Nevertheless, if you’re anything like me, you also heard several alarm bells ringing in your mind somewhere. And this is where people can dive into financial disadvantage in these loans.
Payday loan lenders want a customer to have a good running bank account. There is no interest in what your credit history looks like, but rather what your bank account looks like lately. It may seem like an odd approach towards lending, but a bank account can tell lots bout a person’s money management.
The Payday Lending Act of 2004 punishes the defaulting lenders. According to it, a violator of the state law has to pay a hefty fine of up to $25,000 and face a possible jail sentence of 25 years.
The debtors may also become trapped in the ‘debt cycle’. In this they have to renew their loan every two weeks, and pay its costs too. This has to continue until they can save up enough to pay back the main lump amount and finally get out of debt.
Another thing to look for is the length of the term. If two companies charge the same rate for every hundred dollars borrowed but company A has a term of up to four weeks and company B has a term of two weeks, then go for Company A and take advantage of the extra four weeks. The APR of Company A is half of Company B. The reason this differs from the first item is that sometimes they base APR on a fixed amount of time (two-three weeks usually). When you read the fine print that the fee charge is fixed and may allow you to pay it back in a longer term such as four weeks.
Once you are approved for your loan, the money will be in your checking account by a day or two at the most so that you can pay the bills that you need to pay before your next paycheck.
What people like about a payday loans service is that they can take care of your application online. This makes their job easier and makes filling out the application easy for you. You simple go to the online payday advance service and apply for a loan. If you are looking for an advance, you can also use an advance cash service. Online Payday Loans Direct Lender Only no Credit Check is not something you will find too much information on. You might want to check https://nearmeloans.com/. An advanced cash service would be able to take care of your cash advance, no matter the size it is. Of course, any online payday loans direct lender only no credit check payday advance service or loan service in general may have loan limitations regarding the amount that can be borrowed. This you will have to find out before you apply.
In case the person is employed, he has to be a full-time employee. Part-time employees and consultants will usually have a harder time as they do not have any job security. Furthermore, part-time employees are usually granted smaller loans due to their smaller salaries.
Any well-wisher would advice you to avoid these types of cash advances like the plague, instead change your spending habits. But at times when there is no other option and an online payday loan in Georgia is the only option, you should not be in such a hurry that you do not even try to get an advance that has the lowest APR and interest rate charges. Become wise and borrow with caution.