What is a Payday Loan?

A payday loan is a small loan which is approved and paid out within a few hours. Due to the low loan amount and fast approval time, payday loans are ideal for financial emergencies. These loans are offered by countless online lenders.

Applying for a Payday Loan

Applying for cash advance loans is a simple process. All borrowers need to do is select a lender and go to their website. Almost all payday lenders will have an online application form. This application form will ask the borrower details about their income. The vast majority of loan applications will be approved instantly.
It is worth noting that some people will have their application declined. The situations that result in declined applications are listed below.

• Borrowers under the age of 18 will be declined as they cannot legally sign a contract.
• People who are currently bankrupt cannot apply for these loans due to legal issues.
• Applications from unemployed people are declined as they have no means to pay back the loan.

As payday lenders do not perform credit checks, people with bad credit can apply for these loans. Some lenders will ask applicants if they can do a credit check in exchange for a discounted rate. Borrowers who do not want lenders to check their credit history can decline this offer and opt for the higher interest rate.
Once the loan has been approved, the lender will ask borrowers to send them copies of their ID and bank statement. Lenders use these documents to check that the information on the application form is correct. If all goes well, applicants should have the money in their bank account within a few hours. Those who apply at the end of the day may have to wait until the next day to receive their funds.

Borrowers should do their best to make full repayments before or on the repayment date. Cash advance lenders are generally very strict about receiving timely repayments. Late repayments usually result in late fees and penalty interest. If a borrower cannot make their repayment on time, they should contact the lender and advise them of their circumstances.
Missing a payment without informing the lender may lead to the lender hiring a collection agent. This is undesirable as collection agencies charge borrowers high fees. The majority of borrowers will not encounter any problems with their payday loan. They will apply for a loan, get their money and pay it back within the appropriate time frame.
Payday loans are not for everybody. As these lenders only lend a small amounts of money, they cannot be used for large purchases. People who want to buy a car or house will be better off approaching a traditional lender. Traditional lenders will give borrowers a few years to pay back their loan.
The term “payday” refers to the expectation that the loan will be paid back on the borrower’s next payday. In reality, lenders usually give borrowers a month to pay off their loan.

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Can Payday Loan Consolidation Help You?

Deciding exactly how to get out of debt is a decision that can be overwhelming for anyone. There are so many options, timelines, programs, etc., that sometimes the easiest thing to do is to sit back and try to forget about it. Unfortunately we all know that procrastination does not typically lead to progress.
One option for eliminating debt that seems to be becoming more popular is payday loan consolidation. This is a process where your payday loans are consolidated into a single monthly payment after your balances have been reduced by professional debt negotiators. Here are three of the ways that payday loan consolidation can help you:

1. It relieves your debt stress

If you are dealing with harassing calls, letters, or emails every day from your payday loan lenders demanding payment then your stress level is probably already elevated.
Enrolling in a payday loan consolidation program will reduce the number of those communications and, in turn, reduce your stress level.
When your lenders realize that you are working with a company to find a way to pay back your payday loans they are less likely to constantly contact you.
Also, the action of handing over your debt to professionals who can help you is a huge stress reliever.

2. It simplifies the process of getting out of debt

Can you imagine just making a single payment every month and knowing that with that payment all of your bills are being paid on time and in the right amounts?
That’s exactly how payday loan consolidation works. You will make a single payment each month for a specified amount of time and the company you’ve hired will be responsible for disbursing those funds to the correct payday lenders.
In store and online payday loans can be consolidated together no matter how many you have.

3. It creates an endpoint

Before your payment plan starts you will be able to review it. You will be presented with options on how much you can pay each month, how much the negotiators were able to reduce your payday loan debt, and most importantly how long the plan is going to take.
The best part about this step is seeing the end date. Rather than living paycheck to paycheck and wondering when you will ever be able to pay off your payday loan debt, you will finally have a date to look towards and know that on that day you will finally be debt free.
You are the only person who knows whether or not a payday loan consolidation can help you. These are just three of the many benefits that come with a payday loan consolidation, there are always going to be more depending on your specific situation. If you are interested in learning more about payday loan consolidation please fill out our free application or call our toll free number to speak with a representative today!

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Getting the Most Out of Your Vehicle

Remember the wonderful feeling you had when you made the final payment on your vehicle and received the title in the mail? Paying off your vehicle is a huge accomplishment and requires patience and diligence. So, what has your paid in full vehicle done for you lately?
Did you know that you could take out a loan using the title of your vehicle as collateral? This is sometimes called a car or auto title loan and it is becoming more and more popular in today’s society.

In order to qualify for a title loan you must prove to the lender that you have an income of some kind, and that you do, in fact, own your vehicle outright. Proving your employment is important to the lender only for the repayment process – your type or amount of income will not affect the amount of loan you can receive.
The value of your vehicle is what determines how much of a loan you will be eligible for. If you are unsure of your vehicle’s value you can look up the Kelly Blue Book value online for free.
Once you have filled out the online application and qualified for the title loan the lender will provide you with the loan documents that you must sign. These documents will not only go over the amount of your loan, but any interest rates or penalties associated with failing to pay it back. In most cases title loans are set up in such a way that they are paid back on or around your next payday.
If the loan you receive is particularly large, the repayment schedule may involve several paydays. After the loan documents have been signed the lender will most likely set up a time to send someone out to meet with you, take photos of your vehicle, and collect the title from you.
You will still be able to have ownership and drive your vehicle during the time in which you have the title loan. Meeting with the representative will give you an opportunity to ask any questions you may have about the process.

Once the title has been collected from you the lender will begin processing your loan so that you can receive the direct deposit as soon as possible. From start to finish the process can take as few as 48 hours or as long as a week. It all depends on how quickly you can sign the loan documents and set up a meeting time with the representative who will collect your title.
Auto title loans are extremely beneficial. They may sound a lot like a payday loan or cash advance, but they are different. Since a title loan is given against collateral (your vehicle), the interest rates are much lower than that of a typical payday loan or cash advance, while the amount of the loan can be much higher. Fill out our online application or call our toll free number to find out more today!

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