How I Became An Expert on Loans

Understanding Payday Loans, Cash Advances, and Installment Loans A payday loan is a short-term cash loan where the borrower writes a personal check for the amount borrowed plus the interest charge and receive cash. The lender holds the check until the borrower’s next payday when the loan and the interest charge must be paid in one lump sum. The following are ways in which the borrower can pay his cash loan: borrower can redeem the check by paying the loan with cash or allow the check to be deposited at the bank or pay the interest charge to roll the loan over for another pay period. A range of $100 to $1,000 is allowed for payday loans depending on each state law. The interest charge ranges from $15 to $30 if it is a $100 loan and for a two-week loan, the interest charge is computed from 390 to 780% annual interest. In some cases, some payday lenders offer longer term of payday installment loans and require an authorization to electronically withdraw multiple payments, on each pay date, from the borrower’s bank account. Requirements needed to avail of a payday cash loan are the following: borrower must have an open bank account in good standing, a steady source of income, and identification. When there is an emergency budget necessity, a person will be needing for cash and will resort to cash advances to solve his/her budget problem. Basically, the cash advances can range from $100 to $500 or higher and will be paid on the next payday and interest rates will be computed according to the amount of loan.
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The loan process of availing for a cash advance requires an agreement, which stipulates that the money lent will be paid back in full on the borrower’s next paycheck date, which is within 2 weeks. The lender will charge a rate of 15 to 30% of the amount borrowed and a post-dated check will be issued by the borrower to the lender containing the full amount of money borrowed plus the interest charge.
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An installment loan is a loan which can be paid over a number of months, such that when you take out the loan, you will be given the time period in which you must repay the money. Installment loans start at around $3,000 up to as large as $50,000, but this loan requires certain terms, such as the following: a contract between you and the lender to secure both parties concerned against missed payments or misconduct of any type, borrower must be at least 18 years of age, a bank account, and proof of income as an assurance that the borrower has a means of paying the loan.