The cash advance payday loan is defined simply by its name. It is a loan that is meant to be held only until the borrower’s next payday. This is not the type of mortgage is not meant to be used to purchase products such as houses or vehicles. These types of loans are meant for people who have unexpected financial responsibilities and do not have the money till their next paycheck comes.
Molly did not realize that she was behind with her gas bill and she let it go past due. She received the shut off notice in the mail plus her paycheck was still five days away. Molly had seen the commercials on television and on radio stations for cash advance payday loans and she thought it may be her only hope.
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Molly was worried. She thought that it was too good to be true so she began doing her analysis.
Molly learned that these types of loans had been usually for small amounts of money. Generally between $100 and $1000. These types of loans were short term as well. They were usually held for between a week or two. Because Molly had been getting her paycheck in five days that worked out well for her.
As Molly continued to read, she learned that credit wold not be a problem with this type of loan. She learned that there were just a few simple requirements which must be met by the borrower. The first requirement is that the borrower must have the provable income. This means that the customer must have income which can be verified from the lender. This way the lender knows that the money will be paid back. Most types of revenue are acceptable. Wages from a job, unemployment checks, temporary disability bank checks, Social Security checks, child support checks and Worker’s Compensation bank checks are all acceptable forms of income. There are also a couple types of income which are not really acceptable. State welfare checks plus Social Security checks in another individual other than the borrower’s name are usually two examples of unacceptable income. Mainly because Molly had both wages from a job and child support, the lady knew that she would meet that qualification.
Another qualification the debtor must meet is having an active banking account. This is necessary because this is how the borrower will receive the money in addition to repay it. Molly learned that whenever she qualified for the loan, the money would be direct deposited right into the girl bank account. When the loan became because of, the lender would withdraw the money directly from Molly’s account.
Molly was worried about the fees and the finance fees. She thought that a loan that was as simple as a cash advance payday loan would have excessive interest fees. After reading the data on the website, Molly learned that the interest costs were not that high at all. The eye rate depends on how much the loan was for. The more money lent, the higher the interest rate. Molly read on to learn about the penalties that would be incurred if she did not repay the loan on time. If she failed to have the full amount of the loan including the interest in her account within the due date, the lender would automatically provide her an extension, usually about a 7 days. Along with this extension comes an additional curiosity fee. For each week the mortgage is extended, the borrower must pay another interest charge. This could add up so Molly learned that it might be very important to have the money in her account on the due date.
After doing all the research on cash advance payday loans, Molly decided it would be a good idea. She obtained the loan and paid her gas bill before the shut off time.