Friday, February 10, 2017
Opportunity Loans offers payday loans, personal loans and installment loans, depending on the applicant's state of residence. In certain states, Opportunity Loans acts as a loans matching services organization and arranges loans with a third-party direct lender, according to the company's website.
A first-time loan borrower is eligible to borrow $1000 to $10,000 for personal loans, depending on the loan type available in his state of residence, explains Opportunity Loans. A borrower typically receives loan funds by the next business day after the application is approved. The company deposits loan funds directly into the borrower's bank account.
To qualify for a loan, the applicant must be at least 18 years of age and have a stable income, notes Opportunity Loans. A borrower's income after taxes must be at least $1500, and the borrower must have direct deposit setup with his bank account. An applicant finds out instantly after submitting an application about his eligibility for a loan. Then, Direct Lender creates a loan agreement with the specific details of the loan.
The borrower agrees to the terms of the loan, and once Direct Lender approves the agreement, a request is sent to the borrower's bank for funds to be deposited.
Wednesday, September 28, 2016
What is a Payday Loan?
Payday Loan Terms
Payday loans range in size from $100 to $1,000, depending on state legal maximums. The average loan term is about two weeks. Loans typically cost 400% annual interest (APR) or more. The finance charge ranges from $15 to $30 to borrow $100. For two-week loans, these finance charges result in interest rates from 390 to 780% APR. Shorter term loans have even higher APRs.
Payday Loan Industry
Payday loans are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet.
At the end of 2010, an industry analyst estimated that there were 19,700 payday loan stores operating, down from an estimated 20,600 stores at the end of 2009. The number of payday loan stores has been dropping since 2006. This same analyst estimates 2010 loan volume at $29.2 billion with $4.7 billion in revenue for loans made by payday loan stores. In addition, Internet payday lenders are estimated to have loaned $10.8 billion and collected fees of $2.7 billion in 2010. Combined storefront and Internet payday lending totals $40.3 billion in loans and $7.4 billion in revenue.
After that if consumer need fast cash then they must be apply many application form from many lender to find a better way to get more cash, however now consumers can apply loans via 1 online applications form or through faxed application forms. Loans are direct deposited into the borrower's bank account and electronically withdrawn on the next payday.