Payday loan lenders online

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A payday loan (also called a payday advance , salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a small, short-term unsecured loan , "regardless of whether repayment of loans is linked to a borrower's payday." [1] [2] [3] The loans are also sometimes referred to as " cash advances ," though that term can also refer to cash provided against a prearranged line of credit such as a credit card . Payday advance loans rely on the consumer having previous payroll and employment records. Legislation regarding payday loans varies widely between different countries and, within the United States, between different states. [4]

To prevent usury (unreasonable and excessive rates of interest), some jurisdictions limit the annual percentage rate (APR) that any lender, including payday lenders, can charge. Some jurisdictions outlaw payday lending entirely, and some have very few restrictions on payday lenders. In the United States, the rates of these loans were formerly restricted in most states by the Uniform Small Loan Laws (USLL), [5] [6] with 36%-40% APR generally the norm.

Payday lending is legal in 27 states, with 9 others allowing some form of short term storefront lending with restrictions. The remaining 14 and the District of Columbia forbid the practice. [7] Federal regulation against payday loans is primarily due to several reasons: (a) significantly higher rates of bankruptcy amongst those who use loans (due to interest rates as high as 1000%); (b) unfair and illegal debt collection practices; and (c) loans with automatic rollovers which further increase debt owed to lenders.

Title and payday loans give borrowers quick access to cash for a short time. With a title loan, lenders place a lien on a car owner’s car title in exchange for a loan. Payday loans are shorter term loans in which the lender essentially advances you one paycheck.

Both title and payday loans are meant to be short-term solutions to help consumers get through a short-term financial crisis. Borrowers should carefully consider their options before taking out a loan and make sure they understand fees and repayment terms associated with these loans before signing any paperwork.

Lauren Fix is an automotive expert who earned the title of The Car Coach, and is recognized throughout all forms of media as a woman with in-depth knowledge on vehicles, technology, automotive finance, repair and trends. Founder of Automotive Aspects, Inc., her understanding of automobiles has made her the “go to” person on TV, radio, print and the internet. She writes a column for multiple outlets including Parade Magazine, NewsMax and Car Coach Reports. She is a regular guest on all the major news and morning shows discussing the latest updates on cars that will help drivers of all ages learn to about cars and make smart decisions.

A payday loan (also called a payday advance , salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a small, short-term unsecured loan , "regardless of whether repayment of loans is linked to a borrower's payday." [1] [2] [3] The loans are also sometimes referred to as " cash advances ," though that term can also refer to cash provided against a prearranged line of credit such as a credit card . Payday advance loans rely on the consumer having previous payroll and employment records. Legislation regarding payday loans varies widely between different countries, and in federal systems, between different states or provinces.

To prevent usury (unreasonable and excessive rates of interest), some jurisdictions limit the annual percentage rate (APR) that any lender, including payday lenders, can charge. Some jurisdictions outlaw payday lending entirely, and some have very few restrictions on payday lenders. In the United States, the rates of these loans used to be restricted in most states by the Uniform Small Loan Laws (USLL), [4] [5] with 36–40% APR generally the norm.

There are many different ways to calculate annual percentage rate of a loan. Depending on which method is used, the rate calculated may differ dramatically; e.g., for a $15 charge on a $100 14-day payday loan, it could be (from the borrower's perspective) anywhere from 391% to 3,733%. [6]

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