose strict regulations, but some other states are laid down.
States have put in place laws and caps on the maximum interest rate allowed for same-day loans. This includes the highest fee chargeable per loan. Moreover, other regulations have the maximum amount that should be borrowed and whether there needs to be a written down repayment plan.
Some regulations will specify the terms of the agreement in terms of the minimum or the maximum number of days that the online payday loan is applicable.
Be sure to check with your state department on the legality of online payday loans. It is also essential to assess whether direct payday loan lenders comply with state laws.
What are you supposed to do in the event of being scammed by an unlicensed payday lender? We’ll cover that in a bit.
Before seeking a payday loan online, it would be wise to check out reviews about different lenders after asserting the state regulations concerning the same. This gives you a rough idea of what to expect and the best lender among the stiff competition.
Alternatively, if you don’t have time to do that research, check online for payday loans near me. Your internet provider will use your IP address to narrow down this search option. However, when filling out the details, you also need to state your physical home address.
We are also at your service and ready to link you up with the best lenders willing and able to handle your request. Fill out the form above, and we will link you up with a lender in a matter of minutes.
Different lenders will have varying terms and policies. A good website should be able to link you up with a vast pool of lenders so you can make the final decision of whom to work with.
It would be better if you could visit the store physically. A one-on-one interaction gives you a better chance to understand the policies, guidelines, and possibility of hidden charges. Furthermore, you are in a favorable position to explain yourself better, depending on the urgency of the cash to get the best terms. The lender may be willing to extend the payment period or reduce the installments to suit the repayment plan.
The point is, if a lender has agreed to work with you, it is essential to show a willingness to pay back the amount from the very start.
If applying in payday loan apps, ensure you have verified the validity of the lender as well as the compliance level with state regulations.
HomeLoansPlus is a mortgage brokerage firm dedicated to the comfort and ease of our customers. We aim to offer peak services and ensure that our clients get the best deals when seeking loans.
Some of the services we offer include assisting first-time homebuyers with an effortless experience and making the best decision. We have also been at the front of the industry, working with seniors to ensure they can comfortably access the best reverse mortgage lenders.
We also help our clients access competitive rates when looking to lease out vehicles or purchase cars on loans from different lenders.
Whether it’s accessing personal loans or plant and equipment finance, we are your best brokerage family with a long-standing presence in the market. We understand the industry and will be sure to give you quality advice based on the perks and the possible pitfalls.
Our portfolio speaks for itself, and we have customer testimonials on different platforms to back us up. Reach out through the contact form on our website, and one of our dedicated agents will reach out to you.
A brand speaks for itself. Here are some of the reasons why we think we are better suited to offer you exactly what you are looking for in payday loans:
Head over to our site at HomeLoansPlus and check out the different services. Once satisfied that we can give you what you are looking for, fill in the contact form at the bottom of the page (or on the ‘contact us’) page.
Alternatively, you can give us a call or reach out by email if you have any inquiries, and we will answer all your questions. We also have a phone number for our main office on the contact page.
Did you know who the target of payday loans is? Payday loan no credit check targets low and middle-income individuals. Similarly, they appeal to persons with a low credit rating who might otherwise find it difficult to secure a loan with a credible financial institution.
The online payday loan industry is plagued with fake institutions who may end up ripping you off. They may attract you with low interest rates then you end up paying double the principal amount at the end of 2 months. Watch out for lead generators who claim to link you up with real lenders. You may end up giving up your crucial information to crude persons online.
The law requires certified payday loan lenders to publish a list of their annual percentage rates regularly. Make sure it is in line with the state regulations. The high interest rates are what will eventually end up in an unending cycle of short-term loans.
The Continuous Payment Authority (CPA) Plan
Be careful of the agreements you make with the lender. Most of these institutions are only businesspeople aiming to maximize their profit margin. They will care less about your financial woes but will look to exploit you. The CPA recurring payment plan allows your lender to take money directly from your bank account without your consultation. It’s easy to enter in agreement but takes time to come out of. However, the law allows you to cancel the plan through the bank, which may take some time.
Short-term in nature
It may be alluring to seek out a payday advance when you need money now. However, their short-term nature is what makes them expensive. Only seek payday loans if you are sure you will make the required payments at the appointed time. What’s more, individuals taking the payday advance have their credibility under question. Other lenders automatically know they are in a challenging situation and may think twice about lending you in the future. Seek other options like 3 month payday loans to settle your emergency bills as this gives you a bigger window to repay.
Anyone can fall prey to scam events. It’s relatively easy to know scammers when it comes to payday loans online. Avoid dealing with unverified third parties, otherwise called lead generators. These will claim to link you up with lenders but are often third-parties who may have malicious intentions.
Moreover, you may receive calls offering you loan forgiveness programs if you pay a certain amount. If you never applied for the program, then the biggest probability is that that’s a scam.
Government loans to businesses are only issued by verifiable and recognizable companies. Watch out for prank calls intending to offer EIDL loan services and the likes.
Also, watch out for advertisements claiming ridiculously low-interest-rate charges. If it sounds too good, be careful.
What are the tell-tale signs that a third-party scammer wants to make a false payday loan consolidation from you?
First, you may receive a call that your payday loan payment is overdue, and you are required to make a direct phone payment. If this happens and you had not finished the application process, or your instant payday loan application was rejected, you are being scammed! Moreover, the company’s actual agents will not ask for direct payments but will disclose the mail address where you can send the money.
If the caller refuses to divulge certain information, such as their name and company’s name, you are being scammed. Credible agents will not withhold such information, which can be traced online.
In addition to that, the collection agency should have sent you a validation mail on notice with a 30-day window to dispute. If you have not received the mail and still receive a call, red alert!
The good thing is, scammers will always use the same old tricks. Check out online reviews to see how different people have been scammed.
If you fall prey to a scam no credit check payday loan, be sure to report immediately to your region’s solicitor or attorney general. Other relevant authorities include the banking department – the division of banking and securities, or the Department of Financial Institutions, or the Department of Business Oversight.