Money Lending Companies

An occasional cash crunch is not unusual for many families. Especially since the economic downturn, most households have endured job loss. This leads to less income while the bills continue to pile up. Even with a steady job, some people find it hard to manage household necessities when an emergency strikes.

An emergency cannot wait until the next payday. The payday loan cash advance industry is an answer to the prayers of some people who have a financial emergency between paydays. There are thousands of payday loan companies available for consumers.

Lending companies such as Apple Payday Loans, Paradise Cash Advance and Ameriloan Cash Advance offer convenient, online service for anyone who needs to borrow money.

The online presence of payday loan companies makes this industry accessible to more consumers. Essentially, anyone can apply for a cash advance online. By providing personal information such as name, address, checking account and regular income details, most cash advance companies can approve an application within minutes.

Full-time employment is not necessary for most lending companies. As long as a borrower has a steady, verifiable income, he or she may qualify for a payday loan. Other income sources may include pension payments or government income.

Some may take longer, but once approved, consumers can have money deposited into their account by the next business day. The process is completed electronically; from the start of the application to the electronic transfer of funds, consumers can resolve an emergency situation quickly.

The convenience of repaying the loan also occurs electronically. Typically, a borrower repays the cash advance payday loan by the next pay date. This could be within two weeks or one month; the repayment date depends on when the borrower gets paid.

Benefits of Using a Payday Loan Service

The payday loan industry developed because many consumers could not qualify for loans from traditional financial institutions. Lending companies began offering small dollar loans for people who faced an emergency between paydays.

Additionally, traditional institutions typically do not approve small dollar loans, which is another attraction of cash advance loans.

Meet Emergency and Essential Expenses

In many cases, families are unable to meet urgent needs without neglecting essential expenses. A payday loan gives individuals access to additional funds to meet all obligations. Families can avoid the inconvenience of delaying payments or struggling through an emergency. Cash advances also help to prevent paying late fees and penalties, which can add to financial burdens.

Quick Access to Cash

Emergencies cannot wait. Postponing an emergency until the next payday will make a bad situation worse. A strong selling point of payday loans is the quick access to cash. Most lenders will approve a payday loan within 24 hours and the money is deposited in the borrower’s account by the next day – or sooner.

Easy Application Process

Many payday loan companies such as 123 Cash Advance or Eastside Lenders Payday Loan have an online application process. Borrowers do not have to apply in person or submit additional documentation. The entire process typically takes only a few minutes.

Simple Terms and Conditions

Consumer complaints about payday loans have lead to state regulations of the industry. In many ways, this has worked in favor of borrowers. Now, the terms and conditions are clearly explained. Payday lending companies must also keep flexible repayment terms in most states.

U.S. citizens over 18 with a steady income, active bank account and a minimum salary requirement can receive a cash advance.

Pitfalls to Avoid

These types of loans are designed for borrowers with bad credit and limited financial resources. Some payday loan companies have tried to take advantage of people in this situation.

Borrowers should try to avoid relying on the easy access to instant cash. Payday loans are best when used only as a short-term strategy to overcome a cash crunch. Anyone having financial difficulties can exacerbate their problems with overuse of payday loans. These types of loans have high interest rates that can increase expenses.

List of Payday Lending Companies

This is a list of some of the payday lending companies on the Internet, along with a brief description of their terms and process for applying. This is a representation of the types of service payday loan companies offer customers.

Even though these are online payday lending companies, they might not be licensed to conduct business in every state. Typically, the website will list which states are applicable for the lender. Some online lenders also have physical locations.

Sonic Payday Loan – Borrowers with a verifiable monthly income of at least $1,200 may qualify for a payday loan. Loan amounts will vary based on the borrower’s income. A borrower can electronically sign for the loan and the amount is forwarded into an active checking account.

Cash Advance Plus – This payday loan company has six Delaware locations. First-time borrowers may receive up to $1,000. This lender requires proof of income, proof of residency, driver’s license and a checking account.

Budgetline Cash Advance – Budgetline has several locations across the country, including Missouri and Wisconsin. In addition to payday loans, customers can also receive check cashing services at store locations.

Zoom Payday Loan – Zoom is a payday loan lending company for Florida, Indiana and Illinois residents. The interest rate and fees will vary depending on the state. For example, a $500 loan in Illinois repaid within 15 days is charged 335.75 percent interest plus a $69 fee. In Florida, the interest rate is 243.3 percent plus a $50 fee.

ABC Payday Loan – ABC provides 24-hour payday loan service for borrowers. Once approved, borrowers will receive the funds in their checking account by the next business morning. Loans are not available for residents of Colorado, Delaware, Florida, Georgia, Illinois, Kansas, Massachusetts, Minnesota, Montana, Nebraska, New York, Ohio, Pennsylvania and West Virginia.

Payday Loans Yes – Also known as Yes Payday Loan and Cash Yes Payday Loan, borrowers may also receive up to $1,000 for a payday loan. The fee and interest rate schedule is located on the company website at www.payday-loan-yes.com. The actual amounts will vary based on the loan amount and repayment terms. Typically, borrowers can repay the loan on a weekly, bi-weekly or semi-monthly basis.

Some Payday Loan Companies with Questionable Practices

For most individuals, a payday loan cash advance is a helpful resource during a dire financial crisis. Unfortunately, there are some lending companies that seek to take advantage of consumer vulnerability.

With this in mind, anyone who wants to use a payday loan service should research the company’s standing. Knowing the types of consumer complaints and how those complaints are resolved is also beneficial.

For example, there have been a number of Magnum Cash Advance complaints. This company also offers online payday loans. Questionable practices have led to Magnum Cash Advance scam speculations.

As a result, reports of Magnum Cash Advance rip off abound from borrowers who received payday loans. This list is not exhaustive, but other payday loan companies with questionable practices include:

• NLS Cash Advance 12 Debits
• Northway Financial Payday Loan
• Cash Jar Payday Loan
• Summit Group LLc Payday Loans
• Pack Management Payday Loan
• Star Cash Advance
• Sonic Cash Advance
• CMG payday Loan
• DJR Group Payday Loan
• Kingston Payday Loans (The Kingston Financial Payday Loans website does not appear problematic.)

Payday Loan Cash Advance vs. Regular Loans

Borrowers who may qualify for long-term loans may not need to use services such as QXL Payday Loans or MoneyGram Payday Loans. However, everyone cannot qualify for a regular loan with limited finances. Payday loans work best for emergency purposes when small dollar amounts are needed.

Further, the recession wiped out the personal finances of many people who would not have considered Bank of Delaware Payday Loans or EZ Cash Advance. Traditional lenders typically require more details beyond an active checking account and employment information to approve a loan. They consider credit scores not included in an early payday loan to determine the risk of lending money.

Advantages of using EZ payday loans for emergencies possibly outweigh the high interest rates and fees. Regular loans typically do not have an interest rate as high as early payday loans.

Cash Advance Services for Small Business

EZ Business Cash Advance is one of many lending companies that offer loans to small businesses. Based on future credit card sales, small business owners can receive up to $1,000,000 of a merchant cash advance to help with operational costs or other business expenses.